Nfts
June sales drop 47% but there are more buyers and sellers
The non-fungible token (NFT) market has seen a remarkable decline in activity over the past month, with significant declines across various metrics.
According to Crypto Slam data:
- Global NFT sales volume reached $476.3 million in June, down 47.22%.
- The number of NFT buyers skyrocketed to 1.259 million, an astonishing increase of 1,700.83%.
- The number of sellers increased to 744,965, an increase of 1,059.64%.
- The increase in buyers and sellers was juxtaposed with a 51.4% month-over-month drop in NFT transactions
Top blockchains by NFT sales volume
Blockchains by monthly NFT sales volume | Source: CryptoSlam
Here’s a more detailed look at the top five blockchains:
- Ethereum (ETH) once again led the pack in terms of blockchain sales volume, recording over $147.5 million in NFT sales, with $123 million attributed to wash trading. Including these washing looms, total sales were $270.5 million. The network attracted 55,449 buyers, an increase of 95.41%.
- Bitcoin (Bitcoin) has become a formidable competitor in the NFT space. Despite a nearly 48% drop, he still made over $117 million in sales with minimal influence on wash trading. The network also had 59,482 active participating buyers, a number roughly similar to May’s numbers.
- Polygon (MATIC) comes in third, demonstrating its growing influence with $80.2 million in revenue. This figure represents a 3.35% increase from the previous month, with over 245,000 buyers actively trading NFTs on the platform.
- The Solana (GROUND) The NFT marketplace recorded the fourth-highest volume of NFT sales, raking in over $69.2 million in sales. However, the amount was still 42.82% lower than last month’s figures. Including approximately $2.65 million attributed to wash trading, Solana’s total sales reached $71.9 million from 580,100 buyers.
- Chain of myths (MYTH) recorded $20.1 million in NFT sales in June, with wash transactions contributing another $134,185 to its total revenue. The blockchain also had more buyers than Ethereum, with 57,269 obtaining their NFTs from there.
Top NFT Collections in June
Despite the general market slowdown, several NFT collections stood out in June.
$PIZZA BRC-20 NFT on Bitcoin led the pack, with $29.1 million in sales from more than 43,000 transactions. See below.
DMarket on Mythos followed with $18.9 million in sales on nearly 830,000 transactions. However, the collection’s revenue was 21.8% lower than the previous month.
CryptoPunks on Ethereum continued to perform well, generating $16,405,442 in sales from just 141 transactions. Bored Ape Yacht Club (BAYC) also maintained its popularity, with sales up 6.54% to $13 million.
Another Bitcoin collection, NodeMonkes, rounded out the top five, with $12.7 million in sales from 929 transactions.
Polygon’s OKX NFT creation saw the highest percentage growth over the past 30 days, with its sales volume increasing 132,509.44% to $2.4 million.
Conversely, the worst performing NFT collection in June was Blast’s Fantasy Top, which saw an 83.33% drop in sales volume, followed closely by DeGods on Ethereum, whose sales fell 82.9%.
The best-selling NFTs of the month
When it comes to the most expensive NFT collectibles, CryptoPunks #627 sold for a staggering $836,149 on Ethereum, making it the highest sale of the month. Punk #50 from Bitcoin’s Ordinal Punks collection sold for $306,725, while a Cardano NFT sold for $219,102.
The Solana blockchain was represented by Mad Lads #4575, which sold for $110,917, while TTAvatars #1280003 on Polygon changed hands for $100,500.
The fan token market has also seen substantial activity.
AS Roma (ASR) token leads the way with $1.27 billion in sales on the Chiliz blockchain. Galatasaray’s GAL token comes in a distant second with $344 million in sales, while Paris Saint-Germain (PSG) recorded $225.8 million.
OG and FC Barcelona rounded out the top five, with sales of $132 million and $126.2 million, respectively.
Market Outlook
The juxtaposition of declining sales volume and increasing numbers of buyers and sellers signals a complex phase in the NFT walk.
The significant drop in trading volume suggests that while interest and participation are at an all-time high, the average transaction size has declined, perhaps indicating a shift toward more affordable NFTs or a cautious approach to share of investors.
It could also imply a maturing market where the frenzy of high-value transactions subsides, giving way to broader, more democratic engagement.
As the market adapts, platforms and collections that adapt to this changing landscape by offering diverse and accessible options could become the new leaders in the NFT space.