Jamal Al-Farouq After a period of consistent growth, the sales of non-fungible tokens (NFTs) have experienced a significant decline of 20.44% in the past week compared to the previous week. According to data spanning seven days, NFT sales amounted to $152.96 million last week, with $84 million of that coming from transactions on the Ethereum blockchain.
NFT Market Affected by Crypto Market Downturn
Over the past seven days, sales of NFTs have taken a steep nosedive, falling more than 20% compared to the previous week. This decline follows a series of consecutive weeks during which Bitcoin-based NFTs gained substantial traction. During this period, NFT sales reached a total of $152.96 million, while the number of NFT buyers decreased by 63.59%. Ethereum-based NFT sales accounted for $84 million, representing 54.91% of the market share across 21 different blockchains.
However, Ethereum-based NFT sales saw a 34% drop compared to the previous week. Bitcoin-centric NFTs remain in the second position in terms of sales, with a recorded total of $29.41 million. Sales of Bitcoin-based NFTs increased by approximately 25.9% compared to the previous week. Other blockchains hosting NFT sales include Solana ($8.48 million), Mythos ($8.12 million), and Polygon ($6.32 million).
While Bitcoin NFTs dominated the top five spots last week, the situation has changed according to data from cryptoslam.io. This week, two out of the five most expensive NFTs sold were based on Ethereum, with the remaining three being Bitcoin-based.
The highest-priced NFT sale originated from the Bitcoin-based Derps collection, which also ranks eighth in terms of overall sales for the week. However, the largest collection in terms of sales was the uncategorized ordinals.
Following uncategorized ordinals, the leading collections by sales were Dmarket, Bored Ape Yacht Club (BAYC), Gods Unchained, Mutant Ape Yacht Club (MAYC), and Azuki. While NFT sales were lower in April compared to March, May witnessed an increase in sales, surpassing April’s total. In the previous month, NFT sales amounted to over $739 million, and as of June, sales have already reached $263.86 million.
What lies ahead for the NFT market? Will there be a rebound in sales or is this the start of a downward trend? Feel free to share your thoughts in the comments section below.
Frequently Asked Questions (FAQs) about NFT sales
What caused the decline in NFT sales after weeks of gains?
The decline in NFT sales can be attributed to market fluctuations and the overall downturn in the cryptocurrency market. After a period of consecutive gains, the NFT market experienced a 20.44% drop in sales.
Which blockchain platforms were prominent in NFT sales?
Ethereum and Bitcoin-based NFTs were the leading platforms in terms of sales. Ethereum accounted for a majority of the market share, with $84 million in sales, while Bitcoin-based NFTs held the second position with $29.41 million in recorded sales.
Did the NFT market show any signs of recovery?
It’s difficult to determine the future trajectory of the NFT market. While there have been fluctuations in sales, it’s uncertain whether this decline is the beginning of a downward trend or if there will be a rebound in sales. Market dynamics and investor sentiment will play a significant role in shaping the future of the NFT market.
