Non-fungible token (NFT) gross sales have plummeted this month amid the latest memecoin frenzy and a surge within the value of Ethereum (ETH) fuel charges.
In keeping with blockchain intelligence platform DappRadar, NFT buying and selling quantity has solely reached $333 million this month to date, placing Might 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 at first 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 fuel charges above $100. This enhance in transaction prices has negatively impacted the amount of low-value NFT trades on the blockchain, as merchants grapple with affordability considerations.”
There has, nonetheless, been a 27% enhance within the common variety of day by day distinctive lively wallets interacting with NFTs in Might 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 Might to date. It’s solely accountable for 5.7% of the whole variety of NFT gross sales, nonetheless, that means it’s getting used for higher-volume transactions, in keeping with DappRadar.
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Featured Picture: Shutterstock/Galkin Grigory