Ethereum saw a steep decline in sales volume due to a lack of investor appetite for digital collectibles throughout July.
Despite grossing more than half a billion dollars, sales were down by 25% from June. In June, digital collectibles sales on Ethereum were approximately $722.4 million.
Why the drop in sales?
The dip in the number of unique buyers (229,930), transactions (1.17 million), and average sale value ($458.81) of NFT projects housed in Ethereum such as CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Art Blocks, Otherdeed, Azuki, CloneX, Moonbirds, and VeeFriends, explains the drop in sales volume.
Compared to Jan. of this year when Ethereum reached a yearly high, there were 356,922 unique buyers, 1.29 million transactions, and an average sale value of $2,922.
ETH price reaction
ETH opened on July 1, with a trading price of $1,068.32, reached a monthly high of $1,759.88, tested a monthly low of $1,019.22, and closed the month at $1,681.52.
Overall, despite the massive drop in volume, there was a 57% increase between the opening and closing price of ETH in July.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.