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NFTs Face Market Volatility: Several Projects Record Monthly Declines Amid Dwindling Volumes.

NFT Market Dynamics: Declines, Surprises, and New Opportunities Amid a Bearish Landscape

by V. Sinclair
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Recent statistics from NFT (non-fungible token) platforms indicate a significant drop in both prices and transaction volumes, with many projects experiencing substantial losses.

Nansen’s data reveals that premier “blue chip” NFTs have seen a decline of up to 25%, marking the sector’s lowest point since April 2021. The total sales volume for the past month was $465 million, a 23% decrease from June. This drop represents the fifth consecutive month of losses, especially when compared to the robust $1.2 billion sales in February, according to CryptoSlam.

This decline in NFT demand is evident with average prices dropping to $47, severely impacting high-end assets. Despite this sharp fall in sales, transaction volumes only decreased marginally.

For July, transaction volumes decreased to 10.4 million from June’s 10.8 million. Data from CryptoSlam notes Ethereum, Bitcoin, and Solana as the leading networks for NFT sales, generating $293 million, $52.6 million, and $35 million, respectively.

Popular NFTs like the Bored Apes Yacht Club (BAYC) saw a 27% decline in their base price over the past month. Meanwhile, the DeGods collection witnessed a 55% drop, and Azuki’s prices decreased by 36%. Indicative of a bearish NFT climate, the Nansen NFT 500 saw a 40% decline, with its Blue Chip 10 index dropping by 10%.

Bitcoin Ordinals, despite peaking in April, have faced dwindling numbers in recent times. DappRadar’s data showcases a staggering 98% drop since May, with sales falling from $452 million to a mere $3 million.

Interestingly, while the Ether’s value typically dictates the NFT market’s trajectory, its 9% decline over the past month is overshadowed by some leading NFT projects that have plunged by more than 25%.

However, it’s not all gloom and doom. As the market presents a bearish demeanor, some developers see an opportunity to launch new, more affordable collections as buyers shy away from premium NFTs.

Over the past month, lesser-known NFT projects have seen growth. For instance, Miladays experienced a 66% increase in its base price, almost surpassing the Mutant Ape Yacht Club. Sproto Gremlins also recorded a surprising 262% rise in its price. Furthermore, NFT aggregator Rarible observed growth after supporting creator royalties. In just a day, their volumes skyrocketed by 585%, following a decision to exclude platforms like OpenSea that do not support creator royalties.

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