NFT Sales Plummet in May Amid Memecoin Frenzy and High Ethereum Fees, According to DappRadar

Non-fungible token (NFT) gross sales have plummeted this month amid the latest memecoin frenzy and a surge within the worth of Ethereum (ETH) gasoline charges.

Based on blockchain intelligence platform DappRadar, NFT buying and selling quantity has solely reached $333 million this month up to now, placing Might on monitor to be the primary month in 2023 with a buying and selling quantity below $1 billion.

DappRadar says a “appreciable quantity” of crypto merchants bought their NFT holdings at a loss initially of the month to take part within the memecoin mania pushed by the risky frog-themed token Pepe (PEPE).

“This has led to an uptick in on-chain exercise, subsequently driving Ethereum’s gasoline charges above $100. This improve in transaction prices has negatively impacted the quantity of low-value NFT trades on the blockchain, as merchants grapple with affordability considerations.”

There has, nevertheless, been a 27% improve within the common variety of every day distinctive lively wallets interacting with NFTs in Might in comparison with April, with DappRadar attributing the bump to the fanfare surrounding the brand new “Milady Maker” NFT assortment.

Ethereum continues to be the dominant NFT chain, controlling 81% of the buying and selling quantity in Might up to now. It’s solely chargeable for 5.7% of the entire variety of NFT gross sales, nevertheless, which means it’s getting used for higher-volume transactions, in response to DappRadar.

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Featured Picture: Shutterstock/Galkin Grigory