While crypto markets have lost billions in the past seven days, sales of non-fungible tokenized assets are still up 81% since last week. Statistics indicate that $4.7 billion in NFT sales were settled in seven days among 326,733 buyers, and Ethereum saw a continued increase in NFT sales volume.
NFT Sales Remain Strong Despite Crypto Market Price Reversal
Bitcoin, Ethereum and a myriad of digital assets suffered heavy losses this week in terms of spot market value against the US dollar and other fiat currencies. Despite the carnage in the crypto market, NFT sales continue to climb with $4.7 billion in sales since last week.
The previous week, NFT sales across ten blockchain networks amounted to $2.5 billion in global sales. NFT sales volume over the past seven days has increased by 81.4%, according to statistics from cryptoslam.io.
Of the ten blockchains recorded, Ethereum sales jumped 84.04% this week while Ronin NFT sales increased 29.99%. The third and fourth largest blockchains by NFT sales, Solana and Flow, saw their sales plummet last week.
Solana NFT sales are down 10.26% and Flow NFT sales are down 13.17%. However, the biggest decline in NFT sales was Polygon’s 23.57% drop last week. Theta saw its sales decline this week but only lost 4.56%. Binance Smart Chain (BSC) saw the highest seven-day sales increase with an increase of 279.67%.
Meebits and Terraforms rule, old NFT projects descend the ladder in weekly sales
Last week, the NFT Meebits collection was the main competitor in terms of NFT sales and still is this week. Over the past seven days, Meebits recorded sales of $1.9 billion, up 104.40% from last week.
Terraforms saw sales of $1.2 billion last week up more than 298%, and Loot saw $468 million up 79% from last week. Cryptophunks V2 sales increased by 88% this week and Azuki NFT sales increased by over 141%. Collections that were once the main competitors in terms of NFT sales like Bored Ape Yacht Club (BAYC) have seen their sales plummet. BAYC’s sales have fallen more than 34% in the past seven days.
Mutant Ape Yacht Club (MAYC) sales were up over 4%, but the MAYC collection slipped to the tenth largest NFT compilation after being a top five contender. Additionally, The Sandbox NFT’s sales were down over 31% after the metaverse project surged significantly two weeks ago.
Overall, NFT markets and sales have managed to avoid the crypto market carnage that crypto assets have been experiencing lately. These funds, although lower in value, still buy NFTs in large numbers and the billion dollar NFT industry remains profitable.
What do you think of the last seven days of NFT sales and the fact that they are still on the rise despite the decline in value in the cryptocurrency markets? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, cryptoslam.io,
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