Ethereum Surpasses $25 Billion in All-Time NFT Sales 

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In Brief
  • Ethereum continues to impress despite an overall decrease in NFT sales volume.

  • The blockchain has seen billions of dollars in monthly NFT trading volume since the start of 2022.

  • Combined sales volume hit approximately $27 billion by the end of May.

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Ethereum continued to cross milestones in the non-fungible token (NFT) space after extending its lead as the biggest blockchain by all-time sales volume. 

Ethereum is the most popular chain when it comes to the buying, holding, and selling of digital collectibles. According to Be[In]Crypto Research, Ethereum had a total sales volume of approximately $27.50 billion as of May 31.

This comes as a huge boost to the project after its native asset, ETH, fell below $2,000 in May seeing its market capitalization decline below $250 billion. 

The milestone puts Ethereum ahead of Ronin, Solana, Flow, and Polygon as the top five NFT blockchains with the most all-time sales. Other chains in the running for the most sales volume include WAX, Avalanche, Palm, Tezos, Panini, Binance Smart Chain (BSC), and Waves.

Source: Blockchains by NFT Sales Volume Ranking by CryptoSlam

What caused soaring Ethereum sales volume? 

Looking at the increasing number of unique buyers from Aug 2021, the surge in sales led to the platform’s soaring total transaction counts, with 139,944 unique buyers and 772,859 transactions. By the end of Aug, Ethereum’s sales volume was around $3.75 billion.

A 148% spike in the number of unique buyers from Aug led to an all-time high in the number of new buyers of NFT on Ethereum in Jan 2022. In the first month of the year, unique buyers were 347,186 which corresponded to 1.27 million transactions. This month also proved to be Ethereum’s all-time high in monthly sales volume with approximately $3.98 billion.

Source: Ethereum’s January 2022 Monthly Sales Chart by CryptoSlam

Other months which made substantial contributions to Ethereum sales were Sept 2021 ($2.4 billion), Dec 2021 ($2.07 billion), Feb 2022 ($2.50 billion), March 2022 ($2.06 billion), and April 2022 ($3.21 billion).

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As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with financial asset trading in 2011. He ventured into full-time long term investing of cryptocurrencies in 2016.

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