NFT Sales Suffer as Volume Dips by Almost 30% This Week

Bishal Kumar Chanda
19.02.2022

As per current metrics, there has been an actual collapse in NFT sales since last week. Despite CryptoPunk #5822 selling for a record 8000 ETH, there has been only about $630 million in NFT sales in the previous seven days. The near 30% slide is caused by sales dropping in the most popular blockchains for NFTs. For example, Ethereum’s weekly sales volume has been lower by 25.8%, and Solana’s weekly sales volume has tragically dipped by 44%. The situation is similar for most NFT supported blockchain, except for Avalanche, experiencing 5% more sales. 

Looking at the weekly sales volume, Azuki has been the top NFT collection this week, with more than $37.8 million in total sales. CryptoPunks took second place with $37.6 million, almost reaching Azuki’s numbers. The famous Bored Ape Yacht Club has been in the third position over the last seven days with $23.4 million in NFT sales volume. Even though the highest sale in the NFT industry was CryptoPunk, Meebit #16728 took the place of the second most expensive NFT sold at $3.8 million. 

According to the DappRadar NFT marketplace statistics, this week, OpenSea has captured the most sales being $100 million shy of the 1 billion mark (914.6 million). We have LooksRare in second place with $780.2 million in total sales. Despite having more than $700 million in sales, the volume has been down by more than 69% in the last seven days. Other NFT marketplaces on the list are BlocktoBay, CryptoPunk and Magic Eden at $42.9 million, $36.6 million and $27.8 million, respectively. All major marketplaces have observed a loss of sales, except the new NFTrade, with a sales volume gain of 35.5%.

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