Immutable X saw a huge dip in sales volume due to an overall decrease in the patronage of digital collectibles marketplaces throughout July.
Immutable X is one of the biggest NFT blockchains by all-time sales volume at more than $230 million. The blockchain had a sales volume of around $5.2 million in July, according to Be[In]Crypto research, based on data from CryptoSlam.
New to Immutable X?
Launched in 2018, Immutable X is a layer-2 scaling solution for non-fungible tokens (NFT) on Ethereum. It solves the speed issues and high fees on the Ethereum chain by offering instant trade confirmation and near-zero gas fees for minting and trading NFTs.
While Ethereum processes less than 50 transactions per second, Immutable X facilitates up to 9,000 transactions per second.
Some of the most popular NFT projects on Immutable X include, but are not limited to, Gods Unchained, Ebook Video games, Guild of Guardians, Highrise, and Moody Krows.
Why the plunge in sales?
When you observe the dip in the number of unique buyers from July, the decrease in sales volume led to the falling transaction counts, with 14,123 unique buyers and 519,928 transactions.
In contrast to January when the NFT reached an all-time high in sales, unique buyers were 33,976 which corresponded with 1.5 million transactions. Immutable X’s sales volume in January was around $54 million.
By garnering less than $6 million in sales for the first time since May 2022 ($5.8 million), the blockchain made a higher low in July ― a $48.4 million plunge from January.
There was also a decline in average sale value from $34.67 in January to $10.05 in July.
IMX price reaction
IMX opened on July 1, with a trading price of $1.01, reached a monthly high of $1.29, tested a monthly low of $0.7862, and closed the month at $1.09. Overall, despite a plunge in sales, IMX increased by 7% in July.