• Mon. Jun 24th, 2024

NFT Sales Volume Goes Down In March

Global sales volume pertaining to collectibles Non-Fungible Tokens (NFTs) has slid down enormously right from the beginning of March 2023. It may however be noted that the sales volume peaked in the previous month of February.

The arrival of March saw volume dropping by 32% and from 1st March to date, only $186.20 Million worth of NFTs have been sold.

In the past 7 days, only 760,857 purchasers showed up and bought digital collectibles from the NFT markets. This is a very low number given the fact that millions of collectors interacted with NFT marketplaces to purchase NFTs.

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In the last week of February 2023, the number of NFT purchasers had substantially heaved by over 55%.

However, this sudden drop in NFT sales has been a shocker which has ultimately reduced sales by at least 91% since the past week.

Ethereum’s Consistency in Dominating NFT Markets

Out of the total $186.20 worth of NFT sales since the past week, Ethereum accounted for approximately $148.56 Million. Ethereum blockchain still ranks as the largest network for hosting non-fungible token transactions.

This means that 79.78% of the NFT sales during the week belonged to the consistent dominator of NFT markets i.e. Ethereum.

This however does not mean that NFT sales based on Ethereum also have increased. Instead, Ethereum-based NFT sales also have substantially declined by at least 38% since the past week.

SOL – NFT Sales Volume Grabber

In terms of performance comparison between Ethereum and Solana (SOL), SOL could easily be titled as “NFT sales volume grabber of past-week”.

Within this week, SOL managed to increase its NFT sales volume by approximately 13% by successfully selling NFTs worth over $17 Million.

The third biggest contributor to the NFT economy namely Polygon concluded NFT sales worth approximately $10 Million only in the past week. Like Ethereum, Polygon also saw its volume drop by at least 18% in the past seven days.

Best NFT Collections of the Week

Amongst the top 10 NFT sales this week, the top-5 were all based on none other than Ethereum. In terms of the best NFT collection sold this week, MG Land turned out as the top seller.

NFT collectibles put on sale by MG Land were able to generate a revenue of more than $10 Million alone.

In the past week, MG Land was however struggling in increasing its volume. This week, MG Land managed to spike its volume by more than 25%.

On the other hand, Momoguro Holoself NFT collections emerged as the second-best NFT seller of the week. The project disposed of NFT collections amounting to nearly $9 Million.

Momoguro Holoself was then followed by another NFT project namely ‘Sewer Pass’ which sold off collections worth $7.3 Million.

The purchasers’ turnout with regard to NFT collections belonging to Bored Ape Yacht Club (BAYC) was relatively flat.

Although BAYC is so far the best NFT collection in the world, it only managed to attract a moderate number of purchasers. The project did however sell its collections at a price exceeding $6 Million within this week.

Bitcoin Marks Entry into NFT Market

Last week was however important mainly because the week marked Bitcoin’s entry into the NFT market through ‘Emblem Vault’.

Ordinal, which is a special purpose Bitcoin-based NFT collectible, drew the enormous attention of potential buyers.

The project contained collectibles namely ‘Rare Pepe cards, Bitcoin Punks as well as Ordinal instructions.

Though fresh, yet Emblem Vault managed to secure the eighth position amongst the top 10 NFT sellers of the week. The project saw its volume surge by nearly 300% in just seven days’ time.

No matter the efforts other networks put in, Bitcoin always gains the upper hand

However, when it comes to diversity, no other blockchain comes close to competing with the diversity that the Ethereum blockchain has to offer.

Bitcoin has to put in a lot of effort in order to come close to the Ethereum network and then compete with it.

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