NFT Sales Decline by 31% in March with Ethereum Leading the Pack

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Sales of non-fungible tokens (NFTs) have reportedly fallen by 31% in March compared to the previous month. According to data, sales reached $882.89 million in March, down from $1.03 billion in February. The number of buyers and transactions also decreased by 22% to 29% over the last 30 days. Ethereum (ETH) blockchain accounted for over 60% of NFT sales in March, amounting to $537.89 million. Solana-based NFT sales accounted for 10.57% of March sales with $93.36 million recorded.

Bored Ape Yacht Club (BAYC) was the top-selling NFT collection in March, generating $35.81 million in sales, although this figure represented a 48.19% decline from the previous month. Cryptopunks was the second-largest NFT collection in terms of sales, with $30.11 million, an increase of 87.95% compared to February. The most expensive NFT sales in March were Azimuth Points #236, which sold for $704,000, followed by Bored Ape Yacht Club (BAYC) #5,116, which sold for $689,000.

Despite the recent decline in NFT sales, experts suggest that the NFT market will continue to grow in the long run. NFTs have the potential to create unique digital ownership and are used in various industries, including art, music, gaming, and sports. NFTs allow creators to monetize their work and generate revenue, making them a valuable asset in the digital world.

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