Monday, May 20, 2024

This week, data showed that people spent $193.08 million on Non-Fungible Tokens (NFTs). That’s 5.44% less compared to last week. Most of the money went to NFTs on Ethereum – $107 million or 55%. Another 13% – or $26.3 million – was spent on NFTs from Solana.

5 Billion Dollars Spent on NFTs in 30 Days

This week, the amount of money people spent on special digital items called non-fungible tokens dropped 5.44% from last week. In total, about $193.08 million was spent across 19 different platforms for these digital items. However, if you look at sales over a 30-day period, there has been way less spending; only $912.54 million in total! The most popular platform where people bought these things were Ethereum ($107M), Solana ($26M), Polygon ($6M), Immutable X ($5.3M) and Cardano ($3.16M).

This week, Solana and Cardano’s NFT sales went up. Solana’s was up 37.16%, and Cardano’s was 44.27% more than the previous week. On the other hand, Ethereum, Polygon, and Immutable X’s NFT sales went down compared to last week. Arbitrum had an increase of 64.49%, and Avalanche saw a really big jump – it was up by 293%.

NFT Sales

This past week, Palm blockchain sales rose by 370%, and Algorand NFT sales went up 58% compared to the week before. Most of the NFTs sold were on Ethereum (55%), but 18 other blockchains also had a share of 45%. The NFT collections with the most sales this past week were Cryptopunks, Bored Ape Yacht Club (BAYC), MG Land, Otherdeed, and HV-MTL.

Cryptopunks, Degods, Y00ts, Sorare, Mutant Ape Yacht Club (MAYC), and Gods Unchained Cards were the five to ten big sellers this week. Cryptopunks sold $12.55 million in sales this week which is 49.15% more than last week’s result. BAYC had a 43.52% increase with around $10.14 million in sales and MG Land got 7.84 million but it was 5.72% less than what they made the previous week.

This week, five NFTs (Non-Fungible Tokens) have been sold for very high prices. Otherdeed #2,118 was the most expensive one with a sale price of $375,979 three days ago. Cryptopunks #6,036was bought for $365,508 two days ago and Bored Ape Yacht Club (BAYC) #5,647 was sold for $263,537 six days ago. Cryptopunk #2,353 and Otherdeed #99,728 were also bought by someone but their price was relatively a bit lower at $217,454 and $205,711 respectively. This month more than 1 million people joined in buying these NFTs which lead to a total of around 1 billion dollars being spent on them in 30 days!

What do you think about the NFT market nowadays? Is the recent drop in sales just a short-term thing or it will last for a long time? Tell us in the comments below.

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