Ronin (RON) NFT Sales Plunge More Than $120 Million to 2022 Low

Ronin sales crashed to a new low in June due to decreased investor interest in non-fungible tokens (NFTs). 

Ronin is the second-most successful blockchain by all-time NFT sales volume, with total sales of approximately $4.08 billion. Much of the sales came from Axie Infinity, the most successful NFT of all time. Per Be[In]Crypto Research, Ronin Chain had a sales volume of roughly $3.19 million in June.

Source: Ronin NFT Sales Chart for June 2022 by CryptoSlam

The sixth month of the year was one of the worst performing months of Ronin concerning NFT sales as networks such as Flow, Solana, Polygon, WAX, Immutable X, and Binance Smart Chain (BSC) generated more volume than the blockchain. Moreover, June’s value was a 54% decrease from May. In May, Ronin’s sales volume was roughly $7.09 million.

Source: Ronin NFT Sales Chart for May 2022 by CryptoSlam

New to Ronin? 

Launched in 2020 by Sky Mavis, the same company behind Axie Infinity, the popular play-to-earn game. As a sidechain or parallel network, Ronin was created to counter the scalability problems associated with the Ethereum Network which led to the slow processing of transactions required to power the game which ultimately culminated in high gas fees.

Why the dip in sales? 

When you examine the drop in the number of unique buyers of the top NFT housed in Ronin, Axie Infinity, the decline in the digital collectibles’ sales volume led to descending transaction counts in the blockchain, with 52,742, and 309,610 transactions.

In relation to Jan. 2022 which was the chain’s yearly high in sales volume, there were 314,642 unique buyers and 1.29 million transactions. In Jan., Ronin generated approximately $126.49 million.

Source: Ronin NFT Sales Chart for Jan. 2022 by CryptoSlam

After generating less than $5 million in monthly sales for the first time since April 2021 ($777,294.56), a new low was reached in June and this was $123.29 million below volume from Jan.

In addition to sales volume, there was a drop in average sale value. The average sale value for June was $10.33 and this was an 89% decrease from that of $97.54 recorded in Jan.

What do you think about this subject? Write to us and tell us!

The post Ronin (RON) NFT Sales Plunge More Than $120 Million to 2022 Low appeared first on BeInCrypto.

Earning Passive Income With Crypto

Related Posts

SHIB Metaverse: How Will it Impact the Price of Shiba Inu?

SHIB Metaverse: Shiba Inu is one of the best-known cryptocurrencies on the market, and was launched in August 2020. A little over 5 months ago, it announced…

PoW Miners Rake in Profits Mining ETH Until the End, Ethash Networks Expect a Boost, JPMorgan Strategists Say ETC Could Benefit

In just over a month’s time, The Merge is likely to be implemented on the Ethereum blockchain and the network’s proof-of-work (PoW) miners will be forced to…

Another Stablecoin Depegs From USD Parity, Polkadot-Based AUSD Loses 98% in Value

2022 has been the year of broken stablecoins as a myriad of dollar-pegged crypto assets depegged from their dollar value this year. On August 14, the Polkadot-based…

Weekly NFT Sales Show Improvement, Fantom and Immutable X NFT Volume Spikes

Non-fungible token (NFT) sales managed to climb higher during the last seven days than the previous week’s overall sales. This week’s NFT sales managed to jump over…

Aave Responds to Blocking Addresses Over Tornado Cash Clampdown

DeFi lending protocol Aave Protocol said the TRM API on its app was responsible for blocking addresses that received ETH from unknown sources through Tornado Cash. In…

Brazilian Crypto Investment Platform Bluebenx Stops Withdrawals Under Hack Allegations

Bluebenx, a Brazil-based cryptocurrency investment platform, suspended withdrawals last week due to an alleged hack that made the company lose more than $31 million. The company announced…