NFTs Can't Catch a Break as Protracted Drop in Sales Continues

For the seventh week straight, non-fungible token ($NFT) sales have slipped further. In the last week alone, $NFT transactions totaled $66.11 million, marking an 11.65% decline from the previous week.

$NFT Sales Bleed Out: The Unrelenting Seven-Week Descent

Although the broader crypto market experienced some uplift, $NFT sales didn’t mirror this positive trend. Week after week for the past seven weeks, $NFT sales volumes have been plunging.

Seven-day $NFT sales according to cryptoslam.io data.

Despite this week’s sales being 11.65% lower than the previous week, there’s a silver lining: the count of $NFT purchasers surged by 17.77%, while the tally of sellers jumped by 15.82%. Data sourced from cryptoslam.io reveals that $NFT sales on the Ethereum platform took the lion’s share, accounting for $38.10 million of the week’s turnover.

This indicates that 57.63% of all NFTs sold over the week were Ethereum-based. However, sales of ETH-based NFTs dipped slightly by 0.84% this week. In the rankings, Mythos $NFT transactions clinched second place, amassing $8.79 million — an uptick of 12.29% from last week.

Solana rounded out the top three, recording sales of $6.86 million, a rise of 8.87% for the week. Topping this week’s $NFT sales charts, the Mythos-linked Dmarket collection clinched $8.72 million, marking a 12.32% increase. Hot on its heels was Bored Ape Yacht Club (BAYC) with $4.13 million, rising by 25.18%.

Meanwhile, Polygon’s Draftkings took the third spot, raking in $3.28 million, though it faced a dip of 18.24%. Sorare followed closely, garnering $2.87 million — a 3.87% upswing. Cryptopunks wasn’t far behind, amassing $2.79 million, a staggering hike of 61.41% from the previous week.

The top five $NFT sales this week, according to cryptoslam.io data.

The standout sale of the week was Cryptopunk #2367, fetching a cool $143,062 just three days ago. BNB’s Starcraft Planets #1498 was auctioned off at $32,880 merely 24 hours ago, and Bitcoin’s Ordinal Maxibiz commanded a price of $30,646 on Magic Eden three days back.

In a notable and similar trend, today’s blue-chip $NFT collectibles experienced a marked drop in floor prices. Cryptopunks are down to 45 ether, and BAYC NFTs plummeted to 26.30 ether, according to nftpricefloor.com. This dip is reflective of a broader downtrend seen across the blue-chip digital collectible market values.

What do you think about the last seven days of $NFT sales? Share your thoughts and opinions about this subject in the comments section below.