NFTs Struggle to Rebound Amidst Extended Sales Decline

NFTs Struggle to Rebound Amidst Extended Sales Decline

user avatar

by Max Nevskyi

3 years ago


For the seventh consecutive week, sales of non-fungible tokens (NFTs) have continued to decrease. Over the past week, NFT transactions amounted to $66.11 million, showing a drop of 11.65% compared to the week before.

While the wider crypto market saw a boost, NFT sales did not follow the same upward trajectory. For seven consecutive weeks, the volume of NFT sales has been on a decline.

However, there's a silver lining in this week's report: the number of NFT buyers increased by 17.77%, and the number of sellers rose by 15.82%. Data from cryptoslam.io highlights that Ethereum-platform NFT sales dominated the market, contributing $38.10 million to the week's total.

This means that 57.63% of all NFTs sold during the week were on the Ethereum platform. Nonetheless, the sales of Ethereum-based NFTs experienced a minor drop of 0.84% this week. Meanwhile, Mythos NFT transactions secured the second spot in the rankings, raking in $8.79 million, which is a 12.29% increase from the previous week.

NFTs Struggle to Rebound Amidst Extended Sales Decline - news

Solana claimed the third position, registering sales worth $6.86 million, marking an 8.87% weekly growth. Leading the NFT sales for the week, the Dmarket collection associated with Mythos amassed $8.72 million, an increase of 12.32%. Following closely was Bored Ape Yacht Club (BAYC) with revenues of $4.13 million, a jump of 25.18%.

On the other hand, Polygon's Draftkings secured the third rank, pulling in $3.28 million, despite witnessing a decrease of 18.24%. Sorare was not far behind with sales of $2.87 million, reflecting a growth of 3.87%. Cryptopunks also made a significant impression, accumulating $2.79 million, a remarkable surge of 61.41% compared to last week.

The week's highlight sale was Cryptopunk #2367, which sold for an impressive $143,062 just a few days ago. BNB's Starcraft Planets #1498 went under the hammer for $32,880 merely a day ago, while Bitcoin's Ordinal Maxibiz fetched a price of $30,646 on Magic Eden three days prior.

In a noteworthy trend, the floor prices of today's premier NFT collectibles have seen a considerable decrease. Cryptopunks have declined to 45 ether, while BAYC NFTs dropped to 26.30 ether, as reported by nftpricefloor.com. This decrease mirrors the overall downward trend in the valuation of high-end digital collectibles.

Tier I

Sector: #18291

Sealed Cache Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, caches will be stored in your inventory and can be opened with Keys.

Other news

Bitcoin Red Team Established to Tackle AI-Driven Security Threats

chest

The Bitcoin Red Team has been established to proactively identify AI-assisted security vulnerabilities in the Bitcoin ecosystem.

user avatarTando Nkube

TON Validators Prepare for Configuration Vote on New Collator Architecture

chest

TON validators are updating their node software and mytonctrl tooling for a configuration vote on a new collator architecture scheduled for August 21 at 0800 UTC.

user avatarKofi Adjeman

Aave's EMode: Efficiency and Risk in DeFi Lending

chest

Aave's EMode feature allows for efficient borrowing among correlated assets but also increases the risk of liquidation during market stress.

user avatarSatoshi Nakamura

Avalanche Surpasses $3 Billion in Tokenized Real-World Assets

chest

Avalanche's tokenized real-world asset value has surpassed $3 billion, marking a significant milestone in its development as a platform for institutional finance.

user avatarNguyen Van Long

Aave's Debt Concentration Raises Concerns Amid Ethereum Volatility

chest

Aave's debt profile shows that a small number of loan positions account for a significant portion of its total outstanding debt, raising concerns about risk concentration.

user avatarJesper Sørensen

Shift in Airdrop Strategy Reflects Changing Market Dynamics

chest

Optimism's decision to reallocate tokens indicates a shift away from broad airdrops towards more strategic ecosystem investments.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.