Ethereum’s dwindling NFT sales and buyers have a Solana twist which looks like…

ambcrypto.com:

NFTs, once a trending keyword in 2021, are seeing their traction and popularity fade in 2022, especially as NFT metrics slide down. Big bulls such as Ethereum-based NFTs have, understandably, faced severe repercussions too.

Ergo, the question – Can Ethereum’s competitors capitalize on this opportunity? If so, can it make its way back to the top?

NFTs, overall, took a huge hit in 2022. NFT trading volume has gone down by a whopping 97 percent since its peak in January. According to data compiled from Dune Analytics, the weekly trading volume of non-fungible tokens across the blockchain realm plunged to $114.4 million.

ETH’s NFT volume in dollar terms fell by ~90% from January, with sales averaging less than $1B per month in Q3. Simply put, sales averaged less than $1 billion per month in Q3 compared to $4.6 billion in Q2.

Messari’s 2 October tweet shed further light on the stated scenario.

Source: Messari

The decline highlighted not only aslowing market for NFTs, but also a drop in ETH’s price which most NFTs use as their base currency. OpenSea continued to dominate market share in Q3. Furthermore, the data indicated that Ethereum became less popular for NFTs, despite moving to Proof-of-Stake and addressing the issue of carbon/energy-intensive usage.

Additionally, NFT daily trading volumes dropped dramatically, with the average number of daily traders seeing a much smaller decline. This indicated “a sticky base of committed users at around 40,000 per day,” as per Messari’s post.

Source: Messari

A few entities did see some relief, however. For instance, the sales volume for Ethereum Names Service (ENS) increased by 133.95% over the last 30 days. Compared to the same, the sales volume of blue chip NFTs such as Bored Apes,