Ethereum NFT Market Slumps as Sales and Indexes Hit Record Lows

The Ethereum NFT market has experienced a significant slump, with sales dropping by 55% and popular collections like BAYC and Crypto Punks seeing over 40% declines. Despite this, ETH's price has remained relatively stable, though network growth and daily active addresses have decreased. The waning interest in Ethereum's ecosystem could pose long-term challenges, although the high MVRV ratio and presence of long-term holders suggest a large sell-off is unlikely in the near future.