NFTs
June sales fall 47%, but there are more buyers and sellers
The non-fungible token (NFT) market has seen a notable drop in activity over the past month, with significant drops across multiple metrics.
According to Crypto Slam data:
- Global NFT sales volume reached $476.3 million in June, marking a 47.22% drop.
- The number of NFT buyers skyrocketed to 1.259 million — an astonishing increase of 1,700.83%.
- The number of sellers rose to 744,965 – an increase of 1,059.64%.
- The increase in buyers and sellers was juxtaposed with a 51.4% drop in NFT transactions month-over-month
Top Blockchains by NFT Sales Volume
Blockchains by Monthly NFT Sales Volume | Source: CryptoSlam
Here is a closer look at the top five blockchains:
- Ethereum (ETH) once again led the pack in blockchain sales volume, recording over $147.5 million in NFT sales, with a notable $123 million attributed to wash trading. Including these washing operations, total sales were US$270.5 million. The chain attracted 55,449 buyers, reflecting an increase of 95.41%.
- Bitcoin (BTC) has emerged as a formidable competitor in the NFT space. Despite a drop of almost 48%, it still achieved over $117 million in sales with minimal influence on the wash trade. The network also saw the active participation of 59,482 buyers, a number approximately similar to the May figures.
- Polygon (MATIC) came in third, demonstrating its growing influence with $80.2 million in sales. The figure represented a 3.35% increase from the previous month, with over 245,000 buyers actively trading NFTs on the platform.
- The Solana (SUN) The NFT marketplace recorded the fourth-highest NFT sales volume, raking in over $69.2 million in sales. However, the figure was still 42.82% lower than last month’s figure. Counting around $2.65 million attributed to wash trading, Solana’s total sales reached $71.9 million from 580,100 buyers.
- Chain of Myths (MYTH) saw $20.1 million in NFT sales in June, with wash trades contributing another $134,185 to its total sales value. The blockchain also had more buyers than Ethereum, with 57,269 getting their NFTs from there.
Top NFT Collections in June
Despite the general market downturn, several NFT collections stood out in June.
$PIZZA BRC-20 NFTs in Bitcoin led the pack with $29.1 million in sales across more than 43,000 transactions. See below.
DMarket on Mythos followed with $18.9 million in sales from nearly 830,000 transactions. However, the collection’s earnings were 21.8% lower than the previous month.
CryptoPunks on Ethereum continued to perform strongly, generating $16,405,442 in sales from just 141 transactions. Bored Ape Yacht Club (BAYC) also maintained its popularity, with sales jumping 6.54% to $13 million.
Another Bitcoin collection, NodeMonkes, rounded out the top five with $12.7 million in sales across 929 transactions.
Polygon’s OKEx NFT creation saw the highest percentage growth over the past 30 days, with its sales volume increasing by a staggering 132,509.44% to reach $2.4 million.
On the other hand, 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, whose sales plummeted 82.9%.
Best-selling NFTs of the month
Regarding the highest priced collectible NFTs, CryptoPunks #627 sold for a whopping $836,149 on Ethereum, making it the biggest sale of the month. Punk #50 from Bitcoin’s Ordinal Punks collection raised $306,725, while a Cardano NFT sold for $219,102.
The Solana blockchain was represented by Mad Lads #4575, which sold for $110,917, while TTAvatars #1280003 on Polygon sold for $100,500.
The fan token market also saw substantial activity.
AS Roma’s (ASR) token led the way with $1.27 billion in sales on the Chiliz blockchain. Galatasaray’s GAL token came in a distant second with $344 million in sales, while Paris Saint-Germain’s (PSG) token saw $225.8 million.
OG and FC Barcelona completed the top five, with sales of US$132 million and US$126.2 million, respectively.
Market perspectives
The juxtaposition of declining sales volume with a growing number of buyers and sellers signals a complex phase in the NFT Marketplace.
The significant drop in transaction volume suggests that while interest and participation have reached higher levels, the average transaction size has declined, possibly indicating a shift to more affordable NFTs or a cautious approach on the part of investors.
This may also imply a maturing market, where the frenzy of high-value transactions is cooling, giving way to broader, more democratic engagement.
As the market adjusts, platforms and collections that adapt to this changing landscape by offering diverse and affordable options could emerge as the new leaders in the NFT space.