67% of newly issued NFTs for Ethereum are profitable

 



According to a recent Nansen analysis, 67% of the new NFTs created on Ethereum last month are currently lucrative. Well, this would appear to be a good development, but there's a problem. The blockchain data and research platform tweeted, "Zooming out and illuminating the overall picture,

“New NFT mints have been on a decline since summer, with NFTs minted in May being 65% lower than that in April, AND the lowest it’s been since June ’21.”

The percentage of new mints that are profitable is often higher in the first month whenever a new collection is minted. However, as shown below, that begins to decline after a few months.


macroeconomic situation in the NFT market


The mint decline often indicates that consumers are now staying away from the NFT sector. Even secondary sales are declining, in fact. Dune Analytics data shows a decline in the number of monthly active traders on platforms like OpenSea. The number decreased by more than half, to 149.4k, in May from January's 359.2k.


nearly the previous month, NFT sales on the Ethereum blockchain have decreased by nearly 15%. The 30-day sales volume was $416.8 million specifically. There has also been a decline in the number of buyers and sellers. They have specifically decreased by 30–50% each over the same time period, reflecting, at the time of publication, values of 65.5k and 55.4k, respectively.

Ethereum is currently the most popular blockchain in terms of sales volume, despite the unappealing tendencies. Other competitors, such as Bitcoin, Solana, and Polygon, are ranked lower because they could only settle volumes ranging from $40 million to $188 million during the same monthly window.

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