The NFT market continues to be at a disadvantage in sales – why? – Cryptopolite
Over the past month, sales of non-fungible tokens (NFTs) have experienced a 5.76% decrease, with April’s sales figure reaching $732.13 million – a decrease of $44.75 million from March’s $776.88 million .
This decline follows a robust start to the year, with NFT sales exceeding $1 billion in both January and February 2023.
A closer look at the falling NFT sales
Ethereum-based assets accounted for the majority of trades, totaling $485 million in April. However, these sales witnessed a 19% decline compared to the previous month. Meanwhile, sales of Solana-based digital collectibles fell 6.78%, amounting to $88.16 million.
The top five blockchains with the most sales in April were Ethereum, Solana, Polygon, Immutable X and BNB Chain. While Ethereum and Solana experienced declines, Polygon saw a 22.75% increase in sales.
In addition, Arbitrum, the sixth largest blockchain in terms of NFT sales, experienced a significant increase of 78.35%, reaching $10.29 million in sales.
In the realm of NFT collections, Bored Ape Yacht Club (BAYC) led the pack with $45.10 million in sales. Azuki NFTs followed close behind, generating $21.91 million in sales in the past month.
Nakamigos, Mutant Ape Yacht Club and Mad Lads rounded out the top five collections of digital assets in terms of sales.
Remarkable sales and collection floor values
The top-selling digital collectible in April was Sandbox’s Land #21,221, which sold for $1.256 million about 20 days ago. Maverick Position #386 secured second place, picking up $1.05 million 16 days ago.
Azuki #3,628 ranked third, selling for $626K 18 days ago, while Azuki #5172 followed, bought for $458K. CryptoPunk #3,990 was the fifth most expensive NFT sale in April, closing at $444K 24 days ago.
As of April 30, 2023, nftpricefloor.com reported that the pool with the highest floor value was Cryptopunks, with approximately 49.99 Ether.
Bored Ape Yacht Club (BAYC) followed closely with a floor value of around 48.69 ether. Other notable collections with high floor values include Mutant Ape Yacht Club, Azuki, and Otherdeed.
The recent decline in NFT sales indicates a shift in the market, with some blockchains and collections experiencing growth while others face setbacks.
As the digital asset landscape continues to evolve, it remains critical for investors, artists and developers to keep an eye on market trends and adapt their strategies accordingly.
