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.