Ronin NFT Sales Fall Below $1 Million for the First Time in 16 Months
The number of individuals interested in purchasing digital collectibles is decreasing, and the sector as a whole is losing momentum. As a result, the amount of money that Ronin NFT made in sales fell below $1 million in August.
During the first full week of September, Ronin experienced a lot of success when Sky Mavis, the business behind Axie Infinity, added Google to its increasing roster of organizations helping to defend the gaming centric Ethereum sidechain technology.
In addition, the United States authorities assisted in the recovery of crypto worth $30 million in the Ronin Bridge Hack, which resulted in an estimated $600 million theft.
A new monthly sales record of $939,432 was reached by Ronin (the lowest for one of the most promising NFT blockchains ever), according to information released by CryptoSlam.
Compared to Ronin’s revenues of more than $3 million in July 2022, this information can surprise the stockholders of NFT. The new information surfaced exactly one year after the blockchain reached its all-time high in monthly sales volume of more than $848 million.
Some industry observers attribute the decline in sales to a declining interest in Axie Infinity NFTs. In contrast, others point to the hack of the Ronin bridge as the primary cause of the problem. The attack fostered a decrease in the number of users of the sidechain. The attack also prompted a decrease in the value of the digital objects traded on the network.
Consecutive drops in new buyers, total sales, and average price have been seen
Millennials make up most NFT collectors (those born between 1981 and 1996). Counting the number of people that make individual purchases is one method to evaluate the viability of a blockchain project.
Ronin established a new benchmark for sales volume in November 2021, with 520,789 more users making purchases. This equaled three million transactions or sales volumes of roughly $750 million.
The number of distinct buyers had a 39% year-over-year decline to 314,642 in January 2022, which led to a drop-in trading activity to 1 million and a commensurate loss in income to 126 million dollars.
This shows that there were 95% fewer distinct buyers and 94% fewer total transactions in the market during August 2022 compared to August 2021. A fall of 97% was seen in the monthly sales average, which went from $457.66 in August 2021 to $11.94 in August 2022.
During the last four months, the median selling price has never been more than $20.
Does Ronin Have a Chance of Staying as the Second Highest NFT-selling Blockchain?
Only Ethereum is larger than Ronin in sales volume, putting Ronin in second place among the biggest NFTs.
Flow, the company behind the highly successful NBA Top Shot and the just introduced NFL ALL DAY, has to fund more than $3 billion to become Ethereum’s biggest competitor. Solana, the company in the third position, needs to raise more than $1.5 billion to overtake Ronin.
To become the second largest blockchain in terms of the number of digital items sold, Polygon will need to generate more than $3.5 billion.