It cannot be denied that we are currently in the midst of a highly-volatile period in Web3 at present. With Ethereum-based NFTs dominating, Bitcoin-based NFTs plummeting, and Solana-based NFTs rising again, June has been an interesting month. Here’s everything you need to know.
- In June 2023, Ethereum-based NFT sales pass $452 million, accounting for over 63% of the market. Meanwhile, Bitcoin’s NFT transactions experienced a sharp decline of 42.36% to a total of $110.3 million.
- Solana-based NFT sales skyrocketed by 65% to reach an impressive $70.42 million, showing the platform’s potential in the NFT market. However, platforms like Mythos and Polygon struggled with declines in their NFT transactions.
- The NFT market continues to change, with Ethereum’s dominance, Solana’s rise, and Bitcoin’s decline. Market users should remain vigilant and adapt to these shifting trends, as the Web3 landscape remains highly volatile. Regularly checking market metrics is crucial for staying informed about potential reversals and the overall sentiment of the market.
Bitcoin NFTs Fall While Ethereum NFTs Rise
In June 2023, the NFT market experienced a surprising shift as Ethereum solidified its dominance while Bitcoin plummeted. Additionally, Ethereum-based NFT sales surpassed $452 million, accounting for over 63% of the market. Meanwhile, Bitcoin’s NFT transactions plummeted by 42.36% to a total of $110.3 million.
What’s more, Solana emerged unexpectedly, with NFT sales skyrocketing by 65% to reach an impressive $70.42 million. However, platforms like Mythos and Polygon struggled, experiencing declines in their NFT transactions.
Uncategorized Ordinals emerged as the dark horse, leading the NFT market with sales of $52.91 million. This was followed by Bored Ape Yacht Club with $49.76 million in sales.
Despite Bitcoin’s overall struggle, it remained prominent among the highest-priced NFT sales in June, except for the Ethereum-based NFT, Fidenza #545.
The NFT market’s dynamic nature was evident in June, with Ethereum’s dominance, Solana’s rise, and Bitcoin’s decline. Market participants must remain vigilant and adapt to these evolving trends as the world of NFTs continues to evolve.
As we all continue to ‘weather’ this brutal bear market, it’s important to check market metrics regularly to know if we are closing in on a market reversal. Looking at the data for June, it appears that the overall sentiment may be getting better with the performances of Ethereum and Solana NFTs improving.
Are Bitcoin NFTs just another short-lived trend that is currently fading out (remember Aptos)? June’s data certainly suggests that it could be. No one can predict what may happen in Web3, so be sure to check back regularly for updates.