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

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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.

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 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.