Recent figures from NFT platforms indicate a pronounced downturn in both transaction volume and prices, with many projects registering significant losses.
Nansen’s data reveals that top-tier NFTs, often termed “blue chip” NFTs, have seen losses of up to 25%, marking the weakest performance since April 2021.
In the previous month, the total sales volume was reported at $465 million, a 23% reduction from June. This decrease represents the fifth straight month of declining sales since February. Back then, sales peaked at $1.2 billion, influenced by a shift in the bearish market perspective, as evidenced by CryptoSlam statistics.
The waning interest in NFTs is evident as the average sale price plummeted to $47, notably impacting blue-chip assets. Despite this decline in sales, there was only a marginal drop in transaction volumes.
In July, the transaction volumes registered at 10.4 million, marking a dip from June’s 10.8 million. As per CryptoSlam’s data, the top trio of networks for NFT sales remained unchanged. Ethereum reported sales of $293 million, whereas Bitcoin and Solana registered sales of $52.6 million and $35 million, respectively.
Notably, the Bored Apes Yacht Club (BAYC) assets saw their floor price plunge by 27% over the past month. In contrast, DeGods and Azuki faced even steeper downturns amid rising market volatility.
The DeGods collection witnessed a dramatic 55% drop, and Azuki’s floor prices sank to a decline of 36%. Illustrating the bearish sentiment in the NFT market, the Nansen NFT 500 experienced a 40% descent, with its Blue Chip 10 index retracting by 10%.
Bitcoin (BTC) Ordinals, known for their soaring volumes in April that eventually led to network congestion, have also experienced a decline in their metrics recently.
DappRadar’s data illustrates a sharp 98% drop since May, with sales volumes diving from $452 million to a mere $3 million in the same timeframe.
An alarming downturn in the NFT market is the descent of asset prices outpacing the decline of Ether. Typically, the value of Ether acts as a barometer for the NFT market. However, while Ether has seen a 9% drop over the past month, several top NFT projects have recorded declines exceeding 25%.
Devs take positives from the market
Despite the prevailing bearish sentiment and decreasing numbers in the market, some developers are exploring the idea of launching new collections at more affordable prices, as consumers begin to drift away from the so-called “Blue Chip” NFTs.
Over the last month, smaller-scale NFT projects have witnessed positive trends. Notably, Miladays stands out as one of the biggest beneficiaries, with its base price surging by an impressive 66%, nearly surpassing the Mutant Ape Yacht Club.
Sproto Gremlins also took many by surprise as its value surged to a staggering 262%. In another optimistic turn, the NFT aggregator Rarible observed growth following its announcement of support for creator royalties.
