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Immutable X NFT Market Sales Volume Plunges $48 Million in 2022 – BeInCrypto

Immutable_X_NFT_Market_Sales_Volume_Plunges_$48_Million_in_2022

In July, there was a big drop in the number of people going to digital collectibles marketplaces, which hurt sales for Immutable X.

Immutable X is one of the largest NFT blockchains of all time. It has made more than $230 million in sales. According to a study by Be[In]Crypto that used data from CryptoSlam, blockchain sales were almost $5.2 million in July.

Immutable X had less volume than Ethereum, Ronin, Solana, and Flow, and sales were 34% lower in July than they were in June ($8 million in volume).

Immutable X NFT Market Sales Volume Plunges $48 Million in 2022 - BeInCrypto

Immutable X: are you new?

In 2018, Immutable X was introduced as a layer 2 scaling solution for non-fungible tokens (NFTs) on Ethereum. It fixes the slow speeds and high fees on the Ethereum chain by making trade confirmations happen quickly and making it almost free to mint and trade NFTs.

Ethereum can only handle less than 50 transactions per second, while Immutable X can handle up to 9,000.

Some of the most well-known NFT projects on Immutable X are Gods Unchained, Ebook Video Games, Guild of Guardians, Highrise, and Moody Krows.

Why did sales decline?

With 14,123 unique buyers and 519,928 transactions, the drop in sales volume may be due to the drop in the number of transactions from July.

In January, when NFT had the most sales ever, there were 33,976 different buyers, or 1.5 million transactions. In January, close to $54 million worth of Immutable X was sold.

In July, the blockchain hit a new low. For the first time since May 2022 ($5.8 million), sales were less than $6 million. This was a drop of $48.4 million from January. The average price of a sale also went down, from $34.67 in January to $10.05 in July.

How the IMX price changed

On July 1, IMX started trading at $1.01, went up to $1.29, dropped to $0.7862, and ended the month at $1.09. Even though sales went down in July, IMX went up by 7 percent overall.

Immutable X NFT Market Sales Volume Plunges $48 Million in 2022 - BeInCrypto
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