Ethereum-Based NFT Market Takes a Hit Amid Global Economic Pressures

The world of non-fungible tokens (NFTs) has seen some significant shifts in recent months, particularly in the realm of Ethereum-based collections. A new report reveals that the market has taken a hit, with sales dropping considerably and unique buyer counts reaching their lowest point in nearly half a year.

NFT Sales Dropped 12% in March, Ethereum-based NFTs Hit Hard

NFT sales decreased by 12% in March as several marketplaces closed. The number of unique buyers dropped to its lowest level since October 2023, suggesting a slowdown due to global economic pressures. Ethereum-based NFTs suffered the most with a 59.3% drop in sales, while only CryptoPunks saw growth among the top 20 collections. Bored APE Yacht Club and Pudgy Penguins lost more than 50%. Conversely, Panini saw a surge in digital collectibles sales with a 259.2% increase, placing it among the top 10 NFT blockchains. Despite the broader slowdown, brands and creators continue to explore new NFT concepts.

Ethereum Bullish Signal: Big-Money Traders Buying The ETH Dip

On-chain data reveals that large Ethereum investors have recently increased their holdings, which could be a bullish sign for the ETH price. IntoTheBlock, a market intelligence platform, reported a positive trend in the Large Holders Netflow for Ethereum. This metric tracks the net movement of cryptocurrency into or out of wallets controlled by large holders. The platform categorizes investors into Retail, Investors, and Whales based on their ETH holdings.

Ethereum Dominates Weekly Inflows with $704M

Ethereum captured 85% of total weekly inflows, reinforcing its dominance in DeFi liquidity. Despite attracting $704.48 million in net inflows, there were consistent weekly outflows exceeding deposits. Arbitrum trailed with $226.18 million, while Aptos and zkSync Era received smaller inflows of $20.18 million and $16.56 million respectively.

Ethereum Risks Drop To $1,550 If It Doesn’t Reclaim Key Resistance

Ethereum (ETH) has seen a 17% drop in the last month, trading below $1,850. An analyst has warned that ETH risks dropping to 17-month lows if it fails to reclaim key resistance levels. The cryptocurrency has been hovering between $1,750-$1,840 after failing to recover the $1,900 mark. Since losing the $2,100 level in early March, ETH has seen its worst performance in seven years, recording a negative monthly close for the fourth consecutive month.