ARB vs. OP – Which L2 had the best month of May?
- NFT sales volume on Ethereum has dropped by 50% over the past month
- This, partly due to the fall in general NFT activity
The sales volume for Ethereum-based non-fungible tokens (NFTs) have cratered by 50% in the last 30 days, according to CryptoSlam. Additionally, the on-chain data provider found that the value of all Ethereum-minted NFTs sold during that period totalled ‘just’ $203 million.
469,276 NFT sales transactions were completed on the Ethereum network in the last 30 days. This figure represented a 72% decline in the number of transactions on the network. This may be connected to the drop in the number of NFT traders on Ethereum over the aforementioned period.
So far this month, NFT sales volumes on Ethereum have totalled $88 million, marking a 63% drop from the $240 million recorded in April.
CryptoSlam’s data also showed that monthly NFT sales volume on the network fell after peaking at a year-to-date high of $553 million in February.
Source: CryptoSlam
Ethereum is not alone
This drop in NFT sales volume on the Ethereum network mirrors the general market decline in the NFT ecosystem over the past few months.
In fact, according to NFTGo’s data, in the last 30 days, the total volume of NFT sales across all collections was $446 million – A 23.05% fall. This resulted in a decrease in NFT market capitalization. With a figure of $7.01 billion at the time of writing, the same is down by 12% since last month.
Source: NFTGo
Apart from Ethereum, this general market decline was also reflected in the low sales volume recorded on the Bitcoin [BTC] and Solana [SOL] networks.
CryptoSlam’s data revealed that NFT sales volume on the Bitcoin network plummeted by 48% during the period under review. This amounted to $329 million, exceeding Ethereum by 62.07%.
Likewise, Solana’s NFT sales volume dropped by 43% last month. During that period, NFTs worth $118 million were sold.
How leading collections have been affected
ETH’s low price action over the past month and the general disinterest in NFTs have led to a decline in the value of leading NFT projects like Bored Ape Yacht Club (BAYC).
In fact, according to data from NFT Floor Price, BAYC’s floor price climbed to a high of 17.18 ETH on 26 April, before falling on the charts. At press time, the lowest price an NFT from the BAYC collection would sell for was 13.4 ETH. At current market prices, that amounts to $40,000.
Source: NFT Floor Price
As for CryptoPunks, the largest NFT collection by market capitalization, its floor price has risen since the beginning of May. With a value of 40 ETH at press time, its floor price has appreciated by 6% since 1 May.
