Ethereum-based non-fungible tokens (NFTs) experienced a significant increase in sales volume and average value last month, propelled by heightened demand for high-value digital assets and a concurrent rally in Ethereum’s price.
The NFT market registered total sales of approximately $574 million, marking a substantial 47.6% increase compared to the preceding month. The average sale value for NFTs climbed to $113.08, reaching its highest point in a six-month period.
Within the market, NFTs built on the Ethereum blockchain commanded dominance. Premium collections, notably CryptoPunks and Pudgy Penguins, recorded the highest trading volumes and saw their respective floor prices rise significantly.
Ethereum solidified its position as the leading blockchain for NFT sales by volume, generating $275.6 million. Though surpassed by Ethereum, Bitcoin and Polygon also recorded notable NFT sales volumes. Cardano, while starting from a smaller base, exhibited the most rapid growth rate across blockchains at 102%.
The market exhibited signs of consolidation despite the overall volume and value gains. Unique buyers decreased by 17%, while the number of unique sellers increased by 9%, suggesting fewer participants are acquiring higher-value NFTs.
The significant price appreciation of Ethereum itself, trading above $3,900, substantially boosted the dollar valuations of NFT collections native to the Ethereum ecosystem. This appreciation directly contributed to the observed growth in the NFT market’s overall metrics.