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Shocking decline in the NFT market: Sales plummeted by 30 percent in two weeks.

NFT sales volume fell to $91.96 million in the first week of September, the lowest weekly sales figure since mid-June, according to data.

The decline in NFT sales follows strong momentum throughout July and August. In the last eight weeks, weekly sales volume for digital collectibles has never fallen below $115 million, demonstrating strong momentum.

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

Last week's NFT slump brought sales volume back to the lows of $90 million seen between June 16-22.

Unique NFT buyers have fallen by 58% since mid-June.

While NFT sales volumes were lower between June 16th and 22nd, the number of unique buyers was around 487,264, demonstrating collector interest in purchasing NFTs even as average sales values ​​fell to $57.

Between September 1st and 7th, unique buyers for NFTs fell to 199,821, a 58% drop from the record high in mid-June. Meanwhile, unique sellers fell to 145,877 last week, a 43% decrease from the 258,803 sellers from June 16th to 22nd.

Along with the shrinking number of buyers and sellers, average sales prices have also begun to decline. Throughout August, the average sales value of NFTs was over $104, but by the last week of August, it had fallen to $82. In the first week of September, the figure dropped even further, to $72, a 30 percent decline in just two weeks.

Despite lower volumes, the total number of transactions remained relatively high at 1.27 million, indicating continued trading activity despite smaller transaction sizes.

Adoption supported strong NFT sales in July and August.

Last Friday, the strong NFT performance over the past two months is attributed to increased adoption.

A permanent NFT art gallery opened within a club on Ibiza, an island near Spain. The gallery showcased works by NFT artists.