Assessing how Ethereum NFTs cope after merging

Much to the disappointment of expectations from some angles, a price increase did not follow Ethereum [ETH] Merge. In some corners, ETH NFT the market should at least have produced a positive effect.

However, this has not been the case since the altcoin king switched to Proof-of-Stake (PoS).

In accordance CryptoSlam, Ethereum NFTs were down 40.58% in the last 24 hours. The NFT aggregator showed that buyers and the number of transactions had fallen sharply from normal levels. At press time, 11,234 buyers had been involved in 21,906 transactions.

Source: CryptoSlam

How are the blue chips going?

While the ETH NFT drop may not be surprising, the blue-chip collections seemed to excel at embracing disappointment.

The 24-hour statistics regarding Open sea revealed it Bored Ape Yacht Club [BAYC] had received 65% hits within the mentioned period.

Source: OpenSea

BAYC sales have been as low as $193,816 – an incredible underperformance from a collection that regularly recorded millions of dollars before the merger.

Although CryptoPunks increased 239%, it could not be considered impressive as the volume was at a relatively low 457 ETH.

Ethereum naming service [ETH]which previously had boasted of displacing BAYC, was a 33% trip down to fourth place on the OpenSea charts.

In the broader NFT market, OpenSea remained top of the chain with 39.8 billion in trading volume in 37 million transactions, according to Dune Analytics.

However, Dune also showed that the current weekly transaction count was at an all-time low of 191,071. A close look at the data also revealed that it was highly unlikely to reach the height of the transaction volume from last week.

Source: Dune Analytics

At the time of writing, the total number of traders involved in September transactions was 232,489. This was almost the same as the entire record for January 2022. As such, the rest of the month could produce more and likely hit August’s record of 411,291.

Gracias NFTs

While the current state of the NFT market may be a threat to some, it has also been a boon to others. According to a report released by Chain analysis On September 21, NFTs have been the reason crypto adoption has remained stable in South Asia.

The blockchain data platform reported that stiffened regulations had almost cut off crypto activities in countries such as India and Thailand. However, the commitment to these digital assets negated the possibility.

The report also mentioned that India remains the top in the entire Central and South Asia and Oceania, with over $172 billion in cryptocurrency value.

That said, the current crypto market situation is unlikely to drive traders away from getting involved in NFTs.