Ethereum NFT Sales Reached 11-Month Low -

Digital Artefacts on Ethereum Sold for 722 Million USD

Because there was little interest from investors in buying digital collectibles in July, Ethereum sales volume fell precipitously. Despite its struggles in July, Ethereum continued to sell the most NFTs by a volume of almost $535.7 million, according to Be[In]Crypto Research, which used information from CryptoSlam.

Sales were down 25% from June despite generating more than half a billion dollars in revenue. On Ethereum, digital artefacts were sold for over $722.4 million in June. Despite this, July’s measure outperformed other networks like Ronin, Flow, Polygon, Immutable X, and Binance Smart Chain by a wide margin (BSC).

356,922 Unique Purchases

The decline in transactions, 1.17 million to be precise, average sale value, that is $458.81, and unique buyers (229,930) for NFT projects hosted on Ethereum, such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Art Blocks, Otherdeed, Azuki, CloneX, Moonbirds, and VeeFriends, is what accounts for the decline in sales volume.

Compared to January of this year, when Ethereum hit a record high for the month, there were 356,922 unique purchasers, 1.29 million transactions, and an average sale value of $2,922. ETH started trading at $1,068.32 on July 1 and achieved a monthly high of $1,759.88 before testing a low of $1,019.22 and ending the month at $1,681.52. Overall, there was a 57% gain between the opening and closing price of ETH in July, despite the sharp decline in volume.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing