NFT Sales Stave off Crypto Market Downturn This Week With a Slight Uptick in Volume
Non-fungible token (NFT) sales have managed to stay consistent this week while the crypto economy saw more losses over the last seven days. The week prior, $152.9 million in NFT sales were recorded across 18 blockchains and during the past week, $154.3 million in sales were executed. While Ethereum saw the most NFT sales this week, the chain saw a 9.23% decline in ether-based NFT sales volume.
NFT’s Avert This Week’s Crypto Downturn as NFT Sales Saw a Modest Increase
At the time of writing, approximately $154,366,090 in NFT sales were recorded across 18 different blockchains and the metric is roughly 0.96% higher than the week prior. The NFT collection Bored Ape Yacht Club (BAYC) saw the most sales out of all the NFT collections with $13,292,929 in sales, up 1.01% during the last seven days.
During the past 24 hours, the BAYC floor value has dropped to 85.99 ETH ($90K) or 1.2% lower than the day before. Over 158 transactions, BAYC saw 99 buyers this week purchase Bored Ape NFTs.
The second collection with the most amount of sales this week was Sorare with $11,293,496. Sorare sales jumped 201% higher than the week prior across 142,903 transactions and 13,492 buyers. Sorare is followed by Otherdeed which has seen an increase of around 63.65% in weekly sales or $10,112,650 in sales volume.
While Ethereum’s overall sales ($107,656,971) were 9.23% lower than last week, a number of other blockchains saw a surge in weekly sales. Fantom saw the largest increase this week as NFT sales jumped 10,616% on the chain this past week.
Panini recorded a 228.58% increase, BNB saw a 148.97% spike, and Flow blockchain NFT sales swelled by 112.53%. 13 out of the 18 blockchains saw NFT sales increase during the last seven days while chains like Ethereum, Palm, Arbitrum, Cronos, and OEC all saw declines.
The most expensive NFT sale this week was Otherdeed 6 which sold for 249.46 ether or $309K. Bored Ape 211 sold for 194.97 ether or $232K and Bored Ape 2,896 sold for 166 ether or $205K. The top five most expensive NFT sales this past week consisted of one Otherdeed sale and four Bored Apes.
Opensea was the top NFT marketplace this week with $113 million in sales but sales are down 17.24%. Opensea is followed by X2Y2 with $15.33 million in NFT sales and Magic Eden recorded $15.04 million in sales.
After being the second-largest NFT market by sales volume months ago, this week, Looksrare now commands the fourth largest NFT marketplace in terms of sales with $7.12 million, down 3.66% since the week prior.
The largest floor price increases during the past 24 hours stem from NFT collections like Impostors Genesis Aliens, Lost Poets, Sneaker Heads Official, Lilheroes, and Creature World.
On June 20, 2022, NFT 30-day sales were down 74.44% but monthly sales prior to July 2, are down 65.15% which means sales have seen a slight improvement.
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Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
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