When crypto markets remain bearish, traders will often explore alternative opportunities. However, NFTs have lost – and continue to lose – momentum on this front. All major blockchains saw their monthly NFT trading volume reduce by over 37%, indicating global interest continues to wane.
A Bleak Month For NFT Trading Volume
It isn’t too surprising to see the overall trading volume for non-fungible tokens drop off a proverbial cliff. Cryptocurrency prices remain under bearish pressure, making it less appealing to spend assets. Moreover, NFTs struggle to retain their price floors more often than not, as the overall long-term investment opportunities have dried up significantly.
Even so, there is still substantial trading volume on blockchains like Ethereum, Solana, and BNB Chain. Ethereum continues to dominate with over $507 million in monthly sales, with Solana barely surpassing $69 million. BNB Chain is even further behind at $21.68 million. Despite the gaps, these three chains have one thing in common: they lost between 46.57% and 57.95% in monthly NFT trading volume.
Unfortunately, it does not seem as if any other network can play a meaningful role in these rankings. Despite over a dozen networks qualifying for NFT issuance, there isn’t much demand to do so on other blockchains. Networks like OEC, Theta, Cronos, Arbitrum, Waves, and Fantom can’t even reach $1 million in monthly volume. In the case of Waves, there have only been two NFT buyers this month, which is very bleak.
Transactions-wise, Solana has generated more volume than Ethereum. That is remarkable, as a 50% increase in transactions is significant. However, it fails to generate any meaningful monthly NFT trading volume, indicating the non-fungible tokens on Solana remain fairly cheap. Additionally, Solana notes ongoing declines in weekly volume since April 2022, going from $311.5 million to $91.5 million last month. July looks like an even worse month so far.
Can Tezos Bounce Back?
While numerous blockchains are noting a steep decline in NFT trading volume, Tezos sustained some more severe losses. A tad surprising, as the network is far cheaper and more efficient than some of its higher-ranked competitors. Unfortunately, the monthly setback of 63.81% indicates interest may be waning on this network. Recovering from such a setback is not impossible, though.
One thing to note is how the average sale price for Tezos NFTs remains virtually unchanged. Users pay between $30 and $34 per NFT, indicating little room for profit. That may contribute to the lack of overall trading volume on the network, which seems to have peaked at $9.88 million in October 2021.
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