August 2024 has been a challenging month for the non-fungible token (NFT) market, experiencing notable declines in sales, buyers, and transactions.
Following a 36.6% drop in July, NFT sales fell further by 41.36% in August, totaling approximately $376.30 million.
Data from cryptoslam.io indicates a 29.04% decrease in the number of NFT buyers and a 17.02% reduction in the number of sellers.
Additionally, NFT transactions fell to about 7.45 million, marking a 50% decline from the previous month.
Among the top five blockchains by NFT sales, four saw decreases, with Mythos Chain being the sole exception, showing a 14.31% increase in sales.
Ethereum (CRYPTO:ETH) led the market with $129 million in NFT sales, though this represented a 37.53% decrease from July.
Solana (CRYPTO:SOL) followed with $78.94 million, down by 35.54%, while Bitcoin (CRYPTO:BTC) NFT sales dropped by 50.58% to $57.65 million.
Polygon reported $36.44 million in sales, reflecting a 52.24% decline.
In contrast, Mythos (CRYPTO:MYTH) experienced a rise to $20.5 million in NFT sales.
In August, top-performing NFT collections included Mythos’ Dmarket with $20.28 million, a 17.45% increase from July.
Ethereum’s Cryptopunks saw a significant 139.41% rise to $18.53 million.
Immutable’s (CRYPTO:IMX) Guild of Guardians (CRYPTO:GOG) ranked third with $14.55 million, marking a 110% increase.
Sorare and Bored Ape Yacht Club rounded out the top five with $13.32 million and $11.47 million in sales, respectively.
The most expensive NFT of August was an Uncategorized Ordinal, selling for $2.4 million.
Ethereum’s Bored Ape Yacht Club #2,579 followed with a $342,542 sale.
High-value NFTs also emerged from Arbitrum (CRYPTO:ARB), BNB (CRYPTO:BNB), and Ronin (CRYPTO:RON).
Despite these notable transactions, the NFT market faces significant pressure and uncertainty about its future performance in the coming months.