Non-fungible token (NFT) sales are about to hit their lowest monthly volume since November 2023. It's a tough pill to swallow for the once-booming digital collectibles market.

CryptoSlam, a data tracker, reported $393 million in monthly volume on July 29. Daily volumes are stuck below $14 million. July could end up being the worst or second-worst month for NFTs this year.

June 2024 already saw an eight-month low with only $450 million in sales. That was the lowest since November 2023. The downward trend is clear as day.

NFTs have been on a slippery slope since Q2 2024. There was a 45% quarter-on-quarter drop. Q1 2024 had $4.1 billion in sales. Q2 only managed $2.24 billion.

But it's not all doom and gloom. Transaction volumes in July saw a hefty 73% increase from June. CryptoSlam data shows 9.9 million NFT transactions in July, up from 5.7 million in June.

Web3 pros are still keeping their chins up. SuperRare co-founder Jonathan Perkins told Cointelegraph that NFTs are still a powerful token standard. Their utility hasn't changed a bit, he reckons.

CryptoSlam founder Randy Wasinger isn't throwing in the towel either. In a Cointelegraph interview, he said, "I certainly wouldn't say NFTs are dead. In fact, I would say that NFTs, just like all digital blockchain assets, are here to stay."

Wasinger admits some NFT applications might be past their prime. "PFPs [picture-for-profile], for example. I don't see that ever regaining the volume and adoption level it had a year or two ago," he added.

But he's not writing off NFTs completely. Wasinger thinks robust Web3 applications will likely need them. Use cases will keep evolving positively, he believes.

"I don't know if it'll necessarily be reflected in large sales volume numbers like we've seen at least anytime soon, but I do foresee it manifesting in perhaps larger transaction volumes," Wasinger explained. The NFT story isn't over yet, folks.