{"id":24020,"date":"2024-07-01T15:00:54","date_gmt":"2024-07-01T12:00:54","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24020"},"modified":"2024-07-01T09:56:18","modified_gmt":"2024-07-01T06:56:18","slug":"nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/","title":{"rendered":"NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn"},"content":{"rendered":"<p>The memecoins and the fall in the crypto market combined to a 44% decline in <strong>NFT<\/strong> sales in Q2. Projections show that may climb once again later in the year 2024.<\/p>\n<p>The investment head of<strong> Apollo Crypto<\/strong> in its Q2 report said that a mix of celebrity, political, and animal themed memecoins together with the negative market might have caused a 44% drop of sales in NFTs.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#Impact_of_Market_Conditions_and_Memecoins\" title=\"Impact of Market Conditions and Memecoins\">Impact of Market Conditions and Memecoins<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#Future_Prospects_for_NFTs\" title=\"Future Prospects for NFTs\">Future Prospects for NFTs<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Impact_of_Market_Conditions_and_Memecoins\"><\/span>Impact of Market Conditions and Memecoins<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Part of a larger industry downturn, data from CryptoSlam reveals <strong>NFT<\/strong> sales dropped from $4.14 billion in Q1 to $2.32 billion in Q2.<strong> Chief Investment Officer of Apollo Crypto Henrik Andersson<\/strong> said, &#8220;<em>Q2 was a challenging market with Bitcoin declining by 15% and many altcoins performing significantly worse.<\/em>&#8221; He also claimed that memecoins are probably diverting customer attention from NFTs. Based on CoinGecko statistics, memecoins saw enormous trading volumes even when NFT sales have fallen; $3.4 billion in the last 24 hours alone. This surge has been spurred by new celebrity tokens on Ethereum and Solana as well as rising PolitiFi memecoins connected to the presidential race in the United States. Among the memcoins that gained value in Q2 are <em>MAGA (Trump) and Pepe<\/em>.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/buterin-criticizes-bitcoin-regulation\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: Buterin Criticizes Bitcoin Regulation<\/span><\/em><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Future_Prospects_for_NFTs\"><\/span>Future Prospects for NFTs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Advances in Bitcoin-based Ordinals might potentially cause focus to veers away from conventional <strong>NFTs<\/strong>. Given several Bitcoin layer-2 solutions already on the market, Andersson pointed out that Bitcoin Ordinals might keep grabbing market share in the NFT domain.\u00a0However, the activity in the networks especially for Ordinals and Runes has declined lately; Rye\u2019s transactions decreased by 88% since June. NFTs reached over $3 billion in sales in the fourth quarter of 2023, so there was a rebound that might indicate a later half of 2024 rebound. Alone in December 2023, the sales volume reached $1.77 billion, the highest since NFT summer which declined in June 2022.<\/p>\n<p>As per the CoinGecko records, CryptoPunks and Bored Ape Yacht Clubs are among the best <strong>NFT<\/strong> collections, and they have assets of $994,9 million for CryptoPunks and 345,9 million for BAYC. Thus, NodeMonkes and Bitcoin Puppets projects are two of the largest Ordinals projects, with market capitalizations of $121.1 million and $94.2 million.<\/p>\n<p><em><a href=\"https:\/\/t.me\/coinengineernews\"><span style=\"font-weight: 400;\">Click here to get the latest news from Coin Engineer!<\/span><\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The memecoins and the fall in the crypto market combined to a 44% decline in NFT sales in Q2. Projections show that may climb once again later in the year 2024. The investment head of Apollo Crypto in its Q2 report said that a mix of celebrity, political, and animal themed memecoins together with the<\/p>\n","protected":false},"author":6,"featured_media":24025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1,2],"tags":[532,4618,103],"class_list":["post-24020","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","category-news","tag-crypto-markets","tag-memecoins","tag-nft"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The memecoins and the fall in the crypto market combined to a 44% decline in NFT sales in Q2. Projections show that may climb once again later in the year 2024. The investment head of Apollo Crypto in its Q2 report said that a mix of celebrity, political, and animal themed memecoins together with the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-01T12:00:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-01T06:56:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/nft.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/\",\"name\":\"NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/nft.webp\",\"datePublished\":\"2024-07-01T12:00:54+00:00\",\"dateModified\":\"2024-07-01T06:56:18+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/nft.webp\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/nft.webp\",\"width\":1280,\"height\":720,\"caption\":\"nft\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn - Coin Engineer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/","og_locale":"en_US","og_type":"article","og_title":"NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn - Coin Engineer","og_description":"The memecoins and the fall in the crypto market combined to a 44% decline in NFT sales in Q2. Projections show that may climb once again later in the year 2024. The investment head of Apollo Crypto in its Q2 report said that a mix of celebrity, political, and animal themed memecoins together with the","og_url":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/","og_site_name":"Coin Engineer","article_published_time":"2024-07-01T12:00:54+00:00","article_modified_time":"2024-07-01T06:56:18+00:00","og_image":[{"width":1280,"height":720,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/nft.webp","type":"image\/webp"}],"author":"Tanju Akb\u0131y\u0131k","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tanju Akb\u0131y\u0131k","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/","url":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/","name":"NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/nft.webp","datePublished":"2024-07-01T12:00:54+00:00","dateModified":"2024-07-01T06:56:18+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546"},"breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/nft.webp","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/nft.webp","width":1280,"height":720,"caption":"nft"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/nft-sales-plummet-44-in-q2-amid-memecoin-frenzy-and-market-downturn\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"NFT Sales Plummet 44% in Q2 Amid Memecoin Frenzy and Market Downturn"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546","name":"Tanju Akb\u0131y\u0131k","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","caption":"Tanju Akb\u0131y\u0131k"},"url":"https:\/\/coinengineer.net\/blog\/author\/cetanju\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24020","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=24020"}],"version-history":[{"count":5,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24020\/revisions"}],"predecessor-version":[{"id":24043,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24020\/revisions\/24043"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/24025"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=24020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=24020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=24020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}