Despite a 47 decrease in June sales the NFT market experiences a surge in both buyers and sellers
The NFT market has recently experienced a notable downturn in activity, marking significant declines across various metrics over the past month.
According to data from Crypto Slam:
Global NFT sales volume in June totaled $476.3 million, marking a substantial 47.22% decrease from the previous month. Despite this decline, the number of NFT buyers surged dramatically to 1.259 million, reflecting an astonishing increase of 1700.83%. Concurrently, the number of sellers also saw a sharp rise, reaching 744,965—an increase of 1059.64%.
However, these increases in buyer and seller numbers were juxtaposed against a 51.4% drop in NFT transactions month-over-month.
Here’s a detailed look at the top blockchains by NFT sales volume in June, according to CryptoSlam:
– **Ethereum (ETH)** led in blockchain sales volume once again, achieving over $147.5 million in NFT sales. Notably, approximately $123 million of this figure was attributed to wash trading, bringing the total sales to $270.5 million. The network saw 55,449 buyers, marking a 95.41% increase.
– **Bitcoin (BTC)** also made significant strides in the NFT space, despite a nearly 48% drop, with sales exceeding $117 million. Minimal influence from wash trading was noted. The network boasted 59,482 active buyers, a figure comparable to that of May.
– **Polygon (MATIC)** demonstrated its growing influence by securing $80.2 million in sales, a 3.35% increase from the previous month. The platform attracted more than 245,000 active buyers.
– **Solana (SOL)** recorded the fourth-largest NFT sales volume, amounting to over $69.2 million. However, this figure represented a decrease of 42.82% compared to the previous month. Including $2.65 million from wash trading, Solana’s total sales reached $71.9 million, with 580,100 buyers participating.
– **Mythos Chain (MYTH)** saw $20.1 million in NFT sales, with additional contributions from wash trades amounting to $134,185. Interestingly, Mythos attracted more buyers than Ethereum, with 57,269 users acquiring NFTs on the platform.
Despite the overall market downturn, several NFT collections stood out in June:
– **$PIZZA BRC-20 NFTs** on Bitcoin led with $29.1 million in sales from over 43,000 transactions.
– **DMarket on Mythos** followed closely with $18.9 million in sales from nearly 830,000 transactions, although this represented a 21.8% decline from the previous month.
– **CryptoPunks on Ethereum** continued to perform strongly, generating $16,405,442 in sales from 141 transactions. The **Bored Ape Yacht Club (BAYC)** also maintained popularity with a 6.54% increase to $13 million in sales.
– **NodeMonkes** on Bitcoin rounded out the top five collections, with $12.7 million in sales from 929 transactions.
**Polygon’s OKX NFT Creation** saw the highest growth percentage, with sales skyrocketing 132,509.44% to reach $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, closely followed by **DeGods on Ethereum**, where sales plummeted by 82.9%.
Regarding top-priced NFT collectibles:
– **CryptoPunks #627** fetched the highest price at $836,149 on Ethereum.
– **Punk #50** from Bitcoin’s Ordinal Punks collection sold for $306,725.
– A **Cardano NFT** also commanded attention with a sale price of $219,102.
**Mad Lads #4575** on Solana achieved $110,917, while **TTAvatars #1280003** on Polygon exchanged hands for $100,500.
The fan token market also saw robust activity:
– **AS Roma (ASR)** token led with $1.27 billion in sales on the Chiliz blockchain.
– **Galatasaray’s GAL** token followed with $344 million, and **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.
The current market situation, with declining sales volume despite increased participation, suggests a nuanced phase in the NFT market. While interest remains high, there is a noticeable decrease in transaction volume, possibly indicating a shift towards more affordable NFTs or a cautious approach by investors. This trend might signal a maturing market where broader engagement and diverse offerings could define future leaders in the NFT space.
For more insights, you can read: “VC roundup: Conduit raises $37m while MegaLabs, Ora secure $20m each.”
