NFT TRADING VOLUME ON THE ETHEREUM NETWORK DECLINED 70% IN JUNE
According to Nansen, NFT trading volume on the Ethereum network has decreased by 55% over the past month, from 1.3 million ETH to just 584,000 ETH. This means a decrease from just under $2.6 billion to $672 million, which is about 70% in dollar terms.
During this period, the price of Ethereum also fell – by about 43%. However, the prices of popular NFTs also did not rise to compensate for this fall. This means that, in general, funds change hands in a smaller amount.
Among the five largest NFT collections on OpenSea, the average ETH prices remain more or less stable, but the price of Bored Ape Yacht Club is still hovering around 100 ETH. The exception is CryptoPunks, whose buy-in prices are up 48% thanks in part to Christie's head of digital sales becoming Punks' new head of brand this month.
According to CryptoSlam, the average selling price of NFTs on the Ethereum network has dropped from $2,463 in May to just $703, a 71% drop. So, as the cryptocurrency bear market continues, NFTs in general are also bought cheaper.
However, compared to May, the number of NFTs sold remains unchanged. In May, 1.478 million NFTs were traded on the OpenSea platform. In June, as of Wednesday, 1.476 million were sold.
OpenSea also recorded a modest 6.5% increase in the number of users who made at least one trade on the marketplace. The number of active traders on the Ethereum network has decreased by 16% this month.
So while total volume could drop by 55-70% in ETH and USD respectively, traders are still active. This suggests that NFT space enthusiasts have not given up hope amid the volatile cryptocurrency market.
#NFT
According to Nansen, NFT trading volume on the Ethereum network has decreased by 55% over the past month, from 1.3 million ETH to just 584,000 ETH. This means a decrease from just under $2.6 billion to $672 million, which is about 70% in dollar terms.
During this period, the price of Ethereum also fell – by about 43%. However, the prices of popular NFTs also did not rise to compensate for this fall. This means that, in general, funds change hands in a smaller amount.
Among the five largest NFT collections on OpenSea, the average ETH prices remain more or less stable, but the price of Bored Ape Yacht Club is still hovering around 100 ETH. The exception is CryptoPunks, whose buy-in prices are up 48% thanks in part to Christie's head of digital sales becoming Punks' new head of brand this month.
According to CryptoSlam, the average selling price of NFTs on the Ethereum network has dropped from $2,463 in May to just $703, a 71% drop. So, as the cryptocurrency bear market continues, NFTs in general are also bought cheaper.
However, compared to May, the number of NFTs sold remains unchanged. In May, 1.478 million NFTs were traded on the OpenSea platform. In June, as of Wednesday, 1.476 million were sold.
OpenSea also recorded a modest 6.5% increase in the number of users who made at least one trade on the marketplace. The number of active traders on the Ethereum network has decreased by 16% this month.
So while total volume could drop by 55-70% in ETH and USD respectively, traders are still active. This suggests that NFT space enthusiasts have not given up hope amid the volatile cryptocurrency market.
#NFT
NFT TRADING VOLUME ON THE ETHEREUM NETWORK DECLINED 70% IN JUNE
According to Nansen, NFT trading volume on the Ethereum network has decreased by 55% over the past month, from 1.3 million ETH to just 584,000 ETH. This means a decrease from just under $2.6 billion to $672 million, which is about 70% in dollar terms.
During this period, the price of Ethereum also fell – by about 43%. However, the prices of popular NFTs also did not rise to compensate for this fall. This means that, in general, funds change hands in a smaller amount.
Among the five largest NFT collections on OpenSea, the average ETH prices remain more or less stable, but the price of Bored Ape Yacht Club is still hovering around 100 ETH. The exception is CryptoPunks, whose buy-in prices are up 48% thanks in part to Christie's head of digital sales becoming Punks' new head of brand this month.
According to CryptoSlam, the average selling price of NFTs on the Ethereum network has dropped from $2,463 in May to just $703, a 71% drop. So, as the cryptocurrency bear market continues, NFTs in general are also bought cheaper.
However, compared to May, the number of NFTs sold remains unchanged. In May, 1.478 million NFTs were traded on the OpenSea platform. In June, as of Wednesday, 1.476 million were sold.
OpenSea also recorded a modest 6.5% increase in the number of users who made at least one trade on the marketplace. The number of active traders on the Ethereum network has decreased by 16% this month.
So while total volume could drop by 55-70% in ETH and USD respectively, traders are still active. This suggests that NFT space enthusiasts have not given up hope amid the volatile cryptocurrency market.
#NFT
