Ronin NFT sales fall below $1 million for the first time in 16 months

Ronin NFT sales fell below $1 million in August due to a sharp decline in unique buyers of digital collectibles and waning interest in the market as a whole.

Ronin saw a lot of positives in the first full week of September when Sky Mavis (the team behind Axie Infinity) added Google to its growing list of firms that helped secure the gaming-centric Ethereum sidechain network.

Apart from that, the United States government helped recover $30 million worth of crypto from the Ronin Bridge Hack, where hackers stole around $600 million.

As one of the most successful NFT blockchains of all time, Ronin hit a new higher low in August by generating $939,432 in sales, based on data from CryptoSlam (an NFT data industry aggregator).

This may come as a surprise to NFT investors considering that Ronin generated over $3 million in sales in July 2022.

Coincidentally, the current numbers came exactly one year after the blockchain hit an all-time high (ATH) in monthly sales volume of approximately $848 million.

While several analysts have blamed the drop in sales on a drop in demand for Axie Infinity NFTs, others believe that the Ronin bridge hack was the main reason. This is because several sidechain users lost funds in the attack, leading to a downward spiral in demand for digital collectibles on the platform.

Unique buyers, total transactions and average sales value continue to plummet

Millennials (people born between 1981 and 1996) are known to be the main collectors of NFTs. The number of unique buyers on a blockchain is a metric used to assess the health of a particular project.

Ronin rose to a record number of unique buyers of 520,789 in November 2021. This equated to 3 million transactions, leading to sales volume of approximately $755 million.

As unique buyers fell 39% to 314,642 in January 2022, transactions fell to 1 million and sales fell to $126 million.

This means that unique buyers and total transactions in August 2022 were 94% and 95% below figures from the same period last year. Average sales value also fell 97% year-over-year from $457.66 in August 2021 to $11.94 in August 2022.

Over the past four months, the average sales value has not crossed the $20 mark.

Is Ronin in danger of losing its position as the second highest blockchain by NFT sales?

Ronin trails only Ethereum in the top rankings in NFT sales volume with more than $4 billion.

Solana, which is in third place, needs more than $1.5 billion to turn Ronin around while Flow, which is behind the hugely successful NBA Top Shot and the recently launched NFL ALL DAY, needs to raise more than $3 billion to become the main competitor of Ethereum.

Polygon would need to generate more than $3.5 billion to cement itself as the second largest blockchain by sales volume for digital collectibles.

RON continues to trade below $1

After reaching a peak price of $4.32 on January 27, 2022, RON has lost more than 90% of its eight-month high.

In all of August, RON recorded less than $2 million in daily trading volume.

The native asset of the Ronin ecosystem traded between $0.31 and $0.46 in August after opening and closing at $0.43 and $0.34, respectively.

During the period, RON fell by 21% in market value, CoinMarketCap data showed.

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