Business In News
Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $118.02 million worth of NFTs were sold this week compared to last week’s $132.43 million. Further, the top two NFT collections with the largest market capitalizations shed significant value during the past seven days. While Bored Ape Yacht Club’s market valuation lost 21.29%, Cryptopunks’ market cap slid by 19.18%.
NFT Sales and Prices Nosedive
NFTs had a lackluster week as sales and prices have followed in sync with falling crypto asset prices. Statistics show that a large number of NFT collections have lost considerable market value during the past week. For instance, metrics show that Bored Ape Yacht Club’s (BAYC) floor value on September 13, 2022, was $114,388 and today, the floor value is around $90,026. BAYC’s market valuation on September 13 was $1.14 billion and today it’s down 21.29% to $900.25 million.
Data shows that the second most expensive NFT floor value belonged to Cryptopunks on September 13, and that’s still the case today. However, the cheapest Cryptopunk last week was around $98,941, but today you can get one for $79,960. Cryptopunks’ market cap has nosedived 19.18% lower during the past week. The same can be said for a majority of blue chip NFT collections like PROOF Collective, Mutant Ape Yacht Club (MAYC), Castaways, and Doodles.
Seven-day statistics show that the BAYC NFT collection is the compilation with this week’s top sales, as $8,603,290 in trades were recorded. BAYC sales have increased by 17.33% and the second largest NFT collection in terms of weekly sales is RENGA. The RENGA NFT collection has managed to print $5,822,323 in seven-day sales, up 121.08% since last week. Overall, however, NFT sales across 17 blockchains monitored by cryptoslam.io are down 10.88% lower than last week.
Ethereum (ETH) captured the top NFT sales and Solana (SOL) recorded the second largest number of digital collectible sales this week. Although, ETH-based NFT sales slipped 1.66% lower than last week with $79.05 million in seven-day sales. SOL-based NFT sales are down this week 42.11% lower than last week with $23.71 million. Both Flow and Immutable X saw an uptick in NFT sales. Flow NFT sales jumped 59.42% higher, and Immutable X NFT sales saw a significant 790.96% increase.
The top five most expensive NFTs sold this week all stemmed from the BAYC collection and include Bored Ape #441, Bored Ape #2897, Bored Ape #5733, Bored Ape #4179, and Bored Ape #1846. Bored Ape #441 sold for 351,000 DAI and Bored Ape #2897 sold for 215.38 ether or $296,404. Bored Ape #5733 was sold three days ago for 120 ether or $176,458, and Bored Ape #4179 sold for 123 ether or $176,307. Lastly, the fifth most expensive, Bored Ape #1846, was sold for 106 ether or $151,939 four days ago.
What do you think about this week’s NFT sales dropping more than 10% lower than last week’s sales? Let us know what you think about this subject in the comments section below.