Non-fungible token (NFT) gross sales have plummeted this month amid the latest memecoin frenzy and a surge within the value of Ethereum (ETH) gasoline charges.
In response to blockchain intelligence platform DappRadar, NFT buying and selling quantity has solely reached $333 million this month to date, placing Could on monitor to be the primary month in 2023 with a buying and selling quantity underneath $1 billion.
DappRadar says a “appreciable quantity” of crypto merchants offered their NFT holdings at a loss originally of the month to take part within the memecoin mania pushed by the unstable frog-themed token Pepe (PEPE).
“This has led to an uptick in on-chain exercise, subsequently driving Ethereum’s gasoline charges above $100. This improve in transaction prices has negatively impacted the amount of low-value NFT trades on the blockchain, as merchants grapple with affordability considerations.”
There has, nevertheless, been a 27% improve within the common variety of every day distinctive lively wallets interacting with NFTs in Could in comparison with April, with DappRadar attributing the bump to the fanfare surrounding the brand new “Milady Maker” NFT assortment.
Ethereum continues to be the dominant NFT chain, controlling 81% of the buying and selling quantity in Could to date. It’s solely answerable for 5.7% of the full variety of NFT gross sales, nevertheless, that means it’s getting used for higher-volume transactions, in line with DappRadar.
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Featured Picture: Shutterstock/Galkin Grigory