The non-fungible token (NFT) market has seen a significant decline in activity over the past month, with significant declines across various metrics.
According to Crypto Slam Data:
- Global NFT sales volume reached $476.3 million in June, registering a 47.22% decline.
- The number of NFT buyers has risen to 1.259 million – a staggering 1,700.83% increase.
- The number of sellers rose to 744,965, an increase of 1,059.64%.
- The increase in the number of buyers and sellers coincided with a 51.4% decrease in NFT transactions on a monthly basis.
Top blockchains by NFT sales volume
Here’s a closer look at the top five blockchains:
- Ethereum (ETH) once again led the pack in terms of blockchain sales volume, recording over $147.5 million in NFT sales, with a notable $123 million attributed to wash trading. Including these wash deals, sales totaled $270.5 million. The network attracted 55,449 buyers, reflecting an increase of 95.41%.
- Bitcoin (BTC) emerged as a formidable competitor in the NFT space. Despite a nearly 48% drop, it generated over $117 million in sales with minimal trading impact. The network also had 59,482 actively engaged buyers, roughly similar to May’s numbers.
- Polygon (MATIC) came in third, showing its growing influence with $80.2 million in sales. This was up 3.35% from the previous month, with over 245,000 buyers actively trading NFTs on the platform.
- The Solana (SOL) NFT marketplace recorded the fourth-largest NFT sales volume, generating over $69.2 million in sales. However, the amount is still 42.82% lower than last month’s figures. Counting about $2.65 million attributed to the laundry business, Solana’s sales totaled $71.9 million from 580,100 buyers.
- Legends Series (myth) saw $20.1 million in NFT sales in June, with wash deals contributing another $134,185 to its total sales figure. The blockchain also had more buyers than Ethereum, with 57,269 getting their NFTs from there.
Top NFT Collections of June
Despite the general downturn in the market, several NFT collections popped up in June.
$PIZZA’s BRC-20 NFTs topped the Bitcoin-based list, with $29.1 million in sales from over 43,000 transactions. see below.
It was followed by DMarket on Mythos with sales of $18.9 million from about 830,000 transactions. However, the group’s profits were 21.8% lower than the previous month.
CryptoPunks on Ethereum continued to perform strongly, generating $16,405,442 in sales from just 141 transactions. Bored Ape Yacht Club (BAYC) also maintained its popularity, with sales up 6.54% to $13 million.
Another Bitcoin pool, NodeMonkes, rounded out the top five, with $12.7 million in sales from 929 transactions.
Polygon’s OKX NFT creation has seen the highest growth rate over the past 30 days, with sales volume increasing by a massive 132,509.44% to $2.4 million.
Conversely, the worst performing NFT collection in June was Blast’s Fantasy Top, which saw sales volume decline by 83.33%, followed by Ethereum’s DeGods, which saw sales decline by 82.9%.
Best Selling NFTs This Month
In terms of the highest prices for NFT collectibles, CryptoPunks #627 sold for $836,149 on Ethereum, making it the highest sale of the month. Punk #50 from Bitcoin’s Ordinal Punks collection generated $306,725, while an NFT from Cardano sold for $219,102.
The Solana blockchain was represented by Mad Lads #4575, which sold for $110,917, while TTAvatars #1280003 traded on Polygon for $100,500.
The fan token market was also very active.
The AS Roma (ASR) token generated $1.27 billion in sales on the Chiliz blockchain. Galatasaray’s GAL token came in a distant second with sales of $344 million, while Paris Saint-Germain (PSG) recorded $225.8 million.
Oregon OG and Barcelona FC ranked fifth, with sales of $132 million and $126.2 million, respectively.
Market forecast
The juxtaposition of declining sales volume with the increasing number of buyers and sellers points to a complex phase in the NFT market.
The significant drop in transaction volume suggests that while interest and engagement are at all-time highs, average transaction volume has declined, which could indicate a shift toward more affordable NFTs or a cautious approach by investors.
This may also indicate a mature market where the wave of high-value transactions has subsided, making way for broader and more democratic participation.
As the market adjusts, platforms and groups that adapt to this changing landscape by offering diverse and accessible options may emerge as new leaders in the NFT space.