NFTs Hit By Unstable Market As Multiple Projects Post Monthly Losses Amid Declining Volumes
Recent data from non-fungible token (NFT) marketplaces show a sharp decline in transaction volume and prices with several projects posting double-digit losses.
According to data for Nansen, “blue chip” NFTs have recorded up to 25% NFT losses as the sector marks the lowest point since April 2021.
Last month, total sales volume stood at $465 million down 23% from June marking a fifth consecutive month of losses since February when sales topped $1.2 billion following a change in the bearish market outlook per CryptoSlam data.
The shift in consumer demand for NFTs can be seen in the average price falling to $47 at the detriment of blue-chip assets. While sales recorded a sharp drop, transaction volumes showed a slight decrease.
In July, transaction volumes were at 10.4 million, a reduced level from 10.8 million in June. According to data from CryptoSlam, the top three networks for NFT sales remained the same with Ethereum recording $293 million in sales while Bitcoin and Solana posted $52.6 and $35 million respectively.
The floor price of Bored Apes Yacht Club (BAYC) assets plummeted by 27% in the last 30 days while DeGods and Azuki recovered higher losses as market uncertainty soars.
DeGods collection plunged by 55% with Azuki’s floor prices hitting lows at 36%. A key indicator of a bearish NFT market is the 40% decline of the Nansen NFT 500 and its Blue Chip 10 index falling by 10%.
Bitcoin (BTC) Ordinals, which recorded high volumes in April eventually clogging the network, have also seen its figures decline in recent months.
DappRadar shows a significant drop of 98% since May and sales volumes plummeted from $452 million to $3 million within the same period.
A staggering low in the NFT market is the fall of asset prices below
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