The non-fungible token (NFT) market recently witnessed a notable downturn in activity, marked by significant declines across various key metrics.
In June, global NFT sales volume, as reported by Crypto Slam, plummeted to $476.3 million, reflecting a sharp 47.22% decrease from the previous month. Despite this decline, the number of NFT buyers surged dramatically to 1.259 million, representing an astonishing increase of 1700.83%. Similarly, the number of sellers rose to 744,965, marking a substantial uptick of 1059.64%. These contrasting trends in buyer and seller numbers coincided with a notable 51.4% decline in NFT transactions compared to the previous month.
**Top Blockchains by NFT Sales Volume**
Among the top blockchains by monthly NFT sales volume, Ethereum (ETH) maintained its dominance, recording over $147.5 million in NFT sales. Notably, a significant portion of this figure, around $123 million, was attributed to wash trading, bringing the total sales to $270.5 million. The platform attracted 55,449 buyers, reflecting a notable 95.41% increase.
Bitcoin (BTC) emerged as a strong contender in the NFT space, despite a nearly 48% decline in sales, achieving over $117 million. Wash trading had minimal influence on its figures. The network saw 59,482 active buyers, a figure comparable to May’s metrics.
Polygon (MATIC) secured the third spot, demonstrating its growing influence with $80.2 million in sales, marking a 3.35% increase from the previous month. The platform boasted more than 245,000 active NFT traders.
Solana (SOL) followed with a total NFT sales volume exceeding $69.2 million, although this represented a decline of 42.82% compared to the previous month. Including approximately $2.65 million from wash trading, Solana’s total sales reached $71.9 million from 580,100 buyers.
Mythos Chain (MYTH) achieved $20.1 million in NFT sales, with an additional $134,185 attributed to wash trades. Interestingly, Mythos Chain attracted more buyers than Ethereum, with 57,269 users acquiring NFTs on this blockchain.
**Leading NFT Collections in June**
Despite the overall market downturn, several NFT collections performed remarkably well in June. Bitcoin’s $PIZZA BRC-20 NFTs led the pack 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, though this represented a 21.8% decrease from the previous month. CryptoPunks on Ethereum continued to be a strong performer, generating $16,405,442 from 141 transactions, while the Bored Ape Yacht Club (BAYC) saw a 6.54% increase in sales to $13 million.
NodeMonkes, another Bitcoin collection, rounded out the top five with $12.7 million in sales from 929 transactions. Polygon’s OKX NFT Creation experienced the highest growth percentage, with sales skyrocketing by 132,509.44% to reach $2.4 million.
Conversely, Blast’s Fantasy Top was the poorest performer in June, experiencing an 83.33% drop in sales volume, closely followed by DeGods on Ethereum, which saw an 82.9% decrease.
**Top-Selling NFTs of the Month**
In terms of top-priced NFT collectibles, CryptoPunks #627 fetched an impressive $836,149 on Ethereum, marking the highest sale of the month. On Bitcoin, Punk #50 from the Ordinal Punks collection sold for $306,725, while a Cardano NFT was purchased for $219,102.
On Solana, Mad Lads #4575 was sold for $110,917, and TTAvatars #1280003 on Polygon exchanged hands for $100,500.
**Fan Token Market Activity**
The fan token market also saw substantial activity, with AS Roma (ASR) leading with $1.27 billion in sales on the Chiliz blockchain. Galatasaray’s GAL token followed with $344 million, while 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.
**Market Outlook**
The juxtaposition of declining sales volume alongside a surge in the number of buyers and sellers underscores a complex phase in the NFT market. The significant decrease in transaction volume suggests a potential shift towards more accessible NFTs or a cautious investor approach. This may indicate a maturing market where high-value transactions are less dominant, fostering broader engagement.
As the market continues to evolve, platforms and collections adapting to these changes by offering diverse and accessible options may emerge as leaders in the NFT space.
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