Ethereum NFT Sales Tumble More than $3B in 2022 Low

Ethereum non-fungible token (NFT) sales tumbled to a new high low in June due to the deepening bearish trends of the market that grew roots in May. 

Ethereum is the most successful blockchain by all-time NFT sales volume, with total sales of approximately $28.73 billion. Be[In]Crypto shows the Ethereum chain had a sales volume which was in the region of $722.39 million in June. 

Despite the crash in sales, Ethereum still commanded the lion’s share in volume when compared to Ronin, Solana, Flow, Polygon, WAX, Avalanche, Immutable X, Binance Chain, Palm, Tezos, Panini, Waves, Arbitrum, Cronos, Theta, Fantom, OEC, and Ziliqa.

However, this value was a 73% drop from the NFT sales volume in May. In May, NFT sales volume on the first smart contracts blockchain was about $2.75 billion.

New to Ethereum NFTs? 

NFTs were first launched on Ethereum in Oct 2015, three months after the launch of the chain. 

The first project was called Etheria. It was launched and demonstrated at Ethereum’s first developer conference, dubbed DEVCON 1, in London. 

Ethereum is home to some of the most successful digital collections such as Decentraland, CryptoPunks, The Sandbox, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kernel Yacht Club (BAKC), CryptoKitties, Art Blocks, Otherdeeds, VeeFriends, Moonbirds, Meebits, Doddles, Azuki, CloneX, World of Women, and Cool Cats. 

Why the drop in sales? 

When you look at the decline in the number of unique buyers of the top NFTs housed in the chain’s ecosystem in June, the decrease in their respective sales volumes led to the falling transaction counts of digital collectibles in the blockchain, with 230,225 unique buyers, and 1,045,525 transactions.

In comparison to Jan 2022, which saw Ethereum reach an all-time high (ATH) in monthly sales volume, the unique buyers were 359,483, and this corresponded to 1,313,384 transactions. At its peak in Jan, Ethereum recorded around $4.05 billion in monthly sales volume. 

After less than $1 billion in monthly sales for the first time since July 2021 ($410.08 million), it reached a new low in June, which was a $3.33 billion dip in sales from Jan.

Aside from sales volume, the average sale value of digital collectibles fell sharply. The average sale value for Jan was $3,083.15 and there was a 77% decline from this value to $690.93 in June.