According to statistics, the number of non-fungible token (NFT) sales in March was 31.42% lower than the previous month, falling from $1.03 billion in sales for February to $882.89 million. The number of NFT buyers and transactions has also decreased, by 22% to 29%, over the past 30 days.
March NFT Sales Slow, Ethereum Sales Dominate Over 60%
In March, sales of non-fungible tokens (NFTs) fell by 31% compared to the previous month, as the number of buyers and transactions decreased. Data shows that in February, NFT sales reached $1.03 billion, but statistics for the last day of March indicate that sales in the last 30 days amounted to $882.89 million. Of those sales, $537.89 million were settled on the Ethereum (ETH) blockchain, which dominated sales in March by more than 60%. Solana-based NFT sales accounted for 10.57% of sales in March, with $93.36 million recorded.
30-day NFT sales volume according to cryptoslam.io metrics as of March 31, 2023.
In terms of NFT sales, Solana was followed by Polygon ($36.16 million), Immutable X ($28.82 million), and Cardano ($10.08 million). The best-selling NFT collection in March was Bored Ape Yacht Club (BAYC), which generated $35.81 million in sales, although this number represented a 48.19% decrease from the previous month. Cryptopunks was the second largest NFT collection in terms of sales, with $30.11 million, an increase of 87.95% compared to February.
According to statistics from cryptoslam.io, Bored Ape Yacht Club (BAYC) and Cryptopunk’s NFT collections were followed by Otherdeed ($29.20 million), MG Land ($25.71 million) and HV-MTL ($18.59 million ). Among the top ten NFT collections, Degods saw a 70.53% increase in sales in March compared to February, just below the 87.95% increase that Cryptopunks experienced during the same period. Other notable collections that saw increases in sales this month include Y00ts, Claynosaurz, and Whiko NFT.
The most expensive NFT sale this month was Azimuth Points #236, which sold for $704,000, followed by Bored Ape Yacht Club (BAYC) #5,116, which sold for $689,000, and Fidenza #971, which sold for $561,000. BAYC #2,062 sold for $557,000 five days ago, while Fidenza #395 sold for $547,000 just over a month ago. According to 30-day statistics, no NFTs sold over a million dollars in March. According to Dappradar.com and Dune Analytics, Blur dominated sales with over 70%, while Opensea got 19.9%.
What do you think caused the decline in NFT sales and transactions in March, and do you think this is a temporary setback or a sign of a larger trend? Let us know your thoughts in the comments below.
Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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