cryptoslate.com
Despite the current sentiments about the crypto industry, the non-fungible token space has continued its impressive run this year.
The $NFT space recorded over $2.5 billion worth of sales within the previous week. This represents a 161% growth within the last seven days.
$NFT sales on Ethereum dominates
Per cryptoslam.io data, NFTs on the Ethereum blockchain had the lion’s share of the sales. Sales on this blockchain totaled $2.45 billion, and it was majorly dominated by $NFT projects like Meebits, which had $1.23 billion in sales, 574 buyers, and over 2000 transactions.
$NFT sales on lesser-known blockchains like Theta, Wax, and Flow also increased. Data shows that sales on Theta blockchain rose by over 490%, which is the highest increase in the last seven days, while that of Wax and Flow blockchain had a rise of 17.10%, and 1.04%, respectively.
Notably, sales on more popular blockchains like Solana, Polygon, and even Binance Smart Chain were in the red as they depreciated by 36%, 11.5%, and 80%, respectively.
The top $NFT projects by sales
Aside from Meebits, other $NFT projects that raked in hundreds of millions include Loot which saw over $280 million in sales, and CryptoPhunksV2, which had over $140 million in sales.
Interestingly, more popular $NFT projects like Bored Ape Yacht Club, Mutant Ape Yacht Club, and PhantaBear saw their sales decline by over 20% each. However, they are still among the top 10 as they recorded sales worth $53 million, $33 million, and $31 million, respectively.
LooksRare sales outpace that of OpenSea in the last seven days
While OpenSea has been the undisputed dominant $NFT marketplace in the sector, a new marketplace is looking to rival it now.
LooksRare, the newly launched $NFT marketplace, saw its sales statistics for the last seven days beat that of OpenSea.
According to available data, the new platform had $444 million in sales while OpenSea saw around $120 million in sales. The third-largest $NFT marketplace in the previous week was Solana-based Magic Eden which had around $8 million in sales.
It should be noted that despite the impressive figure posed by LooksRare, it is still a long way away from OpenSea, which is soon set to hit $15 billion in total $NFT sales.
Other marketplaces like Axie Infinity are also nearing around $4 billion in total sales, while Magic Eden is also inching closer to the $1 billion mark.
The continued interest of investors like celebrities, traditional firms, and retail interest is expected to continue to drive sales in the space for the foreseeable future.