In July 2024, the NFT market skilled a pointy decline. Regardless of the excellent news for the trade, NFT buying and selling quantity fell by 36%. This decline is clear in current cryptocurrency market knowledge. The decline suggests the market is struggling to take care of its earlier momentum.
Final week, Pudgy Penguins founder Luca Netz introduced that they’d raised $11 million for the Summary L2 community. The Chunky Penguin goals to change into the mascot of all cryptocurrencies. Moreover, Doodles has launched trailers for Dullsville and Doodleverse. Later they launched Doodles TV and Doodles Data. These updates excited the NFT neighborhood, however didn’t cease the general decline.
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Earlier this month, Yuga Labs launched Challenge Dragon. This multiplayer recreation makes use of a third-person shooter format and entails hundreds of gamers. Regardless of some gameplay points, it was nicely obtained. Challenge Dragon will likely be launched once more subsequent month, including extra pleasure to the NFT discipline.
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International NFT market overview
Regardless of the excellent news, world NFT market gross sales have declined. Information from CryptoSlam.io exhibits that market gross sales fell 36% in July, with gross sales of $431 million. The variety of traders shopping for NFTs additionally declined, involving almost 1 million cryptocurrency merchants, a quarterly lower of 32%.
Supply: Cryptoslam
Ethereum stays the biggest blockchain by transaction quantity
Ethereum stays the main blockchain within the NFT market. Prior to now 30 days, gross sales of Ethereum-based NFTs reached $132 million, down 41% from the earlier month.
Supply: Cryptoslam
Solana and Bitcoin comply with
Solana is the second largest blockchain by transaction quantity. NFT collections on Solana generated $98 million in income in July, down 4.65% from June. Bitcoin, which powers the Runes, Ordinals and BRC-20 NFT sequence, is the third-largest blockchain by transaction quantity, with gross sales of $74 million, down 53% from the earlier month.
Polygon and different blockchain networks
Polygon, which scales Ethereum, ranked fourth in NFT transactions, with gross sales of $45 million, down 31% from June. Immutable X and Mythos Chain are each layer 2 networks for web3 video games on Ethereum, rating fifth and sixth by way of transaction quantity. Immutable X-based NFT gross sales had been $20 million, up 74%, whereas Mythos Chain-based NFTs raised $17 million, down 10.74%.
NFT market forecast for August 2024
The cryptocurrency and NFT trade has been boosted by current occasions such because the Bitcoin Convention and Inscribe in Nashville. Forecasts from outstanding figures point out a bullish pattern. Donald Trump has speculated that Bitcoin may surpass gold in market capitalization, whereas Senator Cynthia Loomis has proposed that the US authorities maintain 5% of the overall provide of Bitcoin.
All in all, whereas the NFT market confronted difficult situations in July, promising developments and forecasts recommend a robust rebound is probably going in August.