According to DappRadar, NFT sales fell more than 6% in the first five months of this year from the same period last year to $8.50 billion. This contrasts with January 2022, when the industry sold $17.20 billion of NFTs in a single month, a record high. Last month, investor sentiment soured further after the Securities Exchange Commission took the first step in approving ETFs to invest directly in Ethereum. Nicolas Lallement, co-founder of data tracker NFT Price Floor, said that before the approval, some investors started to turn to Ethereum and sell off NFTs. The cryptocurrency market is all about capital rotation, and it is foreseeable that Ethereum will continue to attract and absorb market capital and cause other asset prices to fall.