Nfts
Ethereum NFT Sales Down 50%; Is Solana doing better?
- NFT sales volume on Ethereum dropped 50% in the past month
- This, in part, is due to the decline in general NFT activity
Sales volume of Ethereum-based non-fungible tokens (NFTs) fell 50% in the last 30 days, according to CryptoSlam. Additionally, the on-chain data provider found that the value of all Ethereum-created NFTs sold during this period “only” totaled $203 million.
469,276 NFT sale transactions were completed on the Ethereum network over the last 30 days. This figure represents a 72% drop in the number of transactions on the network. This may be related to the decline in the number of NFT traders on Ethereum during the aforementioned period.
So far this month, NFT sales volumes on Ethereum have totaled $88 million, down 63% from the $240 million recorded in April.
CryptoSlam data also showed that monthly NFT sales volume on the network fell after hitting a yearly high of $553 million in February.
Source: CryptoSlam
Ethereum is not alone
This decline in NFT sales volume on the Ethereum network reflects the general market decline of the NFT ecosystem in recent months.
In fact, according to NFTGo According to the data, over the past 30 days, the total sales volume of NFTs across all collections was $446 million, a decrease of 23.05%. This resulted in a decrease in the market capitalization of the NFT. With a figure of $7.01 billion at the time of writing, this amount is down 12% since last month.
Source: NFTGo
Aside from Ethereum, this general market decline was also reflected in the low sales volume recorded in the market. Bitcoin [BTC] And Solana [SOL] networks.
Data from CryptoSlam revealed that the volume of NFT sales on the Bitcoin network fell by 48% during the period under review. This amounts to $329 million, outpacing Ethereum by 62.07%.
Similarly, Solana’s NFT sales volume fell 43% last month. During this period, NFTs worth $118 million were sold.
How the main collections were affected
Weak ETH prices over the past month and general disinterest in NFTs have led to a decline in the value of major NFT projects like Bored Ape Yacht Club (BAYC).
In fact, according to data from NFT floor price, BAYC’s floor price rose to a high of 17.18 ETH on April 26, before falling down the charts. At press time, the lowest price a BAYC Collection NFT would sell for was 13.4 ETH. At current market prices, that equates to $40,000.
Source: NFT floor price
As for CryptoPunks, the largest collection of NFTs by market capitalization, its floor price has been rising since the beginning of May. Worth 40 ETH at the time of publication, its floor price has appreciated by 6% since May 1.