Ronin (RON) NFT sales plunge more than $120M to 2022 low
Ronin sales crashed to a new low in June due to reduced investor interest in non-fungible tokens (NFTs).
Ronin is the second most successful blockchain by NFT sales volume of all time, with total sales of approximately $4.08 billion. Much of the sales came from Axie Infinity, the most successful NFT of all time. Per Be[In]Crypto Research, Ronin Chain had a sales volume of approximately $3.19 million in June.
The sixth month of the year was one of Ronin’s worst months in terms of NFT sales, as networks such as Flow, Solana, Polygon, WAX, Immutable X and Binance Smart Chain (BSC) generated more volume than the blockchain. In addition, June’s value was a decrease of 54% from May. In May, Ronin’s sales volume was approximately $7.09 million.
New to Ronin?
Launched in 2020 by Sky Mavis, the same company behind Axie Infinity, the popular game to earn money. As a sidechain or parallel network, Ronin was created to counter the scalability issues associated with the Ethereum network that led to the slow processing of transactions required to run the game, which ultimately culminated in high gas fees.
Why the drop in sales?
When you examine the drop in the number of unique buyers of the top NFT housed in Ronin, Axie Infinity, the decline in the digital collectible’s sales volume led to declining transaction numbers on the blockchain, with 52,742 and 309,610 transactions.
Compared to January 2022, which was the chain’s highest annual sales volume, there were 314,642 unique buyers and 1.29 million transactions. In January, Ronin generated approximately $126.49 million.
After generating less than $5 million in monthly sales for the first time since April 2021 ($777,294.56), a new low was reached in June, and this was $123.29 million below January’s volume.
In addition to sales volume, there was a drop in average sales value. The average sales value for June was $10.33, down 89% from the $97.54 recorded in January.
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