Ethereum NFT Sales Hold Steady as Trading Volume Dips Further
Good news for Ethereum NFT investors. According to OpenSea, the leading NFT marketplace, sales of Ethereum's NFTs are steady despite a general slowdown in NFT trade. Holders of Solana NFTs, on the other hand, experienced a more significant drop in sales, in line with the current NFT bear market.
OpenSea reported a slight rise in total Ethereum non-fungible tokens (NFTs) traded as well as an increase in unique users but recorded a decline in USD sales. This might imply that, while sales are steady with June figures, they are at substantially lower prices.
According to the analytics platform Dune, approximately 1.6 million Ethereum NFTs were sold on OpenSea near the end of July, compared to 1.54 million in the previous month. The number of unique traders, or those who made at least one trade, increased from 393,000 in June to more than 400,000 in July.
In addition, Dune reported $695 million in Ethereum NFT sales volume in June, compared to $495 million in July. This reflects an almost 30% decrease in USD sales volume month over month, considering that from May to June, Ethereum experienced a 73% drop when the crypto market crashed.
According to CryptoSlam, Ethereum's average NFT selling price in July is about $451 across all markets, down from $691 in June. In May, the same platform reported averages of $2,436 and $3,109, respectively. This might be because ETH fell from $3,000 in April to $1,700.
Solana NFTs’ performance wasn't great. CryptoSlam reported $52.4 million at the end of July vs $91.5 million for the month of June, a decrease of at least 43%.