Ethereum continued to cross milestones in the non-fungible token (NFT) space after extending its lead as the biggest blockchain by all-time sales volume.
Ethereum is the most popular channel for buying, holding and selling digital collectibles. According Be[In]Crypto Research, Ethereum had a total sales volume of approximately $27.50 billion as of May 31.
This comes as a huge boost to the project after its native asset, ETH, fell below $2,000 in May seeing its market capitalization decline below $250 billion.
This milestone puts Ethereum ahead of Ronin, Solana, Flow, and Polygon as the top five selling NFT blockchains of all time. Other chains vying for the highest sales volume are WAX, Avalanche, Palm, Tezos, Panini, Binance Smart Chain (BSC) and Waves.
What caused soaring Ethereum sales volume?
Looking at the increasing number of unique buyers from Aug 2021, the surge in sales led to the platform’s soaring total transaction counts, with 139,944 unique buyers and 772,859 transactions. By the end of Aug, Ethereum’s sales volume was around $3.75 billion.
A 148% spike in the number of unique buyers from August led to an all-time high in the number of new NFT buyers on Ethereum in January 2022. In the first month of the year, unique buyers were 347,186, which was 1.27 million. transactions. This month also turned out to be Ethereum’s all-time high in monthly sales volume at around $3.98 billion.
Other months which made substantial contributions to Ethereum sales were Sept 2021 ($2.4 billion), Dec 2021 ($2.07 billion), Feb 2022 ($2.50 billion), March 2022 ($2.06 billion), and April 2022 ($3.21 billion).
