There is less money in the NFT industry, but the pace of sales has not changed much. According to Nansen, total NFT trading volume on the Ethereum network has dropped from $2.6 billion to $672 million over the past month, down 70% from the previous month.
In Ethereum, volumes fell by 55%, from 1.3 million ETH to 584,000 ETH. The price of Ethereum has fallen by about 43% over the past month. However, blue-chip NFT prices did not rise to offset the decline. This means that, overall, less money has changed hands. Among the top 5 NFT collections on OpenSea, average ETH prices have remained largely unchanged, with Bored Ape Yacht Club NFT prices still hovering around 100 ETH. The exception is CryptoPunks, whose floor prices have risen 48% in part because the head of digital sales at Christie's became the new Punks brand manager this month.
According to CryptoSlam data, the average NFT sale price on Ethereum fell from $2,463 in May to $703 in June, a 71% decrease. As the bearish trend in the crypto industry continues, NFTs are generally bought cheaper than before. In terms of the total number of traders, the OpenSea marketplace saw a slight increase of 6.5% in registered users who made at least one transaction on their marketplace, according to Dune.
The number of active NFT traders on Ethereum decreased only slightly, by 16%, from 422,000 to 354,000. According to Nansen, the weekly number of active NFT projects selling collections hasn't dropped much either.The number of collections with 1,000+ sales this month has dropped from 109 to 76. This means that NFT creators, especially in the collections with the highest market cap, still see potential for sales. So while total NFT trading volume is down 55% in ETH and 70% in USD, traders are still going about their business.
It seems that at the moment, NFT enthusiasts have not lost hope yet, although they are now buying and selling digital assets for less.