As July comes to a close, OpenSea, a popular NFT marketplace, shows that Ethereum NFTs are still selling at about the same rate, even though the cryptocurrency market is in a bear market. Both sales and unique users have been fairly stable compared to June. But the total USD value of those NFTs that were sold has dropped again by a large amount.
Dune, an analytics platform, says that about 1.61 million Ethereum NFTs have been sold on OpenSea so far in July, compared to 1.54 million for the whole month of June. At the same time, the number of unique traders has gone up from nearly 393,000 in June to over 400,000 so far in July.
Even though there were a few more transactions on OpenSea and more collective NFTs bought overall in July, the money value has gone down: So far in July, more than $495 million worth of Ethereum NFTs have been traded on Dune. In June, $695 million worth of Ethereum NFTs were traded.
As of this writing, the amount of US dollars spent on sales has dropped by 29 percent from one month to the next. If the current daily trading patterns keep up, OpenSea could end the month with about $530 million worth of Ethereum trades. This would be a decrease of almost 24 percent from the previous month. In comparison, the loss from May to June, when the crypto market crashed, was 73 percent.
An NFT is a blockchain token that shows who owns something, like a piece of art, a profile picture, or a collection. According to data from DappRadar, the market had a total trading volume of $25 billion in 2021. During the first half of 2022, the market grew by another $20 billion through “organic” trading, which did not include “wash transactions.”
According to another Dune dashboard, OpenSea is not the only Ethereum marketplace, but it has the most organic trade volume—nearly 82% of the total for the week ending July 25.
It often gives a good idea of how NFTs are traded on Ethereum, the blockchain network where the most NFTs are traded. LooksRare and X2Y2 are rival markets that are known for having a lot of “wash trading,” which is when non-organic NFT transactions are done at inflated prices between connected wallets to get trading incentives.
We won’t know the full picture of the NFT market in July until the end of the month, but OpenSea’s current NFT sales and user data show that people are still buying and selling NFTs at a steady rate, though the average prices are much lower than they were earlier this year.
More data from the analytics platform CryptoSlam shows that the average USD selling price of an Ethereum NFT across all markets this month is $451, which is less than the average USD selling price of $691 in June. Both numbers are much lower than what they were in May and April, when they were $2,436 and $3,109, respectively. But this could be because the price of ETH is going down and some NFT values are low. In April, ETH was worth more than $3,000, but it is now worth $1,700.
On the other hand, there seems to be less trading of NFTs on the Solana blockchain platform than on Ethereum. Solana NFT deals have been worth $52.4 million so far in July, compared to $91.5 million for the whole month of June. This is a decrease of almost 43% based on the data we have so far, but the number should go down once the rest of the month’s data is added.
So far this month, the site shows about 1.45 million NFT sales on Solana, compared to 1.56 million for the whole month of June, with fewer than 110,000 unique buyers, compared to about 136,000 unique buyers last month. CryptoSlam says that the average selling price of Solana NFT has gone down from $212 in May to about $59 in June and about $36 so far in July. But, like ETH, Solana’s native SOL coin was worth about four times what it is worth now in May.
The site says that over the last 30 days, the Bored Ape Yacht Club has had the most NFT trades, at over $52 million. This is followed by CryptoPunks, at $49 million, and the fantasy soccer NFT game Sorare, at around $33 million. With the exception of NBA Top Shot on Flow, all of the top 20 are Ethereum-based NFT applications.
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