The non-fungible token (NFT) market recently underwent a significant downturn in activity, evident from various metrics. According to data from Crypto Slam, the global NFT sales volume in June plummeted by 47.22%, amounting to $476.3 million. Despite this decline, the number of NFT buyers surged dramatically to 1.259 million, marking a phenomenal 1700.83% increase. Concurrently, the number of sellers also rose substantially to 744,965, indicating a growth of 1059.64%. However, these increments in participants were juxtaposed with a 51.4% reduction in NFT transactions on a monthly basis.

Top blockchains by NFT sales volume

Blockchains by monthly NFT sales volume | Source: CryptoSlam

Here is an overview of the top five blockchains:

• Ethereum led in sales volume, reaching over $147.5 million in NFT sales. Notably, wash trading contributed $123 million to this figure, resulting in total sales of $270.5 million. The network attracted 55,449 buyers, showcasing a significant 95.41% increase.
• Bitcoin emerged as a strong contender in the NFT realm, with sales exceeding $117 million, despite a nearly 48% decline. The network witnessed active participation from 59,482 buyers, a figure comparable to the previous month.
• Polygon secured the third position with $80.2 million in sales, marking a 3.35% increase from the previous month. Over 245,000 buyers engaged in NFT trading on this platform.
• The Solana NFT market registered sales of over $69.2 million, reflecting a decrease of 42.82% from the previous month. Including wash trading worth $2.65 million, the total sales on Solana amounted to $71.9 million from 580,100 buyers.
• Mythos Chain recorded $20.1 million in NFT sales in June, with additional wash trades contributing $134,185. Surprisingly, this blockchain attracted more buyers than Ethereum, with 57,269 individuals acquiring NFTs from Mythos Chain.

Leading NFT collections in June

$PIZZA BRC-20 NFTs on Bitcoin dominated with $29.1 million in sales from over 43,000 transactions.

NFT collection rankings by monthly sales volume | Source: CryptoSlam

Following closely, DMarket on Mythos generated $18.9 million in sales from almost 830,000 transactions. Despite this, the collection experienced a 21.8% decline compared to the previous month.

CryptoPunks on Ethereum continued to perform well, amassing $16,405,442 in sales from just 141 transactions. Additionally, the Bored Ape Yacht Club (BAYC) retained its popularity, with sales surging by 6.54% to $13 million.

Another noteworthy Bitcoin collection, NodeMonkes, secured the fifth spot, achieving $12.7 million in sales from 929 transactions.

Polygon's OKX NFT Creation witnessed exceptional growth with its sales volume soaring by a staggering 132,509.44% over the last 30 days, reaching $2.4 million.

On the flip side, Blast's Fantasy Top emerged as the worst-performing NFT collection in June, experiencing an 83.33% drop in sales volume, closely followed by DeGods on Ethereum, which saw an 82.9% decrease.

Top-selling NFTs of the month

In terms of top-priced NFT collectibles, CryptoPunks #627 fetched an incredible $836,149 on Ethereum, making it the highest sale of the month. Punk #50 from Bitcoin's Ordinal Punks collection sold for $306,725, while a Cardano NFT was purchased for $219,102.

Representing the Solana blockchain, Mad Lads #4575 was sold for $110,917, and TTAvatars #1280003 on Polygon changed hands for $100,500.

Top fan tokens by monthly sales volume | Source: CryptoSlam

The fan token market witnessed significant activity, with the AS Roma (ASR) token leading with $1,27 billion in sales on the Chiliz blockchain. Other notable tokens included Galatasaray's GAL token with $344 million in sales, Paris Saint-Germain (PSG) with $225.8 million, OG with $132 million, and FC Barcelona with $126.2 million in sales.

Market outlook

The decline in sales volume amid a surge in buyers and sellers reflects a nuanced phase in the NFT market. The notable decrease in transaction volume hints at a shift towards more affordable NFTs or a cautious approach by investors, even amidst heightened interest and participation levels. This trend may suggest a market maturation, as the fervor for high-value transactions wanes, paving the way for broader and more inclusive engagement.

As the market evolves, platforms and collections that adapt to this evolving landscape by offering diverse and accessible options may emerge as frontrunners in the NFT domain.