Memecoins Surge as NFT Sales Plummet in Q2
The decline in NFT sales during Q2 can be attributed to the rise of memecoins and a general downturn in the crypto market
Data from CryptoSlam highlights that NFT sales plummeted from $4.14 billion in Q1 to $2.32 billion in Q2.
Henrik Andersson of Apollo Crypto explained that the market faced a challenging quarter, with Bitcoin dropping 15% and many altcoins performing worse.
He also mentioned that the growing popularity of memecoins, which saw $3.4 billion in trading volume over the past 24 hours, is drawing attention away from NFTs.
This trend is fueled by political and celebrity-themed memecoins linked to the U.S. presidential election, as well as new tokens on Ethereum and Solana. Notable mentions include MAGA (TRUMP) and Pepe, which gained traction in Q2.
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Additionally, Bitcoin-based Ordinals could further shift focus away from traditional NFTs. Andersson noted that Ordinals might continue to gain market share in the NFT space, especially with the advent of Bitcoin Layer 2 solutions. However, activity on Ordinals and Runes networks has recently declined.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
