• by Colin Kirkland , August 4, 2023

The crypto winter continues. July marked another consecutive down month for non-fungible token (NFT) sales, which have dropped almost 50% since January of this year, showing the lowest recorded level since April 2021, a few months before the NFT boom in July 2021.

Total NFT sales in July reached $495.6 million –– a 23% dip from $646.1 million in June. The down-spiral has continued consistently since sales hit $1.2 billion February. In addition, the floor prices of leading NFT collections such as Bored Ape Yacht Club and Azuki plunged to two-year lows.

According to a new report from DappRadar, only Gods Unchained and CryptoPunks experienced small increases in floor prices this month, which grew by less than 1%.

While people still seem interested in buying NFTs -- transaction levels have remained high this year -- the average individual NFT sale in July being just $47, showing that the decline may be caused by consumers buying digital collectibles at lower prices instead of investing in high-profile NFTs, otherwise known as “blue chip” collectibles.

“The decline in sales doesn’t necessarily mean NFTs are going bye-bye,” notes TechCrunch. “Instead, it points to the growing prevalence of low-barrier NFT sales and the space becoming more accessible to general audiences, who may not want to spend a lot on NFTs right away.”

That being said, the trading volume has decreased from $1.1 billion in January to just $600 million this month, marking the third consecutive month trading volume has been below a billion dollars.