Ethereum NFT Trading Volume Falls By 70% in June—But Number of Sales Steady

The state of NFTs isn’t all doom and gloom amid the bear market.

The entire quantity of Ethereum NFT trades has declined by 55% previously month, from 1.3 million ETH to only 584,000 ETH, in keeping with Nansen knowledge. That’s a drop from just below $2.6 billion to about $672 million, which is roughly a 70% lower when valued in USD.

Ethereum’s worth has fallen about 43% previously month. “Blue chip” NFT costs haven’t risen to compensate, nevertheless, which means much less cash is altering arms general. 

Among the many prime 5 ranked NFT collections on OpenSea, common costs in ETH have remained kind of stagnant, with Bored Ape Yacht Membership NFT costs nonetheless hovering round 100 ETH. CryptoPunks are an exception, which noticed buy-in flooring costs improve 48% partially as a consequence of Christie’s head of digital gross sales turning into the Punks’ new model lead this month. 

NFT merchants are nonetheless shopping for and promoting these distinctive blockchain tokens that signify possession over digital artwork—they’re simply shopping for cheaper ones and “apeing” into free mints like Goblintown, which began a wave of free-to-mint NFT collections centered round bodily waste, nihilism, and memes. 

Per CryptoSlam knowledge, the common sale worth for an Ethereum NFT went from $2,463 in Might to only $703, a 71% lower. In order the crypto bear market continues, NFTs are being bought for much less general. 

In Might, OpenSea noticed 1.478 million NFTs bought on its platform. In June, 1.476 million had been bought as of Wednesday, which means it’s fairly attainable extra NFTs will truly be bought this month in comparison with the month of Might. Might’s numbers had been additionally closely propped up by Yuga Labs’ Otherside NFTs, which noticed $561 million traded inside 24 hours. 

Picture: Dune Analytics.

Relating to the overall variety of merchants, OpenSea noticed a modest 6.5% improve in registered customers who’ve made at the very least one transaction on its market, in keeping with Dune knowledge. The variety of lively merchants for Ethereum NFTs has solely declined barely, a 16% lower from about 422,000 to 354,000. 

The variety of weekly lively NFT initiatives seeing gross sales hasn’t declined a lot both, in keeping with Nansen knowledge. In comparison with final month, the identical variety of NFT collections—three—are seeing greater than 10,000 gross sales. The variety of collections seeing greater than a thousand gross sales is barely down 30% this month, from 109 to 76. This implies NFT creators, particularly in collections with the very best market caps, are nonetheless seeing gross sales.

So whereas general quantity could be down 55% to 70% in ETH and USD, respectively, merchants are nonetheless making strikes. For now, it seems like NFT fanatics haven’t but misplaced hope, regardless that they’re now shopping for and promoting for much less.