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 accordance with blockchain intelligence platform DappRadar, NFT buying and selling quantity has solely reached $333 million this month to date, placing Could on monitor to be the primary month in 2023 with a buying and selling quantity below $1 billion.
DappRadar says a “appreciable quantity” of crypto merchants bought their NFT holdings at a loss in the beginning 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 issues.”
There has, nevertheless, been a 27% enhance within the common variety of each day distinctive lively 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 to date. It’s solely accountable for 5.7% of the overall variety of NFT gross sales, nevertheless, which means it’s getting used for higher-volume transactions, in response to DappRadar.
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Featured Picture: Shutterstock/Galkin Grigory