NFT Market sees a 31% drop in sales in March

The NFT craze appears to be extra distant than ever. Based on the information, the NFT market is now experiencing troublesome occasions. The variety of NFT gross sales in March was 31.42% decrease than the earlier month, which itself was already considerably down in comparison with a 12 months in the past.

Ethereum continues to dominate the NFT market

The NFT market is dealing with robust occasions, with a $119 million drop in gross sales in February, as reported by Cryptoslam.io. Gross sales decreased from $1.03 billion in February to $882.89 million in March. Throughout the identical interval, the variety of NFT patrons and transactions declined by 22% to 29% month over month.

As anticipated, the Ethereum blockchain dominated the market, accounting for greater than 60% of complete NFT gross sales ($537.89 million). The second hottest blockchain amongst NFT collectors was Solana, representing 10.57% of complete gross sales, with $93.36 million recorded.

Following these two giants have been Polygon ($36.16 million), Immutable X ($28.82 million), and Cardano ($10.08 million).

BAYC retains the lead

In comparison with the remainder of the NFT market, Bored Ape Yacht Membership (BAYC) had a comparatively good month. The gathering generated $35,81 million in gross sales, which represents a drop of 48,19% in comparison with February. Cryptopunks was one of many few collections that skilled a big enhance in gross sales in March. It generated $30,11 million {dollars} in gross sales, which is 87,95% greater than in February. That may be defined by the success of the Cryptopunks Ordinals, minted on the Bitcoin blockchain.

Past these two emblematic collections, the NFT market was dominated by Otherdeed ($29,20 million), MG land ($25,71 million), and HV-MTL, the brand new Yuga Labs NFTs ($18,59 million).

The efficiency of Degods must also be seen, with a complete gross sales quantity up by 70,53% from February, whereas Yoots, Claynosaurz, and Whiko NFT had additionally a fairly good month.