NFT Market sees a 31% drop in sales in March

The NFT craze seems to be more distant than ever. According to the data, the NFT market is now experiencing difficult times. The number of NFT sales in March was 31.42% lower than the previous month, which itself was already significantly down compared to a year ago.

Ethereum continues to dominate the NFT market

The NFT market is facing tough times, with a $119 million drop in sales in February, as reported by Sales decreased from $1.03 billion in February to $882.89 million in March. During the same period, the number of NFT buyers and transactions declined by 22% to 29% month over month.

As expected, the Ethereum blockchain dominated the market, accounting for more than 60% of total NFT sales ($537.89 million). The second most popular blockchain among NFT collectors was Solana, representing 10.57% of total sales, with $93.36 million recorded.

Following these two giants were Polygon ($36.16 million), Immutable X ($28.82 million), and Cardano ($10.08 million).

BAYC keeps the lead

Compared to the rest of the NFT market, Bored Ape Yacht Club (BAYC) had a relatively good month. The collection generated $35,81 million in sales, which represents a drop of 48,19% compared to February. Cryptopunks was one of the few collections that experienced a significant increase in sales in March. It generated $30,11 million dollars in sales, which is 87,95% more than in February. That can be explained by the success of the Cryptopunks Ordinals, minted on the Bitcoin blockchain.

Beyond these two emblematic collections, the NFT market was dominated by Otherdeed ($29,20 million), MG land ($25,71 million), and HV-MTL, the new Yuga Labs NFTs ($18,59 million).

The performance of Degods should also be noticed, with a total sales volume up by 70,53% from February, while Yoots, Claynosaurz, and Whiko NFT had also a pretty good month.



All investment/financial opinions expressed by are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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