According to statistics, the number of non-fungible token (NFT) sales in March was 31.42% lower than the previous month, dropping from $1.03 billion in sales for February to $882.89 million. The number of NFT buyers and transactions also declined, by 22% to 29%, over the last 30 days.
March NFT Sales Slow, Ethereum Sales Dominate by Over 60%
In March, sales of non-fungible tokens (NFTs) dropped by 31% compared to the previous month, as the number of buyers and transactions declined. Data shows that in February, NFT sales reached $1.03 billion, but statistics for the last day of March indicate that sales over the last 30 days amounted to $882.89 million. Of these sales, $537.89 million were settled on the Ethereum (ETH) blockchain, which dominated March sales with more than 60%. Solana-based NFT sales accounted for 10.57% of March sales, with $93.36 million recorded.
In terms of NFT sales, Solana was followed by Polygon ($36.16 million), Immutable X ($28.82 million), and Cardano ($10.08 million). The top-selling NFT collection in March was Bored Ape Yacht Club (BAYC), which generated $35.81 million in sales, although this figure represented a 48.19% decline from the previous month. Cryptopunks was the second largest NFT collection in terms of sales, with $30.11 million, an increase of 87.95% compared to February.
According to statistics from cryptoslam.io, the Bored Ape Yacht Club (BAYC) and Cryptopunks NFT collections were followed by Otherdeed ($29.20 million), MG Land ($25.71 million), and HV-MTL ($18.59 million). Among the top ten NFT collections, Degods saw a 70.53% increase in sales in March compared to February, just below the 87.95% increase that Cryptopunks experienced over the same period. Other notable collections that saw increases in sales this month include Y00ts, Claynosaurz, and Whiko NFT.
The most expensive NFT sales this month were Azimuth Points #236, which sold for $704,000, followed by Bored Ape Yacht Club (BAYC) #5,116, which sold for $689,000, and Fidenza #971, which sold for $561,000. BAYC #2,062 sold for $557,000 five days ago, while Fidenza #395 sold for $547,000 just over a month ago. According to 30-day statistics, no NFTs sold for over a million dollars in March. According to Dappradar.com and Dune Analytics, Blur dominated sales with over 70%, while Opensea captured 19.9%.
What do you think caused the decline in NFT sales and transactions in March, and do you believe this is a temporary setback or a sign of a larger trend? Let us know your thoughts in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.