Ethereum

Solana

April

Azuki

<![CDATA[<figure class="image"><img src="https://cimg.co/news/123298/326157/amazon-nft-media-library-.jpg" srcset="" width="" class="content-img" alt=""><figcaption>Source: Pixabay</figcaption></figure>Recent data from non-fungible token (NFT) marketplaces show a sharp decline in transaction volume and prices with several projects posting double-digit losses.According to data for Nansen, &ldquo;blue chip&rdquo; NFTs have recorded up to 25% NFT losses as the sector marks the lowest point since April 2021.&nbsp;Last month, total <a href="https://www.cryptoslam.io/nftglobal?timeFrame=month">sales volume</a> stood at $465 million down 23% from June marking a fifth consecutive month of losses since February when sales topped $1.2 billion following a change in the bearish market outlook per CryptoSlam data.The shift in consumer demand for NFTs can be seen in the average price falling to $47 at the detriment of blue-chip assets. While sales recorded a sharp drop, transaction volumes showed a slight decrease.In July, transaction volumes were at 10.4 million, a reduced level from 10.8 million in June. According to data from CryptoSlam, the top three networks for NFT sales remained the same with Ethereum recording $293 million in sales while Bitcoin and Solana posted $52.6 and $35 million respectively.&nbsp;The floor price of Bored Apes Yacht Club (BAYC) assets plummeted by 27% in the last 30 days while DeGods and Azuki recovered higher losses as market uncertainty soars.<a href="https://degods.com/">DeGods</a> collection plunged by 55% with Azuki&rsquo;s floor prices hitting lows at 36%. A key indicator of a bearish NFT market is the 40% decline of the Nansen NFT 500 and its Blue Chip 10 index falling by 10%.Bitcoin (BTC) Ordinals, which recorded high volumes in April eventually clogging the network, have also seen its figures decline in recent months.DappRadar shows a significant drop of 98% since May and sales volumes plummeted from $452 million to $3 million within the same period.A staggering low in the NFT market is the fall of asset prices below the decline of <a href="https://cryptonews.com/coins/ethereum/">Ether</a>. The cost of Ether often sets the tone for the NFT market but while it has plummeted 9% over the past month, several leading NFT projects have plunged above 25%.<h2 id="devs-take-positives-from-the-market">Devs take positives from the market&nbsp;</h2>While the market wears a bearish outlook with declining figures, some developers are springing ideas of creating new collections at a lower price as consumers turn away from &ldquo;Blue Chip&rdquo; NFTs.In the past 30 days, smaller NFT projects have recorded gains. Miladays has been among the biggest gainers with its floor price skyrocketing by 66% almost moving past the Mutant Ape Yacht Club.&nbsp;Sproto Gremlins has also shocked many observers with its price hitting 262%. Still on the positive, NFT aggregator Rarible has recorded growth after announcing support for creator royalties.&nbsp;<figure class="media"><oembed url="https://twitter.com/dappradar/status/1694377531070189665?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg"></oembed></figure>In the past 24 hours, volumes have surged up to 585% after it plans to cut off orders from platforms like <a href="https://cryptonews.com/news/yuga-labs-plans-part-ways-with-opensea-nft-marketplace-following-royalty-model-change.htm">OpenSea</a> that don&rsquo;t support creator royalties.&nbsp;&ldquo;&hellip; we support royalties, we always have, we always will,&rdquo; the company stated in a tweet.&nbsp;
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NFTs Hit By Unstable Market As Multiple Projects Post Monthly Losses Amid Declining Volumes

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