Ethereum NFT sales see trading volume plummet in July amid the ongoing bear market while Solana NFT trading slows even further, so read more today in our latest cryptocurrency news.
Market leader OpenSea saw small month-over-month gains in total NFTs sold and unique users, but overall USD sales volume declined. Data suggests that NFT trading in Solana markets has cooled so far compared to June and at the end of July, monthly data from OpenSea suggests that Ethereum NFTs are selling at the same pace in bear markets with both the sales tally and the number of unique users remaining stable compared to June. The total USD value of NFTs sold fell dramatically again.
The data of Dune analysis shows that 1.61 million ETH NFT have been sold so far, compared to 1.54 million for the whole month of June, while the number of unique traders increased from 393,000 to over 400,000 in July. Despite more users transacting on Opensea and buying more collective NFts overall, the value measured in USD has fallen and Dune shows over $495m in ETH NFT volume compared to $695m in June.
There is a 29% month-over-month drop in sales volume measured in dollars, so if recent daily trading continues, OpenSea will end the month with $530 million in ETH trading volume. which will mark a 24% increase month-on-month. decline. Ethereum NFT sales saw volumes plummet and the market produced $25 billion in transaction volume in 2021, adding $20 billion more in organic transactions in the first half of 2022.
OpenSea isn’t the only marketplace in the ETH space, but it’s the largest by organic trading volume, around 82% of the figure in the last week of July. It gives an idea of trading trends on Ethereum, by far the largest blockchain network for NFTs in terms of transaction volume. The LooksRare Marketplace and X2Y2 are known to be capable of hosting large amounts of wash trades which were sales made at artificially inflated prices between linked wallets in order to earn trading rewards.
Data from CryptoSlam shows an average USD sell price of $451 per Ethereum NFT in the markets so far this month and both figures are lower than previous months. This has as much to do with the decline in the price of ETH as it does with individual NFT prices.
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