Ethereum NFT Trading Volume Is 70% Down in June

30.06.2022 08:45
by Nina Petrov
2 min read

According to the blockchain analytics platform Nansen, the volume of Ethereum NFT trades has decreased by 55% in June. Over the past month, the total Ethereum NFT trading volume dropped from 1.3 million ETH to 584,000 ETH, or from just below $2.6 billion to about $672 million. When valued in USD, this is an approximately 70% decrease.

The average prices of the highest-ranked NFT collections on OpenSea remain more or less the same. For example, the Bored Ape Yacht Club NFT collection prices are still around 100 ETH. One exception is the CryptoPunks collection, whose buy-in-floor prices increased by 48%. This happened after Christie’s head of digital sales became the collection’s new brand lead.

As for the overall numbers, NFTs are generally being purchased at a lower cost. According to CryptoSlam data, the average sale price for an Ethereum NFT decreased from $2,463 in May to $703 in June, which is a 71% decline. According to Dune data, the number of active traders for Ethereum NFTs on OpenSea saw a 16% decrease, falling from 422,000 to 354,000.

On the other hand, the total number of NFTs sold on OpenSea hasn’t changed much in June. As of Wednesday, 1.476 million NFTs were sold over the past month. In comparison, there were 1.478 million NFTs sold on OpenSea in May. By Friday, there could be more NFT sales in June than there were in May.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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