NFT Sales Decline by 9.91% in the Ongoing 6-Week Downtrend Despite Soaring Crypto Prices
Non-fungible token (NFT) sales have once again witnessed a decline this week, marking a consecutive six-week downturn. Data from September 24 to October 1, 2023, reveals a total of approximately $72,767,450 in NFT sales, indicating a 9.91% decrease compared to the preceding week.
Persistent Downturn in NFT Sales
While the broader cryptocurrency market has experienced an upswing in the past seven days, NFT sales have continued their downward trajectory for the sixth consecutive week. The week’s cumulative NFT sales stand at $72.76 million, representing a 9.91% decline from the previous week. It’s worth noting, however, that the number of NFT buyers has increased by 17.77%, totaling 569,407 buyers, and the number of NFT sellers has also risen by 15.82%, reaching 714,889 individuals over the past week.
Within the landscape of NFT sales across various blockchains, Ethereum stands out as the frontrunner among 22 networks, accounting for $37.27 million in sales. This underscores Ethereum’s dominance, contributing to a substantial 51.22% of the week’s NFT transactions. Despite its lead, Ethereum-based NFT sales experienced a modest decline of 1.16% compared to the previous week.
Following closely, Mythos NFT sales secured the second position with a notable $7.83 million in sales, reflecting a robust increase of 13.12% since the prior week. Polygon claimed the third spot in NFT sales this week, amassing $7.12 million, while Solana secured the fourth position with a commendable $5.86 million. Immutable X occupied the fifth position, accruing $5.47 million in sales from September 24 to October 1.
For this week, the title of the leading NFT collection went to Dmarket, based on the Mythos blockchain, boasting $7.76 million in sales. In close pursuit, the Immutable X-hosted compilation, Gods Unchained, secured the second spot with a substantial $5.22 million in sales. Following the top two contenders in the seven-day sales race were Draftkings, Bored Ape Yacht Club (BAYC), and Sorare.
Notably, the highlight of this week’s most significant NFT transaction was BAYC #591, which fetched $177,710 on Opensea’s marketplace just five days ago. On the Bitcoin blockchain, an NFT known as Ordinal Maxi Biz commanded $44,217 on Magic Eden’s NFT market. Solana’s Boogle #066 closely followed with a sale price of $40,503, trailed by BNB’s Starcraft Planets, which garnered $32,544, and Cardano’s Earth Node #268, concluding the high-value sale race at $32,100.
We invite you to share your insights and perspectives on the past seven days of NFT sales in the comments section below.
Frequently Asked Questions (FAQs) about Keyword: NFT Sales Decline
What is the current trend in NFT sales?
NFT sales have experienced a decline of 9.91% in the past week, marking the continuation of a six-week downtrend. Despite a rise in the broader cryptocurrency market, NFT sales have shown consistent weakness.
How much were the total NFT sales during the week from September 24 to October 1, 2023?
During this period, the total NFT sales amounted to approximately $72,767,450, indicating a 9.91% decrease compared to the previous week.
Have there been changes in the number of NFT buyers and sellers?
Yes, there has been an increase in both the number of NFT buyers and sellers. The number of NFT buyers rose by 17.77% to reach 569,407 buyers, and the number of NFT sellers increased by 15.82%, totaling 714,889 individuals over the past week.
Which blockchain dominated the NFT sales during this period?
Ethereum emerged as the leading blockchain for NFT sales among 22 networks, contributing $37.27 million in sales, which accounted for 51.22% of the week’s NFT transactions. However, Ethereum-based NFT sales experienced a slight decline of 1.16% compared to the previous week.
What were the top NFT collections and their sales figures?
The top NFT collection for the week was Dmarket, based on the Mythos blockchain, with $7.76 million in sales. Gods Unchained, hosted on Immutable X, secured the second position with $5.22 million in sales. Other notable collections included Draftkings, Bored Ape Yacht Club (BAYC), and Sorare.
Can you highlight any notable high-value NFT sales during this week?
Certainly. BAYC #591 fetched $177,710 on Opensea’s marketplace, making it the most significant NFT transaction of the week. On the Bitcoin blockchain, Ordinal Maxi Biz commanded $44,217 on Magic Eden’s NFT market. Solana’s Boogle #066 followed closely with a sale price of $40,503, and BNB’s Starcraft Planets garnered $32,544. Cardano’s Earth Node #268 concluded the high-value sale race at $32,100.
What is the outlook for NFT sales based on this data?
Based on the data presented, NFT sales continue to face challenges with a prolonged downward trend. The increase in the number of buyers and sellers suggests ongoing interest in the market, but the overall sales figures have declined. It will be important to monitor future developments and market dynamics to assess the trajectory of NFT sales.
More about Keyword: NFT Sales Decline
- CryptoSlate – NFT Market Data
- CoinDesk – NFT Sales Report
- Etherscan – Ethereum NFT Transactions
- PolygonScan – Polygon NFT Transactions
- Solana Explorer – Solana NFT Transactions
- Immutable X Marketplace
- Opensea NFT Marketplace
- Magic Eden NFT Marketplace
- Bored Ape Yacht Club Official Website
- Sorare Fantasy Football NFTs