Ethereum NFT sales down by 50%; Is Solana faring any better?

  • NFT gross sales quantity on Ethereum has dropped by 50% over the previous month
  • This, partly as a result of fall typically NFT exercise

The gross sales quantity for Ethereum-based non-fungible tokens (NFTs) have cratered by 50% within the final 30 days, in response to CryptoSlam. Moreover, the on-chain knowledge supplier discovered that the worth of all Ethereum-minted NFTs offered throughout that interval totalled ‘simply’ $203 million.

469,276 NFT gross sales transactions had been accomplished on the Ethereum community within the final 30 days. This determine represented a 72% decline within the variety of transactions on the community. This can be related to the drop within the variety of NFT merchants on Ethereum over the aforementioned interval. 

To date this month, NFT gross sales volumes on Ethereum have totalled $88 million, marking a 63% drop from the $240 million recorded in April. 

CryptoSlam’s knowledge additionally confirmed that month-to-month NFT gross sales quantity on the community fell after peaking at a year-to-date excessive of $553 million in February. 

Ethereum NFT Sales Volume

Supply: CryptoSlam

Ethereum will not be alone 

This drop in NFT gross sales quantity on the Ethereum community mirrors the overall market decline within the NFT ecosystem over the previous few months. 

Actually, in response to NFTGo’s knowledge, within the final 30 days, the full quantity of NFT gross sales throughout all collections was $446 million – A 23.05% fall. This resulted in a lower in NFT market capitalization. With a determine of $7.01 billion on the time of writing, the identical is down by 12% since final month.

NFT Market Performance

Supply: NFTGo

Aside from Ethereum, this common market decline was additionally mirrored within the low gross sales quantity recorded on the Bitcoin [BTC] and Solana [SOL] networks. 

See also  Is Ethereum About To Be Labeled a Security?

CryptoSlam’s knowledge revealed that NFT gross sales quantity on the Bitcoin community plummeted by 48% throughout the interval beneath assessment. This amounted to $329 million, exceeding Ethereum by 62.07%.

Likewise, Solana’s NFT gross sales quantity dropped by 43% final month. Throughout that interval, NFTs value $118 million had been offered.

How main collections have been affected

ETH’s low worth motion over the previous month and the overall disinterest in NFTs have led to a decline within the worth of main NFT initiatives like Bored Ape Yacht Membership (BAYC).

Actually, in response to knowledge from NFT Floor Price, BAYC’s flooring worth climbed to a excessive of 17.18 ETH on 26 April, earlier than falling on the charts. At press time, the bottom worth an NFT from the BAYC assortment would promote for was 13.4 ETH. At present market costs, that quantities to $40,000.

BAYC Floor Price

Supply: NFT Flooring Worth

As for CryptoPunks, the biggest NFT assortment by market capitalization, its flooring worth has risen because the starting of Could. With a price of 40 ETH at press time, its flooring worth has appreciated by 6% since 1 Could.

Subsequent: Notcoin’s [NOT] ‘rocky’ launch – How a $1 billion begin ended with a significant sell-off

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