There’s a surprising shift in the ether winds of the non-fungible token (NFT) realm as Ethereum solidifies its dominance while Bitcoin’s momentum ebbs. In this article, we take an illuminating journey into the depths of the NFT market landscape as it stood in June 2023.
Ethereum ascends as Bitcoin descends
Ethereum-based NFTs made a mark in June, with total sales eclipsing the $452 million milestone, which equates to over 63% of the entire NFT market’s turnover.
This represented a nearly 8% growth from May’s sales, reinforcing Ethereum’s stronghold over the market, especially as Bitcoin-based NFT transactions fell.
The king of cryptocurrency saw a staggering fall of 42.36% from May to June, closing the month with a total of $110.3 million, a significant decrease from the previous month.
Solana, however, held a different narrative. It played the part of an unexpected dark horse, showcasing an impressive surge in its NFT sales. Solana’s NFT transactions skyrocketed by a staggering 65%, reaching an astounding $70.42 million.
This surprising growth story demonstrated the potential of Solana’s infrastructure for NFT enthusiasts and investors.
Mythos and Polygon trail behind amid the shift
Further down the ranks, Mythos and Polygon, despite their emerging platforms, unfortunately experienced a dip in their NFT transactions. Mythos saw a slump of nearly 20%, recording $28,322,124 in NFT sales.
Polygon fared worse, suffering a sharp 45.91% drop to $27,846,781. This shows that not all networks could weather the market fluctuations and compete effectively against the might of Ethereum or ride on the rapid momentum of Solana.
June marked the meteoric rise of an unsung hero – Uncategorized Ordinals. The collection outpaced other contenders in the NFT market, boasting sales of a whopping $52.91 million, which marked a modest but crucial 1.44% increase from May.
Trailing behind it was the Bored Ape Yacht Club (BAYC), which posted sales of $49.76 million, a robust 28.20% higher than its performance in May. Other noteworthy NFT collections that marked their presence were Azuki, Azuki Elemental, and SMB Barrel Raffle.
Noteworthy NFT sales: The exception to the rule
Despite Bitcoin’s struggle, it had a prominent presence among the highest-priced NFT sales for June. In a fascinating twist, four of the top five most valuable NFT sales were based on Bitcoin, proving that Bitcoin’s appeal still holds sway among some sections of the NFT market.
The sole exception was the Ethereum-based NFT, Fidenza #545.
June brought about a shift in the NFT market that underlines the dynamic nature of this digital assets landscape. The surge of Ethereum and the rise of Solana, alongside Bitcoin’s falter, point to a market that is constantly evolving.
These shifts invite market participants to remain vigilant and adapt to the changes. It will be intriguing to watch how these patterns evolve as we venture further into the world of NFTs.
