According to data from OpenSea, NFT sales on the Ethereum network remained stable despite the general weakening of NFT trading. The Solana network saw a more pronounced decline in NFT sales.
OpenSea also noted an increase in unique users but reported a decrease in dollar sales.
According to analytics platform Dune, over 1.6 million Ethereum NFTs were traded on OpenSea, up from 1.54 million in the previous month. The number of individuals who made at least one transaction rose from 393,000 in June to over 400,000 in July.
NFT sales on the Ethereum network totaled just $495 million in July, up from $695 million a month earlier. Thus, sales decreased by 30%. From May to June, Ethereum experienced a 73% drop due to the collapse of the cryptocurrency market.
CrytoSlam reported that the average selling price of NFTs on the Ethereum network across all exchanges was about $451 in July, compared to $691 in June. In May, the average price was $2,436, and in April – $3,109. This is due to the ETH rate falling from $3,000 in April to $1,700.
In terms of buyers, sellers, and prices, Ethereum continues to dominate the NFT space. In March 2022, Ethereum generated $1.8 billion from NFT sales at an average price of $3,000 per NFT.
Most choose Ethereum for their NFT projects as the network has a solid infrastructure. Ethereum offers a wide range of features that go beyond just storing data and constantly receives updates to improve it.
