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NFT market continues to hit a snag in sales – Why?

NFT market continues to hit a snag in sales Why

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TL;DR

  • NFT sales have declined by 5.76% in April compared to March, with Ethereum and Solana-based assets experiencing downturns.
  • Polygon and Arbitrum, however, saw increases in NFT sales, indicating a shift in the market landscape.
  • Bored Ape Yacht Club and Azuki led the top-selling digital collectible collections for the month of April.

Over the past month, non-fungible token (NFT) sales have experienced a 5.76% decline, with April’s sales figures reaching $732.13 million—a decrease of $44.75 million from March’s $776.88 million.

This downturn follows a robust start to the year, with NFT sales exceeding $1 billion in both January and February 2023.

A closer look at the declining 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, Solana-based digital collectibles sales dipped by 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.

Additionally, Arbitrum, the sixth-largest blockchain in terms of NFT sales, experienced a significant spike 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 closely, generating $21.91 million in sales over the past month.

Nakamigos, Mutant Ape Yacht Club, and Mad Lads rounded out the top five digital asset collections in terms of sales.

Notable sales and collection floor values

The highest-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 the second spot, fetching $1.05 million 16 days ago.

Azuki #3,628 ranked third, selling for $626K 18 days ago, while Azuki #5172 followed, acquired for $458K. CryptoPunk #3,990 was the fifth most expensive NFT sale in April, with a final price of $444K 24 days ago.

As of April 30, 2023, nftpricefloor.com reported that the collection with the highest floor value was Cryptopunks, at approximately 49.99 ether.

Bored Ape Yacht Club (BAYC) closely trailed with a floor value of around 48.69 ether. Other notable collections with high floor values included 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 crucial for investors, artists, and developers to keep a close eye on market trends and adapt their strategies accordingly.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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