KEY POINTS
April witnessed a significant downturn in Ethereum-based non-fungible token (NFT) sales, dropping by half compared to the previous month.
Data from CryptoSlam reveals that Ethereum-based NFT sales barely surpassed $240 million, marking a significant drop from the $489 million recorded in March.
Comparing sales figures from earlier months in 2024, April emerged as the weakest period in terms of NFT transactions.
Between January and March, Ethereum NFT sales consistently exceeded $355 million, peaking at over $550 million in February. Notably, February witnessed a substantial surge in sales, particularly during the second week, soaring by nearly 97% compared to the preceding week.
The average sale price of NFTs in April settled at $472, a noticeable decrease from March’s average of $753. March’s robust performance was partly attributed to significant transactions within popular Ethereum-based collections like CryptoPunks, where NFTs such as #3100 and #7804 fetched prices exceeding $16 million each.
While Ethereum retained its dominance in NFT sales, Bitcoin NFTs emerged as a valid competitor. In March, Bitcoin-based NFT sales surpassed $500 million, outpacing both Ethereum and Solana.
Despite Ethereum’s resurgence in daily NFT sales, totaling $7.8 million during the final week of April, Bitcoin NFTs maintained their lead, concluding the month with sales exceeding $600 million and an average sale price of $1,765, closely mirroring the previous month’s results.
The surge in Bitcoin NFT sales may have been fueled by the hype surrounding last month’s halving event and the rise in cryptocurrency prices.
