NFT: crypto art sales fall in March

Problems for Crypto Art market. According to the latest data, sales of non-fungible tokens appear to have dropped 31% in March, with 882 million dollars in NFT sales. Let’s see what and why this happened.

Decline in sales of non-fungible tokens: data on the Crypto Art market

As expected above, according to statistics, the number of sales of non-fungible tokens (NFT) in March was 31.42% lower than last month, down from $1.03 billion in sales in February to $882.89 million.

In addition, the number of NFT buyers and transactions has also decreased, from 22% to 29%, over the past 30 days. Of these sales, $537.89 million was settled on the Ethereum blockchain (ETH), which dominated sales in March by over 60%.

Solana-based NFT sales accounted for 10.57% of sales in March, 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 slow 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 on Bitcoinwhich have recently entered the market.

To date, there are still no platforms to measure the buying and selling volumes of these non-fungible tokens. According to Galaxy Research, a company that performs data analysis on blockchain, the Bitcoin NFT market may be worthwhile 4.5 billion in 2025.

Crypto Art: which non-fungible token collections sold the most in March?

As for the Crypto Art market, we see that the best selling NFT collection in March was Bored Ape Yacht Club (BAYC)which generated sales of $35.81 million, although this figure represents a 48.19% decrease from the previous month.

Cryptopunks was the second largest NFT collection in terms of sales, with $30.11 million, an 87.95% increase over February. According to the cryptoslam.io statistics, the Bored Ape Yacht Club (BAYC) and Cryptopunks NFT collections were followed by Other deed ($29.20 million), MG Country ($25.71 million) and HV-MTL ($18.59 million).

Among the top ten NFT collections, Gods recorded a 70.53% increase in sales in March compared to February, just below the 87.95% increase recorded by Cryptopunks in the same period.

Other notable collections that recorded increased sales this month include Y00ts, Claynosaurz and Whiko NFT. Finally, the most expensive NFT sale this month was 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 for $557,000 a few days ago, while Fidenza #395 sold for $547,000 a little over a month ago. According to 30-day statistics, not a single NFT was sold for more than $1 million in March.

Not only that, according to Dappradar.com and Dune Analytics, Obscurity dominated sales with over 70%, while Open sea captured 19.9%.

What’s new coming in the NFT and Crypto Art market

Despite falling NFT sales, Yuga Labs had quite an exciting month of March. In fact, we see two important new developments: the collaboration with Gucci and the launch of Twelve timesthe company’s first collection built on Bitcoin.

Specifically, Gucci announced its entry into the NFT market that Twitterusing an image showing the trademarks of the two brands on the bottle in the trailer for the Bored Ape metaverse, Otherside.

However, the unexpected and enigmatic announcement makes it impossible to predict how the collaboration will unfold. Meanwhile, the Twelvefold auction, Yuga Labs’ first collection of non-fungible tokens on Bitcoin, consisting of 300 unique tokens, was raised 735.7 BTC ($16.5 million).

These digital artworks can be purchased at Magical Edena platform started on Solana which also this month released a section dedicated to inscriptions, NFTs on Bitcoin.

Furthermore, we see the production studio Baobab Studios, winner of nine Emmy Awards, enters the NFT market with his new project, Momoguro. Created by director and multimedia animator Martin Allais and writer/director Nico CassavecchiaMomoguro is a colorful fantasy world where creatures called “Momos” can fuse together to form hybrid characters.

The pool generated more than 10,000 ETH in volume, although the floor price of the NFTs, after surging in the days immediately following the minting, fell below the initial value (0.2 ETH) and is now around 0.1 ETH.

Finally, paintings of Lee Mullicanan artist who has exhibited his works in the halls of the Museum of Modern Art (MoMA) and the Los Angeles County Museum of Art (LACMA), also landed on the Tezos blockchain in March.