Ethereum NFT sales hold steady in July as trading volumes drop further
In short, market leading OpenSea has reduced month-on-month profits in total NFTs sold and unique users. However, total USD sales volume declined. The data shows that NFT trading in Solana Marketplace has been cooler in July than in June so far.
At the end of July, month-to-month data from top NFT marketplace OpenC showed that Ethereum NFTs were still selling at almost the same rate amid the crypto bear market, comparing both the number of sales and the number of unique users. remains relatively stable. june. However, the total USD value of NFTs sold has once again dropped significantly.
Data from analytics platform Dune shows that approximately 1.61 million Ethereum NFTs were sold on OpenSee so far in July, compared to 1.54 million for all of June, while the number of unique merchants increased from about 393,000 in June to now in July. exceeded 400,000.
Despite slightly more users transacting on OpenC and buying more mass NFTs overall in July, the value measured in US dollars has fallen: Dune raised $495 million so far in July, compared to $695 million in June. More than Ethereum NFT volume is shown.
At the time of writing, this is a 29% month-on-month decline in sales volume measured in US dollars. If recent daily trading trends continue, OpenSea could end the month with around $530 million worth of Ethereum trading volume, which would mark a nearly 24% month-on-month decline. Compare this with the month-on-month drop of 73% from May to June as the crypto market crash took hold.
NFT is a blockchain token that represents ownership in an object, including digital goods such as artwork, profile pictures and collectibles. According to data from DappRadar, the market generated $25 billion worth of trading volume throughout 2021, and added nearly $20 billion more worth of organic trading (excluding questionable “wash trades”) during the first half of 2022.
According to another Dune Dashboard, OpenSea is not the only market in the Ethereum space, but it is the largest in terms of organic trading volume – about 82% of that figure during the week ended July 25.
This generally provides a good understanding of trading trends on Ethereum, which is by far the largest blockchain network for NFTs in terms of trading volume. Rival marketplaces Lookrayer and X2Y2 are known to host large volume wash trading or non-organic NFT trades at artificially inflated prices between linked wallets to earn trading rewards.
We won’t have a full account of the overall NFT market trends for July until the end of the month, but OpenC’s current NFT sales and user numbers show that people are still buying and selling NFTs at a steady rate – albeit at a higher rate than before. Compared to this year at much lower average prices.
Additional data from analytics platform CryptoSlam shows that the average USD selling price in the marketplace so far this month is $451 per Ethereum NFT, compared to $691 in June. Both figures are significantly lower than previous months, including $2,436 in May and $3,109 in April. However, it may have as much to do with the falling price of ETH as it is with individual NFT prices. ETH was trading above $3,000 in April and is now hovering around $1,700.
At the same time, NFT trading activity on the Solana blockchain platform has apparently slowed down compared to Ethereum. CryptoSlam showed $52.4 million worth of Solana NFT trades so far in July, compared to $91.5 million for the whole of June – a drop of about 43% based on current data, although this percentage should drop as data from the rest of the month should be added.
As of now, the site shows approximately 1.45 million NFT sales on Solana so far this month, compared to 1.56 million throughout June, with less than 110,000 unique buyers compared to approximately 136,000 unique buyers last month. According to CryptoSlam, the average Solana NFT selling price has dropped from $212 in May to $59 in June and about $36 in July so far. However, like ETH, Solana’s native SOL cryptocurrency was almost double its current price in May.
According to the site, the top NFT collectible in the last 30 days is Bored Ape Yacht Club, with a trading volume of over $52 million, followed by Cryptopunks at $49 million and the fantasy soccer NFT game Sorare with nearly $33 million. Outside of NBA Top Shot On Flow, the entire top 20 is made up of Ethereum-based NFT projects.
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