- NFT sales volume on Ethereum has dropped by 50% over the past month
- This, partly due to the fall in general NFT activity
As an analyst with extensive experience in the crypto and blockchain space, I’ve closely monitored the recent developments within the NFT market, particularly on Ethereum. The data presented shows a stark decline in sales volume for Ethereum-based NFTs over the last 30 days, with a staggering 50% drop according to CryptoSlam. This downturn is not unique to Ethereum, as the total NFT sales volume across all collections also saw a significant decrease of 23.05%.
As a crypto investor, I’ve noticed a significant drop in sales volume for Ethereum-based non-fungible tokens (NFTs) over the past 30 days. According to CryptoSlam, this decline amounts to a staggering 50%. Furthermore, the data from this on-chain provider reveals that only $203 million worth of these digital assets were sold during this period.
Approximately 469,276 NFT sales were finalized on Ethereum in the past thirty days. This represents a significant decrease of 72% compared to the number of transactions in the previous period. It’s plausible that this decline is linked to a reduction in NFT traders active on Ethereum during this timeframe.
This month on Ethereum, NFT sales have reached a sum of $88 million, signifying a significant decrease of approximately 63% compared to the $240 million transacted in April.
The data from CryptoSlam revealed that the monthly NFT sales volume on the network decreased following its peak of $553 million, which was reached in February this year.
Ethereum is not alone
I’ve noticed a significant decrease in NFT sales volume on the Ethereum network recently, which aligns with the broader market downturn affecting the NFT ecosystem as a whole during the last few months.
As a crypto investor, I’ve noticed that NFT sales have seen a significant drop over the past month based on data from NFTGo. Specifically, there was a total volume of $446 million in NFT sales across all collections within the last 30 days – marking a 23.05% decrease compared to the previous period. Consequently, the NFT market capitalization has followed suit with a current value of $7.01 billion, representing a 12% decrease since last month.
As a crypto investor, I’ve observed that the recent market downturn affected not only Ethereum but also impacted the sales volume on Bitcoin (BTC) and Solana (SOL) networks significantly. In simpler terms, both Bitcoin and Solana experienced reduced transaction volumes due to the bearish market conditions.
As a crypto investor, I’ve closely monitored the latest NFT sales data from CryptoSlam. To my surprise, the sales volume on the Bitcoin network saw a significant drop of 48% during the specified timeframe. This translates to a substantial figure of $329 million. Remarkably, this surpassed Ethereum’s NFT sales volume by an impressive 62.07%.
Similarly, the sales volume for NFTs on Solana declined by 43% in the previous month. A total of $118 million worth of NFTs were transacted during this timeframe.
How leading collections have been affected
The sluggish price movement of Ethereum during the last month, coupled with waning enthusiasm for NFTs, has resulted in a decrease in value for prominent NFT collections such as Bored Ape Yacht Club (BAYC).
As a researcher, I’ve discovered some intriguing data regarding the non-fungible token (NFT) collection by Bored Ape Yacht Club (BAYC). Based on information from NFT Floor Price, the floor price for a BAYC NFT peaked at 17.18 ETH on the 26th of April. However, this price dropped in the charts as of the present moment. The minimum price for an NFT from this collection is now 13.4 ETH. Considering the current market prices, that translates to a significant investment of approximately $40,000.
Regarding CryptoPunks, which holds the largest NFT market capitalization, their floor price has seen an uptick since early May. Currently, it’s priced at 40 ETH, representing a 6% increase from its value on May 1st.
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2024-05-17 23:03