problems for him crypto art market. Based on the latest data, it appears that non-fungible token sales fell 31% in March, with $882 million in NFT sales. Let's see what and why this happened.
Drop in non-fungible token sales: data on the Crypto Art market
As anticipated above, based on statistics, the number of non-fungible token sales (NFTs) in March was 31.42% lower than the previous month, down from $1.03 billion in sales in February to $882.89 million.
In addition, the number of NFT buyers and transactions also decreased, from 22% to 29%, in the last 30 days. Of these sales, $537.89 million were settled on the Ethereum (ETH) blockchain, which dominated March sales with more than 60%.
SolariumNFT-based NFT sales accounted for 10.57% of March sales, with $93.36 million settled. In terms of NFT sales, Solana was followed by Polygon ($36.16 million), immutable X ($28.82 million) and Cardano ($10.08 million).
At this point, the question arises as to why the NFT market is progressing slowly despite the partial recovery of cryptocurrency prices. It should be emphasized that the March data may not fully reflect reality, as it lacks data on non-fungible tokens in Bitcointhat have recently entered the market.
To date, there are still no platforms to measure the purchase and sale volumes of these non-fungible tokens. According to Galaxy Research, a company that does data analysis on the blockchain, the Bitcoin NFT market could be worth 4,500 million in 2025.
Crypto Art: Which Non-Fungible Token Collections Sold the Most in March?
Regarding the Crypto Art market, we see that the best-selling NFT collection in March was Bored Monkey Yacht Club (BAYC)which generated sales for $35.81 million, although this figure represents a decrease of 48.19% compared to the previous month.
Cryptopunks it was the second highest grossing NFT in terms of sales, at $30.11 million, an increase of 87.95% from February. According to cryptoslam.io statistics, Bored Ape Yacht Club (BAYC) and Cryptopunks NFT collections were followed by another fact ($29.20 million), mg land ($25.71 million) and HV-MTL ($18.59 million).
Among the top ten NFT collections, Gods posted a 70.53% increase in sales in March compared to February, just below the 87.95% increase recorded by Cryptopunks over the same period.
Other notable collections that posted higher sales this month include Y00ts, Claynosaurz and Whiko NFT. Finally, the most expensive NFT sales this month were Azimuth Points #236, sold for $704,000, followed by Bored Ape Yacht Club (BAYC) #5,116, sold for $689,000, and Fidenza #971, sold for $561,000.
BAYC #2,062 sold by $557,000 a few days ago, while Fidenza #395 was being sold for $547,000 a little over a month ago. According to 30-day statistics, not a single NFT sold for more than $1 million in March.
Not only that, according to Dappradar.com and Dune Analytics, Blur dominated sales with more than 70%, while Open sea captured 19.9%.
News in the NFT and Crypto Art market
Despite the decline in NFT sales, yuga laboratories I had a pretty exciting month of March. In fact, we see two important novelties: the collaboration with gucci and the launch of twelve timesthe company's first Bitcoin-based collection.
Specifically, gucci announced its entry into the NFT market on Twitterusing an image showing the trademarks of the two brands on the bottle in the Bored Ape metaverse trailer, Otherside.
However, the unexpected and enigmatic announcement makes it impossible to predict how the collaboration will play out. Meanwhile, the Twelvefold auction, Yuga Labs' first ever collection of non-fungible Bitcoin tokens consisting of 300 unique pieces, raised 735.7 BTC ($16.5 million).
These digital works of art can be purchased at magical edena Solana-started platform that also launched a dedicated sign-up section this month, NFTs on Bitcoin.
In addition, we see production study baobab studios, winner of nine Emmy Awards, enters the NFT market with his new project, Momoguro. Created by multimedia director and animator martin allais and writer/director Nico CasavecchiaMomoguro is a colorful fantasy world where creatures called "Momos" can fuse together to form hybrid characters.
The collection generated more than 10,000 ETH in volume, although the NFT floor price, after rising in the days immediately after minting, fell below the initial value (0.2 ETH) and is now around 0.1 ETH. .
Finally, the paintings of Lee MullicanAn artist who has exhibited his work in the halls of the Museum of Modern Art (MoMA) and the Los Angeles County Museum of Art (LACMA), he also landed on the Tezos blockchain in March.
