Ethereum NFT Sales and Volumes Hold Steady as Crypto Prices Plunge

Data from OpenSea shows that the month-to-date prices for Ethereum non-fungible tokens (NFTs) have remained relatively the same. The sales and the number of unique users have remained the same since June. However, the prices of these NFTs in USD value have dropped, given the dropping Ether prices.

Ethereum NFTs sustain steady prices

Data from Dune Analytics shows that around 1.61 million Ethererum NFT was sold in July on the Opensea marketplace, while 1.54 million Ether NFTs were sold in June. The number of unique users has increased to more than 400,000 in July compared to 393,000 in June.

Despite increasing users trading on OpenSea, the value of these assets in USD has decreased. Dune Analytics also depicts that over $495 million worth of Ether NFT volumes were recorded in July compared to $695 million in June.

It represents a 29% month-over-month decline in the sales volumes in USD value. If the current daily trading volumes persist, OpenSea could conclude July with around $530 million worth of Ether trading volumes, depicting an about 24% month-over-month decline. While the accurate trading volume and sales data will only be apparent once the month ends, the NFT buying and selling for these assets has remained stable.

OpenSea is the largest NFT marketplace. However, it is not the only marketplace listing Ethereum NFTs. NFTs have become some of the critical components in the web 3.0 & crypto space, and despite the bear market in the broader cryptocurrency market, NFTs have sustained stable prices.

NFT sales on the Solana blockchain

The NFT trading activities on the Solana network have slowed significantly compared to Ethereum. CryptoSlam shows that $52.4 million worth of Solana NFTs trades were conducted in July compared to the $91.5 million for June, a 43% decline from the current data.

The site shows around 1.45 million NFT sales on the Solana network this month compared to 1.56 million for June. It also shows that less than 110,000 unique buyers were reported on the blockchain compared to around 136,000 unique buyers in June.

The average Solana NFT sale prices declined from $212 during May to below $59 in June. CryptoSlam also shows that the current sale price is around $36. However, Solana’s native token, SOL, has declined significantly, as the prices were approximately double their current prices.

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Author: Ali Raza

Follow @ali_r1272

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master’s degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, InsideBitcoins, BeinCrypto, and more.… View full profile ›

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