Non-fungible token (NFT) gross sales have plummeted this month amid the latest memecoin frenzy and a surge within the worth of Ethereum (ETH) fuel charges.
In response to blockchain intelligence platform DappRadar, NFT buying and selling quantity has solely reached $333 million this month thus far, placing Could on observe 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 firstly of the month to take part within the memecoin mania pushed by the risky frog-themed token Pepe (PEPE).
“This has led to an uptick in on-chain exercise, subsequently driving Ethereum’s fuel 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 issues.”
There has, nonetheless, been a 27% improve within the common variety of every day distinctive energetic 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 thus far. It’s solely accountable for 5.7% of the entire variety of NFT gross sales, nonetheless, that means it’s getting used for higher-volume transactions, in response to DappRadar.
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Featured Picture: Shutterstock/Galkin Grigory
