Sales of non-fungible tokens (NFTs) have declined by 5.76% over the past 30 days, according to the latest NFT sales statistics. The data reveals that the sales figure stood at $732.13 million in April, which is $44.75 million lower than the $776.88 million recorded in March.
NFT sales surpassed $1 billion in both January and February 2023; however, sales figures declined in March and April. According to cryptoslam.io’s latest NFT sales data for April, the sales stood at $732.13 million, which is 5.76% lower than the previous month.
Out of this amount, Ethereum-based NFT sales dominated the market, accounting for $485 million in trades. However, Ethereum NFT sales declined by 19% in April compared to March figures.
Meanwhile, Solana-based NFT sales recorded $88.16 million, down 6.78% from last month. The top five blockchains with the most NFT sales in April, following Ethereum and Solana, were Polygon, Immutable X, and BNB Chain, as per the latest data.
During the month of April, Polygon witnessed a surge in sales by 22.75%. Meanwhile, Arbitrum, the sixth-largest blockchain in terms of NFT sales, saw sales spike by 78.35%, amounting to $10.29 million. In terms of NFT collections, Bored Ape Yacht Club (BAYC) emerged as the leader with $45.10 million in sales.
Azuki NFTs secured the second spot with $21.91 million in sales over the past month. Nakamigos, Mutant Ape Yacht Club, and Mad Lads followed BAYC and Azuki in terms of NFT sales. Sandbox’s Land #21,221 emerged as the top-selling NFT in the past month, with a sale price of $1.256 million, approximately 20 days ago.
The second most expensive NFT sale in April was Maverick Position #386, which fetched $1.05 million, 16 days ago. Azuki #3,628 secured the third spot on the list, selling for $626K, 18 days ago, followed by Azuki #5172, which was acquired for $458K. The fifth most expensive NFT sale in April was CryptoPunk #3,990, which sold for $444K, 24 days ago.
As of Sunday, April 30, 2023, nftpricefloor.com reports that the collection with the highest floor value is Cryptopunks, currently standing at around 49.99 ether. Just below Cryptopunks is Bored Ape Yacht Club (BAYC), with a floor of around 48.69 ether. The floor values of the top collections following Cryptopunks and BAYC include Mutant Ape Yacht Club, Azuki, and Otherdeed.
What do you think the future holds for the NFT market, and how do you think the decline in sales figures in March and April will impact the industry going forward? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Sales of non-fungible tokens (NFTs) have declined by 5.76% over the past 30 days, according to the latest NFT sales statistics. The data reveals that the sales figure stood at $732.13 million in April, which is $44.75 million lower than the $776.88 million recorded in March.
NFT sales surpassed $1 billion in both January and February 2023; however, sales figures declined in March and April. According to cryptoslam.io’s latest NFT sales data for April, the sales stood at $732.13 million, which is 5.76% lower than the previous month.
Out of this amount, Ethereum-based NFT sales dominated the market, accounting for $485 million in trades. However, Ethereum NFT sales declined by 19% in April compared to March figures.
Meanwhile, Solana-based NFT sales recorded $88.16 million, down 6.78% from last month. The top five blockchains with the most NFT sales in April, following Ethereum and Solana, were Polygon, Immutable X, and BNB Chain, as per the latest data.
During the month of April, Polygon witnessed a surge in sales by 22.75%. Meanwhile, Arbitrum, the sixth-largest blockchain in terms of NFT sales, saw sales spike by 78.35%, amounting to $10.29 million. In terms of NFT collections, Bored Ape Yacht Club (BAYC) emerged as the leader with $45.10 million in sales.
Azuki NFTs secured the second spot with $21.91 million in sales over the past month. Nakamigos, Mutant Ape Yacht Club, and Mad Lads followed BAYC and Azuki in terms of NFT sales. Sandbox’s Land #21,221 emerged as the top-selling NFT in the past month, with a sale price of $1.256 million, approximately 20 days ago.
The second most expensive NFT sale in April was Maverick Position #386, which fetched $1.05 million, 16 days ago. Azuki #3,628 secured the third spot on the list, selling for $626K, 18 days ago, followed by Azuki #5172, which was acquired for $458K. The fifth most expensive NFT sale in April was CryptoPunk #3,990, which sold for $444K, 24 days ago.
As of Sunday, April 30, 2023, nftpricefloor.com reports that the collection with the highest floor value is Cryptopunks, currently standing at around 49.99 ether. Just below Cryptopunks is Bored Ape Yacht Club (BAYC), with a floor of around 48.69 ether. The floor values of the top collections following Cryptopunks and BAYC include Mutant Ape Yacht Club, Azuki, and Otherdeed.
What do you think the future holds for the NFT market, and how do you think the decline in sales figures in March and April will impact the industry going forward? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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After the most recent increase in the federal funds rate, the U.S. Federal Reserve is set to raise the lending rate by 25 basis points (bps) to 5.25% in three days, according to expectations. A recent poll of 105 economists revealed that 94 of them predict a 25bps rate hike will occur during the May 2-3 Federal Open Market Committee (FOMC) meeting. While economists are anticipating a rate hike in May, they anticipate that it will be the final one in 2023. The majority of polled economists believe that the Fed will maintain the rate at 5.25% for the remainder of the year.
Several reports and surveys indicate that market observers believe the U.S. central bank will increase the benchmark interest rate by 25bps at the FOMC meeting this week. The FOMC meeting is scheduled to take place on May 2-3 and according to the CME Group Fedwatch tool, 83.9% suspect a 25bps rate hike will come to fruition. On the other hand, the Fedwatch tool shows 16.1% predicts no rate hike for the upcoming May meeting.
The most recent predictions ahead of the next FOMC meeting are similar to the forecasts economists gave at the beginning of April 2023. Additionally, Bloomberg reported on April 29, that economists the publication talked to also believe a 25bps rise is in the cards.
Bloomberg’s economics report states:
Signs point to the FOMC raising rates by 25 basis points to 5.25% in the May 3 decision — despite ongoing turmoil in the banking system — and signaling that this will be the last hike for a while. The next phase of the tightening cycle will be to hold rates at that elevated level, while watching to see if inflation trends down.
According to a survey from Reuters, a vast majority (90%) of 105 economists polled suspect a 25bps hike. Additionally, 59 of those economists believe that the federal funds rate will remain unchanged for the rest of the year following the predicted May hike, while 26 participants are forecasting a rate cut. Furthermore, most of the economists surveyed by Reuters do not anticipate the inflation rate in the U.S. to reach the Fed’s 2% target until 2025. The economists also noted that there’s still a risk of inflation rates spiking again this year.
Michael Gapen, the chief U.S. economist at Bank of America (BOFA) Securities, commented that a whole lot remains to be accomplished before the 2% goal can come to a realization. Gapen also added that it is uncertain whether or not the Fed will hike the benchmark rate after May.
“On the data front, despite the slowdown in inflation in March, there is still a lot more work to be done to get back to the 2% target,” Gapen said. “We maintain the first rate cut in March 2024. Should the stresses in the financial system be reduced in short order, we cannot rule out that stronger macro data will lead the Fed to put in additional hikes beyond May,” the BOFA executive added.
What do you think the impact of the expected rate hike by the U.S. Federal Reserve will have on the economy? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, CryptoFX / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
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