Bearish sentiment in the crypto markets has trickled down to the NFT subsector.
In the past 30 days, NFT sales volume in the top 10 blockchains has fallen, according to data from NFT aggregator CryptoSlam. The biggest drop was about 80% on BNB, or $19.19 million, while the smallest drop was about 5% on Palm, or $1.96 million in sales volume.
“The NFT market hasn’t been great, but there’s still great momentum,” Nick O’Neill, CEO and co-founder of The Nifty, told Marketingwithanoy.
Why the sunny outlook when some NFT stats fall? Unit sales are pretty much stable month-to-month, pushing them near all-time highs, O’Neill noted, as the average price of an NFT sold has imploded. “Based on my own data, the average NFT sale price on OpenSea has fallen from $1,714 in April to $214 in July, [an] 88% drop.”
It’s also hard to ignore bearish macro headwinds, O’Neill said. Most NFTs are based on Ethereum and the average price of ether has fallen 28.7% from $1,514 to $1,080 in the last 30 days, which in turn has reduced the value of downside NFTs pegged to the cryptocurrency. .