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- 1 In terms of sales, BAYC, a quirky NFT collection, has performed better than other NFT collections.
- 2 BAYC noted quite good trading volume in the last 7-days as compared to other NFT collections.
In the non-fungible token (NFT) world, the sales in the various assets experienced a significant surge, while BAYC noted the most volume. Bored Ape Yacht Club, or BAYC is the collection of 10K unique digital collectibles available on the Ethereum (ETH) blockchain.
According to CryptoSlam, the multi-chain NFT data aggregator, BAYC sales recorded nearly $21.53 Million sales in the last 7-days which means this surge is almost 2.61%.
Top-5 NFT Collections by Sales Volume
As shown in the below chart, BAYC is the leader in the top NFT collection by sales volume. Following BAYC are the other top performers- Azuki, Uncategorized Ordinals, Mutant Ape Yacht Club, and DMarket. These NFT collections recorded nearly $16.93 Million, $12.89 Million, $8.31 Million, and $7.82 Million sales respectively in the last 7-days.
In this top-5 list of NFT collections, three of them are stored on the Ethereum blockchain which are BAYC, Azuki, MAYC. Meanwhile, Uncategorized Ordinals are stored on the Bitcoin blockchain, and DMarket is on Mythos.
As seen in the above chart, the top-2 blockchains that performed quite better in the last 7-days are Ethereum and Bitcoin. Both these blockchains have recorded nearly $135.60 Billion and $33.38 Billion sales, respectively, in the last 7-days.
According to CryptoSlam, in the last 24-hours NFT sales volume reached $32.10 Million with nearly 5% of decline.
NFT Adoption by Leading Firms
The use cases of non-fungible tokens has not only attracted the attention of some big personalities but also has pulled the leading firms towards it. Starbucks, Gucci, Porsche, and Red Bull Racing are some of the big names that have understood the potential of non-fungible tokens.
The purpose of adopting NFTs is clearly gaining more customers who eventually bring more sales for their offered products.
The big players mentioned above have pushed the non-fungible token adoption a step ahead, as the popularity of all of these brands are well-known. Thus, the other competitors of these brands will also follow their footsteps, and may plan to adopt NFT for business purposes. This also hints towards the increasing acceptance and recognition of NFTs to help in generating new revenue streams.
However, the NFT adoption process by brands still needs to iron out some bumps such as integrating sales models in virtual worlds, so the market is likely to become more sophisticated. For this, Metaverse could work as a bridge to what we expect.
The other element that could contribute to the growth of the NFT market is the projected bull run in the crypto world as during the high market activity, cryptocurrencies and blockchain technology tend to cause the interest and attention of investors. Therefore, it is highly arguable that this market will experience substantial rise during the upcoming bull run.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
