In the last week of May, the average daily NFT sales were $33 million, while in the same period in Aprilthe indicator exceeded $150 million. In general, sales rolled back to the level of mid-2021.
Image source: cryptoslam.io
Correction in the cryptocurrency market has not bypassedside of the NFT sector, which is seen by many participants as an investment opportunity. When new collections from famous brands are released, they actively buy up tokens with the expectation of future resale.
This was clearly manifested in early May with the release ofNFT collections from Yuga Labs, responsible for popular bored monkeys (Bored Ape Yacht Club or BAYC). BAYC ranks sixth in the overall NFT standings with a turnover of $2 billion, and on May 10, one of the monkeys was bought for 250 ETH ($450,000).
Image source: dappradar.com
In the new collection from Yuga Labs, tokens represent land in the "Otherside" metaverse. The first 55 thousand plots were sold out in a few hours.
Due to the low throughput of Ethereum onIn a wave of hype, buyers jacked up tips for miners so that their transaction would be processed as soon as possible. As a result, miners earned a record $231 million per day, as the commission at the peak exceeded $1,000.
Image Source:arcane no
However, this surge did not lead to significantresults for the NFT market, which has declined by 65% over the past 30 days. Ethereum didn’t have a positive impact either, as the subsequent collapse of Terra (LUNA) and the flight of investors from DeFi hit the altcoin’s capitalization.
Image Source: Cryptocurrency ExchangeStormGain
A drop in interest in NFTs is also fixed by search engines.systems. Thus, the query "NFT" in Google Trends has dropped from a maximum of 100 points in mid-January to the current 22 points. A decrease in interest in this area leads to the natural weakness of Ethereum against Bitcoin, since the support of smart contracts is the trump card that significantly distinguishes the altcoin.
Analytical group StormGain
(platform for trading, exchanging and storing cryptocurrency)
Read this:
NFT market on the rise: $1 billion in a week
December 3 Charlie Munger compared cryptocurrency to the dot-com bubble - Bitcoin collapsed by 26%
Mining Ethereum is more profitable than Bitcoin
Another stablecoin has collapsed, the turn for Tether?
The NFT market is blown away
Amazon Invests in NFT Shards Market