NFT Sales Fell 9% In June – Will July Brings Back An Uptrend In The NFT Market?

Updated: 03 July 2023

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Crypto market data analysis indicates that the meme coins season is still in play and continues to impact other digital assets like non-fungible tokens. The meme coin obsession, which began sometime in April, alongside with the recent regulatory pressure from agencies like the United States Securities and Exchange Commission, has pushed the global NFT sales to flip nearly 10% in June.

NFT Sales Drop Nearly 10% In June

Data compiled by CryptoSlam, an on-chain market data aggregator, shows that the trading sales volume for global non-fungible tokens dropped by 8.74% in June. In the past 30 days, the NFT market has recorded a trading sales volume of $753 million.

Non-fungible tokens hosted on Ethereum, the second largest blockchain network after Bitcoin, dominated the NFT market the past month, attracting more than $448 million in trading sales. Ethereum NFTs surged 5% in June. Bitcoin NFTs have distantly followed, amassing a trading sales volume of $108 million.

During the same period, non-fungible tokens hosted on the Solana network recorded a trading sales volume of $70 million, emerging third in June. In the past 30 days, Solana NFTs have surged nearly 70%. Polygon NFTs have continued to perform poorly for the past several months. In June, these NFTs dropped 45% in sales to $27 million.

In terms of wash trades, Ethereum NFTs have led the speculated malpractice, recording a sales volume of more than $650 million. By description, wash trading is a form of market manipulation in which collectors simultaneously sells and buys the same NFTs, creating a false impression of market activity. Bitcoin NFTs followed recording sales of around $60 million.

Top NFT Collection In June – By Sales Volume:

1. Bitcoin NFTs “BRC-20”

Bitcoin’s BRC-20 standard tokens have been the top-selling forms of non-fungible tokens in the past 30 days. BRC-20s are standard tokens hosted on the flagship blockchain Bitcoin similar to the popular Ethereum ERC-20. BRC-20 recorded a trading sales volume of over $54 million in June.

2. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club is an NFT collection from the digital asset incubation studio Yuga Labs featuring a limited edition of 10,000 NFTs hosted on the Ethereum network. Bored Ape Yacht Club has been the second most traded NFT collection, recording a sales volume of $50 million in the past 30 days. The NFT collection rose 21% in June from the previous month.

3. Blue-chip Azuki NFTs

Blue-chip Azuki is a flagship NFT collection for digital asset firm Chiru Labs, featuring a fixed set of 10,000 anime-themed NFTs. The NFT collection was the third most traded NFT collection in June, recording a sales volume of $41 million. Azuki has spiked 56% in the past 30 days.

4. Azuki Elemental Beanz NFTs

Azuki Elemental Beanz is a new non-fungible token collection from the Azuki creators Chiru Labs, featuring a limited edition of 8,582 NFTs hosted on the Ethereum network. The new NFT collection has overturned the dominant NFTs and has become the fourth most-traded NFT collection. In the past 30 days, the NFT collection has raised over $40 million in sales.

5. SBM Barrel Raffle NFTs

SBM Barrel Raffles is an NFT collection from the Solana Monkey Business featuring a restricted collection of 20,000 sweep tickets held on Solana. These NFTs turned out to be the fifth most traded NFTs in June, amassing a trading sales volume of $29 million.

6. Wall St Bulls NFTs

Wall St Bulls is another NFT collection gaining traction among investors in recent weeks. The NFT collection was launched in late May by The Wall Street Memes, a crypto community behind the popular Wall St Bulls Ethereum NFTs that sold out for 32 minutes in 2021. The same team has a meme coin presale that is selling fast and has already raised more than $12 million.

The NFT Market Prediction: Will July Brings Back An Uptrend?

The NFT market has come a long way in a short span of time, and it’s anticipated to thrive even further. Despite meme coins and regulators pushing strong market pressures in recent weeks, the NFT market is expected to record another market hype.

Crypto experts and many key players in the web3 industry are bullish that the NFT market will soar higher again before the end of this year. Earlier in May, Daniel Alegre, the new Chief Executive Officer of Yuga Labs, said he seeks to revive NFTs through gaming and events. The new Yuga Labs Boss and his team are persuading the market, recently launching their much anticipated HV-MTL Forge NFT game.