Ethereum NFT Sales Hit 11-Month Low

Source: Cryptonews

Digital artifacts on Ethereum sold for $722 million

As there was little investor interest in buying digital collectibles in July, Ethereum’s sales volume fell precipitously. Despite its struggles in July, Ethereum continued to sell the most NFTs at nearly $535.7 million in volume, according to Be[In]Crypto Research, which used data from CryptoSlam.

Sales fell 25% from June despite generating more than $722.4 million in revenue. On Ethereum, digital artifacts were sold for more than XNUMX million dollars in June. Despite this, the July move outperformed other networks such as Ronin, Flow, Polygon, Immutable X, and Binance Smart Chain by a wide margin (BSC).

356,922 unique purchases

The decrease in transactions, 1.17 million to be precise, the average sale value, i.e. $458.81, and the unique buyers (229,930) for Ethereum-hosted NFT projects, such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC ), Art Blocks, Otherdeed, Azuki, CloneX, Moonbirds and VeeFriends, is what explains the drop in sales volume.

Compared to January of this year, when Ethereum hit a record high for the month, there were 356,922 unique buyers, 1.29 million transactions, and an average sale value of $2,922. ETH started trading at $1,068.32 on July 1 and reached a monthly high of $1,759.88 before testing a low of $1,019.22 and ending the month at $1,681.52. Overall, there was a 57% gain between the opening and closing price of ETH in July, despite the sharp drop in volume.

Andrew is a blockchain developer who developed his interest in cryptocurrencies during his postgraduate studies. He is a keen eye for detail and shares his passion for writing along with being a developer. His back-end knowledge of blockchain helps bring a unique perspective to his writing.