The NFT space isn’t doing too well right now. Although it seems like there’s a new project being launched every week, there’s less and less money being spent in the space.

In July, NFT sales totaled $495.6 million, down 23% from $646.1 million in June, according to data from NFT aggregator CryptoSlam. This marks the fifth consecutive month of NFT sales falling since February, when the sector saw sales hit $1.2 billion.

July recorded the lowest level since April 2021, which saw sales at $339.4 million, a few months before the NFT boom began in July 2021.

Today’s decline could be attributed to a number of factors, like consumers buying NFTs for less — the average sale in July was just $47, meaning fewer people are interested in “blue-chip” NFTs. It’s worth noting that transaction levels have remained high in the past couple of months — June had about 10.8 million transactions and July had about 10.4 million, the highest levels since February 2022.The decline in sales doesn’t necessarily mean NFTs are going bye-bye. Instead, it points to the growing prevalence of low-barrier NFT sales and the space becoming more accessible to general audiences, who may not want to spend a lot on NFTs right away.

In the past 30 days, the top three blockchains to sell the most NFTs were Ethereum at $293 million, Bitcoin at $56.2 million and Solana at $35 million, per CryptoSlam data. Only two NFTs –— a Bored Ape Yacht Club and a CryptoPunk — were sold for over $1 million during that time.

Regardless of how you look at it, the decline in NFT sales means the players and builders in the sector have to look for new opportunities to grow again. It’s time to sink or swim.