The crypto art market is facing challenges as non-fungible token sales have declined by 31% from the previous month’s total of $882 million.
The crypto-art market is having problems. The most recent data indicate that non-fungible token sales, which totaled $882 million in March, declined 31%. Let’s examine what transpired and why.
Data on the market for crypto art shows a decline in sales of non-fungible tokens
As previously said, figures show that the number of non-fungible token (NFT) sales in March decreased 31.42% from the prior month, falling from $1.03 billion in sales in February to $882.89 million.
Additionally, over the past 30 days, the proportion of NFT buyers and transactions decreased from 22% to 29%. Over $537.89 million of these sales were completed on the Ethereum network (ETH), which accounted for over 60% of March sales.
With $93.36 million resolved, Solana-based NFT sales made up 10.57% of March’s total sales. Solana was followed in terms of NFT sales by Cardano ($10.08 million), Polygon ($36.16 million), and Immutable X ($28.82 million).
Now that bitcoin prices have somewhat recovered, the question of why the NFT industry is developing slowly arises. It should be noted that the lack of information about non-fungible tokens on Bitcoin, which have just entered the market, means that the March statistics may not accurately reflect reality.
Platforms to track the buying and selling volumes of these non-fungible tokens are still lacking as of this writing. Blockchain data research company Galaxy Research estimates that the market for Bitcoin NFTs might be worth 4.5 billion by 2025.
Which non-fungible token collections in cryptocurrency saw the biggest sales in March?
In March, Bored Ape Yacht Club (BAYC) sold $35.81 million, the most of any NFT collection, despite a 48.19% drop from February.
Cryptopunks sold $30.11 million. 87.95% more. After BAYC and Cryptopunks NFT, Otherdeed ($29.20 million), MG Land ($25.71 million), and HV-MTL ($18.59 million) collected, according to cryptoslam.io.
Degods, one of the top ten NFT collections, saw sales rise 70.53% in March compared to February. Cryptopunks rose 87.95%.
Y00ts, Claynosaurz, and Whiko NFT sold more this month. Azimuth Points #236 ($704,000), Bored Ape Yacht Club (BAYC) #5,116 ($689,000), and Fidenza #971 ($561,000) were the most expensive NFT trades this month.
Fidenza #395 just sold for $547,000, while BAYC #2,062 recently sold for $557,000. In March, no NFT sold for more than $1 million, according to 30-day records.
Additionally, according to Dappradar.com and Dune Analytics, Blur had almost 70% of the market share in terms of sales, while Opensea had 19.9%.
What’s new in the market for NFT and crypto art?
Yuga Labs had a great March despite lower NFT sales. The Gucci relationship and Twelvefold, the company’s first Bitcoin-based brand, are major developments.
Gucci tweeted about its NFT market launch using a bottle from the Otherside metaverse teaser with the two brands’ trademarks.
Given the abrupt and vague announcement, the collaboration’s outcome is unknown. The Twelvefold auction raised 735.7 BTC ($16.5 million) with 300 unique pieces of Yuga Labs’ first Bitcoin non-fungible token collection.
These digital artworks can be purchased on Magic Eden, a portal developed by Solana that recently added a section on Bitcoin inscriptions, NFTs.
With Momoguro, nine-time Emmy Award-winning Baobab Studios enters the NFT market. Martin Allais, a filmmaker and multi-media animator, and Nico Cassavecchia, a writer/director, created Momoguro, a lively fantasy world where “Momos” can hybridize.
The collection produced more over 10,000 ETH, however the NFTs’ floor price went below 0.2 ETH and is now around 0.1 ETH after temporarily rebounding.
In March, Lee Mullican’s paintings appeared on the Tezos blockchain and at LACMA and MoMA.