While digital currencies have struggled over the past month, non-fiat tokens (NFT) sales have declined 74.44% over the past 30 days. Data shows that over the past seven days, NFT sales are 17.33% lower than sales recorded in the previous week. NFT floor values for popular collections recovered in ethereum values this week, but because of the very low ethereum exchange rate, blue-chip NFTs are selling for much lower prices than last month.
Data shows NFT sales continue to sink low
In conjunction with the crypto bear market, NFT sales and interest have been dragged down, with the search term “NFT” having a score of 21 out of 100 this week, according to global data from Google Trends (GT). The search term “NFT” last saw a GT score of 100 the week of January 16-22, 2022. The past month has been brutal for NFT sales, as $4.18 billion in the previous month and $1.07 billion in the next 30 days were recorded by cryptoslam.io’s metrics.
NFT sales across 18 different blockchains this past week totaled approximately $184,417,851, which is 17.33% lower than the $223,085,710 recorded the previous week. While $151 million of the NFTs sold during the week came from the Ethereum blockchain network, ETH-based NFT sales fell more than 18% this week. Monthly ETH-based NFT sales are down 76.38%.
Solana recorded the second highest number of sales this past week with $22.31 million, 3.56% higher than the previous week. Binance Smart Chain (BSC) was third in sales with $3.16 million, but BSC-based NFT sales slipped 32.45% lower this past week.
Meanwhile, the NFT collection with the highest floor value is Bored Ape Yacht Club (BAYC), as its floor value is currently 90 ETH; 30 days ago, BAYC’s floor value was 95.5ETHand relatively the same amount in terms of ether price. However, 95.5 ether was $204K last month, and 90 Today ETHis worth roughly $97K.
The floor value of the Cryptopunks NFT collection has jumped 40% to 66.65 in the past 24 hours; ETH. 30 days ago the Cryptopunks floor value was 51.9; ETHis worth $111K and 66.65 today, ETHhas a floor worth $71K.
The most expensive NFT sale in the past month was BAYC 7,537 sold for 1,0245 days ago for ETHFollowing BAYC 7,537 was Otherdeed 90,209 sold for $235, ETHor $465K. The top 40 most expensive NFTs sold during the month stemmed from just three collections, including BAYC, Cryptopunks, and Otherdeed.
BAYC 7,537 took the top spot for the week and month, while the second most expensive NFT sale over the past seven days was Cryptopunk 2,964for $444 ETHor $440K.
What do you think of the NFT market sales over the past month and the impact the crypto bear market is having on the NFT industry? Let us know what you think about this subject in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Photo Contributor Mundissima/ Shutterstock