In the past month, the total volume of NFT trades has fallen by 55% in terms of ETH, or about a 70% decrease when valued in USD. However, the number of weekly active NFT sales hasn’t changed much.
The state of the NFT market isn’t all bad amid the bear market. According to Nansen data, the total volume of Ethereum NFT trades has declined by 55% in the past month, from 1.3 million ETH to just 584,000 ETH. That’s a drop from just under $2.6 billion to about $672 million, roughly a 70% decrease when valued in USD.
In June, Ethereum’s price fell by over 43%. However, the prices of “blue-chip” NFT haven’t risen to compensate, meaning less money is changing hands overall.
Average prices of the Top-5 NFT collections on OpenSea have remained more or less stagnant in terms of ETH, with Bored Ape Yacht Club NFT prices still hovering about 100 ETH. As an exception, CryptoPunks even saw buy-in floor prices increase 48% partially due to Christie’s head of digital sales becoming the Punks’ new brand lead in June.
NFT traders are still buying and selling these unique blockchain tokens that signify ownership over digital art – they’re just buying cheaper ones and “apeing” into free mints like Goblintown, which started a wave of “nihilistic” free-to-mint NFT collections centered around bodily waste and memes.
Since May, the average sale price for an Ethereum NFT went from $2,463 to just $703, or a 71% decrease, as CryptoSlam data revealed. So as the crypto bear market continues, NFTs are being purchased for less overall.
OpenSea saw 1.478 million NFTs sold on its platform in May. In June, 1.476 million were sold, meaning it’s likely more NFTs will actually be sold this month. May’s numbers were also heavily propped up by Yuga Labs’ Otherside NFTs, which saw $561 million traded within 24 hours.
Regarding the total number of traders, the Dune data revealed that OpenSea saw a modest 6.5% increase in registered users who have made at least one transaction on its marketplace. The number of active traders for Ethereum NFTs just slightly declined, a 16% decrease from about 422,000 to 354,000.
Per Nansen’s data, the number of weekly active NFT projects seeing sales hasn’t declined much either. Three NFT collections are seeing more than 10,000 sales – the same number as a month ago. The number of collections seeing more than a thousand sales is only down 30% this month, from 109 to 76. All this means NFT creators, especially in collections with the highest market caps, are still seeing sales.
Concluding, while overall volume might be down 55% to 70% in ETH and USD, respectively, traders are still active. It looks like NFT enthusiasts haven’t yet lost hope for now, even though they’re currently buying and selling for less.
As reported earlier, NFT trading volume has risen sharply in mid-June, up 54% over the previous period. Despite Bored Apes, Moonbirds, and other top NFT collections losing value, NFT sales were rising. That suggested that the collectors were taking advantage of lowering prices due to the crypto market being down.