NFT Markets experienced a roller coaster month in June

OpenSea, the largest NFT marketplace, traded for $ 646.6 million in volume during June, down more than 65% from May, according to DappRadar.

Solana NFT (non-fungible token) marketplace Magic Eden recorded nearly $ 111 million in trading volume last month, down 63.5% since May.

These data indicate that falling prices for many underlying cryptocurrencies, including ether (ETH) and solana, combined with declining NFT floors, may have contributed to declining trading volumes.

Trends over the last six months show that NFT floor prices have been much more likely to rise when ETH goes up, according to data collected by NFT analyst @ punk9059.

However, the trading volume must not be completely mixed with the prices, which Bloomberg reported to have “picked” due to declining sales.

Many factors contribute to movement in NFT floor prices. Given that NFTs are momentum assets, it is more likely that floor prices will rise today if they rose yesterday, and vice versa twitret @ punk9059.

The total market value of the NFT ecosystem went from $ 35.6 billion to $ 22.3 billion during the second quarter of the year, as shown by data from NFTGo. Nevertheless, the chart below shows that the number of NFT holders has increased steadily over the past three months, and the number of traders has decreased minimally by 14%.

“The reduction in the price of ETH has removed trade barriers for many traders,” Boris Rebo, a DappRadar research analyst, told Blockworks, which has resulted in continued healthy demand for NFTs despite the withdrawal.

In the case of blue-chip NFTs, Rebo pointed out that floor prices may have seen a fall in early June, but experienced a resurgence that coincided with the NYC.NFT convention.

DappRader found that Meebits led the herd with 76% bounce, denominated in ETH, while Doodles and CryptoPunks got 44% and 43% and Bored Ape Yacht Club jumped 23%. The number of CryptoPunks traders and sales also increased by 87% and 120% respectively on 1 July.

It is important to question whether floor price or average price are fair indicators of the true value of an NFT project. The floor price may be the latest price of the cheapest NFT in that collection, but it is just one of many value indicators, such as rarity, utility value, ownership history, creative reputation and buyer interest. Buyer demand (or lack thereof), which leads to an increase or decrease in the number of NFT purchases, is what causes floor prices to fluctuate.

Changes in the number of daily NFT sales, while declining since the beginning of 2022, are not as drastic in the last three months. NonFungible data show that while the number of daily sales fell to 20,000 at the end of June, mid-April recorded the lowest sales figure in the last year, at 15,000.

The best collectibles of the month, according to NonFungible, included Bored Ape # 7537 for 1024 ETH, or $ 1.2 million on June 16; Bored Ape # 2488 for 1000 ETH, or $ 1.16 million the same day; and CryptoPunks 8531 for 825 ETH, or $ 872,916 June 22nd.

Autoglyphs and ArtBlocks were among the most lucrative collections in the art segment, while BAYC’s Otherside country was the largest metaverse NFT earner, and NFTs in the game from Axie Infinity and Loot had the best sales.

Utility NFTs like the Ethereum Name Service (ENS) decentralized domains saw increased interest in June, with top-selling “porno.eth” going for 184 ETH, or $ 203,892. July 3rd labeled the sale of the most expensive ENS name, “000.eth,” for 300 ETH or $ 320,000.

Other notable June winners are the GoblinTown project which “has completely thrown established practice into the wind” by freeing the coin and having neither a Discord nor a roadmap, Rebo said.

The Gallery of Digital Assets (GODA) Mint Pass climbed on charts to give NFT holders access to privately curated modern art collections as well as supporting new NFT artists.

Overall, June highlighted an enormous amount of volatility and activity in the crypto industry. And within the Web3 and NFT area, only the collections that can deliver on the promised value will manage it. From multimillion-dollar financing and activations on NFT.NYC, Web3 companies will have to find better ways to measure customer loyalty.

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