CryptoSlam data shows a significant volume drop for NFTs from Q1 to Q2, with digital collectibles set to hit the lowest monthly transactions since March 2021.
The sales volume for non-fungible tokens (NFTs) dropped by 45% quarter-on-quarter in 2024 as the Bitcoin market shows a downward momentum.
CryptoSlam data showed that in the first quarter of 2024, NFTs had a total sales volume of $4.1 billion, maintaining the upward momentum it gained from the fourth quarter of 2023. In Q4 2023, NFTs recorded a volume of $2.9 billion.
The downward momentum comes amid analysts predicting a negative outlook for Bitcoin (BTC), one of the key leaders in the NFT space.
