In the first week of September, NFT sales volume plummeted to $91.96 million, marking the lowest weekly total since mid-June. This decline is attributed to a significant drop in unique NFT buyers, which fell to under 200,000—a 58% decrease from 487,000 in mid-June. Despite a strong momentum in July and August where weekly sales never fell below $115 million, sales hovered around levels last seen between June 16 and 22. The number of unique sellers also dropped by 43% during this period. Average sale prices have decreased sharply, falling from over $104 in August to $72 in the first week of September, a 30% decline in two weeks. However, transaction activity remains relatively high at 1.27 million, indicating continued trading despite smaller transaction sizes. Analysts point to several factors, including the launch of a permanent NFT art gallery in Ibiza and heightened adoption driven by platforms such as Base, a layer-2 solution by Coinbase, for the previous surge in sales.

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