NFT Trading Volume Dwindles to $374 Million in August, Marking a Yearly Low
CryptoNewsTerminal Staff02 Sep, 2024
NFT Trading Volume Dwindles to $374 Million in August, Marking a Yearly Low
Cointelegraph reports that NFT trading volume has sunk to its lowest point this year, dropping to $374 million in August. CryptoSlam's data shows that this is the first time monthly NFT trading volume has fallen below $400 million. After reaching an annual high of $1.6 billion in March, NFT trading volume has steadily declined. Solo Cessay, co-founder of Calaxy, attributes the drop to a shift of investment capital from NFTs to memecoins. Cryptocurrencies, particularly memecoins like Dogecoin and Shiba Inu, have been surging in popularity, attracting investors' attention away from NFTs. As a result, NFT trading volume has been impacted, leading to the decline observed in August.
