From July 21 to 27, digital collectibles saw $170 million in weekly sales

Non-fungible token (NFT) sales volume dropped to $91.96 million in the first week of September, setting the lowest weekly sales figure since mid-June, according to data from NFT tracker CryptoSlam.

The NFT sales decline last week follows sustained momentum for NFTs throughout July and August. In the past eight weeks, weekly sales volume for digital collectibles never dropped below $115 million, showing strong momentum.

From July 21 to 27, digital collectibles saw $170 million in weekly sales. This marked their third-highest weekly performance this year, following the highest weekly figures above $170 million recorded in mid-January.

The NFT slump last week put the sales volume back near levels last seen in June 16 to 22, when sales reached a low of $90 million.

While NFT sales volumes were lower from June 16 to 22, the number of unique buyers was near 487,264, suggesting that collectors remained interested in buying NFTs despite lower average sale values going to a low of $57.

From September 1 to 7, unique buyers for NFTs hit 199,821, a 58% decline compared to their record mid-June. On the other hand, unique sellers dropped to 145,877 last week, a 43% decline from 258,803 sellers from June 16 to 22.

In addition to a declining number of buyers and sellers, average sale prices also started to drop. Throughout August, the average sale value for NFTs was above $104 before dropping in the last week of August to $82. In the first week of September, the figure further dropped to $72, a 30% decline in just two weeks.

Despite lower volumes, the overall transaction count remained relatively high at 1.27 million, suggesting continued trading activity despite smaller transaction sizes.