Due to deepening bearish markets, Ethereum non-fungible token (NFT) sales fell to a new record low in June.
Ethereum is the most popular blockchain in terms of NFT sales volume. It has total sales of $28.73 Billion. Be[In]Crypto It was shown that the Ethereum chain saw a June sales volume of around $722.39 Million.
Source: CryptoSlam June 2022 Ethereum NFT Chart
Despite the crash in sales, Ethereum still commanded the lion’s share in volume when compared to Ronin, Solana, Flow, Polygon, WAX, Avalanche, Immutable X, Binance Chain, Palm, Tezos, Panini, Waves, Arbitrum, Cronos, Theta, Fantom, OEC, and Ziliqa.
This was 73% less than the NFT volume for May. NFT sales volume for the first smart contract blockchain in May was $2.75 billion.
Source: CryptoSlam’s May 2022 Ethereum NFT Sales Chart
What’s new with Ethereum NFTs
Three months after the launch on Ethereum, NFTs were launched for the first time on Ethereum in October 2015.
Etheria was the initial project. It was launched and demonstrated at Ethereum’s first developer conference, dubbed DEVCON 1, in London.
Some of the most popular digital collections in Ethereum include CryptoPunks (BAYC), Mutant Ape Yacht Club(MAYC), Bored Ape Kernel Yacht Club (“BAKC”), CryptoKitties (Art Blocks), CryptoKitties and CryptoKitties.
Why is there a drop in sales
When you look at the decline in the number of unique buyers of the top NFTs housed in the chain’s ecosystem in June, the decrease in their respective sales volumes led to the falling transaction counts of digital collectibles in the blockchain, with 230,225 unique buyers, and 1,045,525 transactions.
Comparing to January 2022, when Ethereum reached an all-time high in monthly sales volume (ATH), the unique buyers were 359.483, which corresponds to 1,313,384 transactions. The peak of Ethereum’s monthly volume in January was $4.05 million.
Source: CryptoSlam Ethereum NFT Sales Chart Jan. 2022
After a month of sales below $1 billion ($410.08m), the company’s monthly sales dropped to $3.33billion in June.
The average digital collectibles’ sale value fell sharply, despite the increase in sales volume. The Jan average sale value was $3,083.15 with a 77% decrease to $690.93 in June.