While crypto markets have lost billions over the past seven days, sales of non-fungible tokens are still up 81% since last week. Statistics show that $4.7 billion in NFT sales were settled in seven days among 326,733 buyers, and Ethereum has seen a steady increase in NFT sales volume.
NFT sales remain strong despite the turnaround in crypto market price
Bitcoin, Ethereum and countless digital assets deep 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 boom with $4.7 billion in revenue as of last week.
The week before, NFT sales across about ten blockchain networks totaled $2.5 billion in global sales. According to them, the NFT sales volume has increased by 81.4% in the last seven days cryptoslam.io Statistics.
Of the ten blockchains tracked, Ethereum sales are up 84.04% this week, while Ronin NFT sales are up 29.99%. The third- and fourth-largest blockchains in terms of NFT sales, Solana and Flow, have seen their revenue fall over the past week.
Solana NFT sales were down 10.26% and Flow NFT sales were down 13.17%. However, the biggest drop in NFT sales was Polygon’s 23.57% drop over the past week. Theta saw its sales fall this week, but lost just 4.56%. Binance Smart Chain (BSC) saw the largest increase in seven-day sales, up 279.67%.
Meebits and Terraforms rule, older NFT projects fall down the weekly sales ladder
Last week, NFT collection Meebits was the top contender in terms of NFT sales, and it still is this week. In the past seven days, Meebits has posted revenue of $1.9 billion, up 104.40% since last week.
Terraforms posted $1.2 billion in revenue last week, up more than 298%, and Loot posted $468 million, up 79% from last week. Cryptophunks V2 sales are up 88% this week and Azuki NFT sales are up over 141%. Collections that were once top contenders in terms of NFT sales, like Bored Ape Yacht Club (BAYC), have seen sell-outs. BAYC sales are down more than 34% over the past seven days.
Mutant Ape Yacht Club (MAYC) sales are up more than 4%, but the MAYC collection has slipped to the 10th largest NFT compilation after ranking in the top five. Additionally, The Sandbox’s NFT sales are down over 31% following the Metaverse project’s sharp surge two weeks ago.
Overall, the NFT markets and sales have managed to fend off the crypto market carnage that crypto assets have been experiencing lately. These funds, while of lesser value, still buy NFTs in large numbers and the billion-dollar NFT industry remains profitable.
What are your thoughts on the last 7 days of NFT selling and the fact that it’s still going up even though the cryptocurrency markets are falling sharply in value? Let us know what you think about this topic in the comment section below.
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Source: Crypto News Austria