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.

The NFT market has experienced an unexpected resurgence in 2024. If you were one of those who thought NFTs were dead, it's time to reconsider. It's far from over. DappRadar reports a 28% increase in NFT sales for Q2 compared to Q1. Sales have reached levels not seen since early 2023, when NFTs were still considered a big thing. Market dynamics are shifting. Blur has overtaken OpenSea as the dominant NFT marketplace. It now holds a 31% market share. OpenSea's trading volume has fallen to $369 million. Blur's success can be explained by its focus on professional traders and lower fees, and those features were appreciated by the customers. But the NFT space is diversifying even further. Blockchain gaming remains significant. However, NFT and social sectors are gaining traction, and this suggests broader adoption beyond in-game assets. Ordinals are driving renewed interest. These are inscriptions on individual Satoshis, creating Bitcoin-based NFTs. The innovation has opened new possibilities for NFT applications. Runes, a memecoin protocol on Bitcoin, is also fueling growth. The Runestones collection saw 93% growth in Q2. Memecoins are injecting fun and virality into the NFT space. Despite overall growth, some collections are struggling. Bored Ape Yacht Club has seen declining sales and prices. This raises questions about the long-term value of certain NFTs. The reasons behind the surge remain unclear. DappRadar suggests continued investor enthusiasm. However, short-term speculation may be a factor. Q2 2024 reveals an NFT market in transition. New players are disrupting established norms. Innovation is creating fresh opportunities for digital collectibles.

Billionaire Mark Cuban has sold part of his non-fungible token (NFT) collection. Cuban's wallet on OpenSea shows sales of over a dozen NFTs. That includes the famous Pudgy Penguin priced at over $30,000. The wallet, one of two controlled by the Dallas Mavericks owner, retains about 1,600 items. Cuban sold various high-value digital assets. These include unique artworks and collectibles. Billionaire became heavily involved in NFTs and blockchain in 2021. He invested in multiple NFT startups. At the moment, Cuban was a rabid advocate for their adoption. The NFT market has recently seen a decline. Global NFT sales dropped to $604 million in May 2023. This is the lowest monthly total since October 2022. It marks the first month in 2024 with sales below $1 billion. Ethereum, the leading NFT blockchain, also experienced a downturn. Its sales fell to $164 million, the lowest since September. Ethereum's unique buyers in May numbered 56,914. This is the lowest since June 2021. And by the way, the decline was not limited to Ethereum blockchain. Others followed. The decline reflects a broader market slowdown. However, some remain optimistic. Blockchain collector Pranksy commented on social media: "500 genuine replies, there is life in the old girl yet." This optimism comes despite the recent market downturn. It suggests continued interest in blockchain products. The NFT market's future remains uncertain.

The iconic French magazine Paris Match is celebrating its 75th anniversary by auctioning a series of archival photos as NFTs. The auction will feature 75 Ethereum NFTs of iconic photos. Each NFT will come with a numbered and signed physical print of the same image. Starting bids for each photo will begin at 0.3 ETH. That's about $1,062 at the time of writing. That's a fair price for the photos that are symbols of their respective cultural eras. The photos selected for the auction include cultural icons such as The Rolling Stones, Jack Nicholson, Orson Welles, and John Travolta. News reports on the Berlin Wall, Harlem, and the Tour de France will also be featured. Paris Match has partnered with photo NFT platform Focus Bloc and NFT marketplace SuperRare for the auction. This marks the magazine's second foray into NFTs. Paris Match debuted in January 2023 with a sale of 120 one-of-ones. Emmanuel Daien, Focus Bloc's founder, says there was an interesting mix of traditional photo collectors and crypto-native NFT enthusiasts during the initial sale. The auction format and the inclusion of physical prints alongside the digital files may appeal to both groups. Owners of Paris Match NFTs will receive full digital license rights to the photos they hold. But it' worth mentioning that Paris Match will retain all other rights associated with the images.

The Vatican Library unveiled a new initiative to preserve its manuscript collection. Social media users and donors will be rewarded NFTs for their support. The crypto industry is already cracking all kinds of jokes about holy tokens. Well, the tokens are not supposed to be holy. But the Vatican Library, established back in the 15th century, is now using NFTs to increase its online following. NFTs will be given out to supporters of its manuscript collection through an agreement with NTT DATA Italia. That is an information technology services provider, the Vatican has chosen to be its digital provider. “The project is aimed at expanding the online community of the Vatican Apostolic Library by putting the cultural institution in contact with its supporters through Web3 technology,” the institution said in a statement. People who share its “Web3 Support Project” on social media through July 16 will receive a so-called "Silver NFT" that unlocks access to 15 different manuscripts. Those who make a donation in the library’s name will be granted a “Gold NFT.” That one gives access to 21 manuscripts. Interestingly, the "holy tokens" will be non-transferable. It means that the NFTs will be soulbound, and thus non-financial and linked to a specific wallet forever. The project uses NFTs listed on OpenSea and distributed via Polygon blockchain. As of now, 419 owners have already received their NFTs for supporting the Vatican Library. The Library was found in 15th century with its current building in Vatican City date back to the late 16th century. At the moment the Vatican Library preserves 180,000 manuscripts and over 1.5 million books, as well as 200,000 photographs, more than 150,000 prints, and over 300,000 coins and medals.