NFT sales fell 63% year-on-year, market dynamics changed

[ad_1]

Looking at 2023, despite the recent increase in demand, total annual sales are still significantly lower than 2022’s $23.74 billion in NFT sales. The year was about $8.7 billion, the lowest level since $3.75 billion in 2019. NFT transaction volume jumped to 90,607,554 transactions in 2023, exceeding the 54,857,850 transactions recorded in 2022.

data Data from cryptoslam.io shows that the number of NFT sellers in 2023 is 4.16 million, and the number of buyers is 4.97 million. Although the number of sellers increased compared to 2022, it did not exceed the 5,420,925 buyers recorded in 2021. In the market, NFT sales of Bitcoin and Solana have increased significantly by the end of 2023, with Bitcoin outperforming Ethereum in November and December.

Source: cryptoslam

Bitcoin NFT climbed to fourth place with total sales of $1.83 billion. Ethereum continues to lead with a staggering $42.12 billion, followed by Solana ($4.62 billion) and Ronin Blockchain, known for hosting Axie Infinity ($4.25 billion). Despite the late surge in BTC-related NFTs, the Axie Infinity series has maintained its status as an overall bestseller.

Source: cryptoslam

Axie is ahead of other famous series such as Bored Ape Yacht Club (BAYC) and Cryptopunks. However, over the past year, both BAYC and Cryptopunks have seen their fundamental values decline significantly. On January 1, 2023, the BAYC floor price was 69.49 Ethereum, equivalent to approximately $84,000, and the ETH price was $1,195. However, by January 1, 2024, the BAYC floor price had dropped to 26.17 ETH, which is approximately $60,000, and the current ETH price is $2,325.