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- NFT sales have witnessed a significant downfall this week again, ensuing previous weeks of slipping volumes, not a very good sign.
- As per the data, across 14 NFT supporting blockchains, sales have gone down to 29.46%, lower than the previous week’s sales.
- In spite of the slippage seen by NFT space, Arbitrum network trading volume went up the hill by 97.53% in this week, indicating some positive signs.
NFT Interest And Sales Down The Hill
As per Google Trends metrics, NFT interest has gone down the hole, as search query “NFT” slipped from a rating of 100 during the initial month of the year, to this week’s rating of 42.
Figures for the search query word “metaverse” demonstrate that interest has dropped dramatically, from a peak of 88 in January to a GT score of 32 now. While NFT popularity is dwindling, sales volume has also decreased significantly.
NFT sales have declined 29.46 percent in the previous 7 days, compared to last week’s volume. According to a data seven-day records, Ethereum, the most popular blockchain in respect of NFT sales, is down 32.13 percent.
In the week, Wax blockchain sales fell 38.52 percent, but Palm and Theta NFT sales fell the most. NFT sales on Palm have dropped 73.36 percent this week, while NFT sales on Theta have dropped 78.87 percent.
Treasure DAO was attacked and lost over 100 NFTs, according to a report on the Arbitrum NFT project. Despite the attack, Arbitrum NFT sales have increased significantly this week, increasing by 97.53 percent over the previous week.
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Positivity Hasn’t Left Yet
Invisible Friends is the NFT collection that has had the greatest sales in the previous seven days, with $46.9 million in sales, up 32.13 % from the week before. Wonderpals, Cryptopunks, Clonex, and Bored Ape Yacht Club succeeded the Invisible Friends NFT collection sales.
Meebit #1657, for 282 wrapped ether (WETH) or $844,069, was perhaps the most expensive NFT sale this week, trailed by Ringers #376, for $800,941 in WETH. Meebit #8475 ($753K), Meebit #18277 ($738K), Meebit #19564 ($723K), and Bored Ape #8386 ($600,609, or 200 wrapped ethereum) accompanied those two costly NFT transactions.
In addition, at the moment of the transaction on Opensea, the “Topps Timeless Series” 1952 Mickey Mantle NFT card sold for 175 ether or $471K. As per recent dappradar.com numbers, the main NFT marketplace Opensea posted the week’s greatest sales in respect of NFT sales volume, however, sales are down 29.97 percent. This week, Opensea recorded 220,223 NFT traders, a decrease of 12.96 percent from the previous week.
The entire cryptocurrency market is volatile as well as the NFT space. This downsurge does not necessarily mean that the Non Fungible sector is going down. We must not forget the fact that 2021 was the year of NFTs.
Another point to remember is the increasing popularity of metaverse, where big players have already set their foot, Snoop Dogg, JP Morgan to name a few.
There will always be volatility in the market, but we should not look down to the negative aspect only, as we don’t know what the future holds.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
