While digital currencies have taken a beating over the past month, sales of non-fungible tokens (NFTs) have fallen by 74.44% over the past 30 days. The data shows that in the past 7 days, the sales of NFTs have dropped by 17.33% compared with the sales of the previous week. NFT floor prices for popular collectibles have rebounded in terms of ethereum value this week, but with ethereum rates so low, blue-chip NFTs are selling for a lot less than last month.
Data shows NFT sales continue to decline
Coinciding with the crypto bear market, NFT sales and interest have been dragging down. Google Trends (GT) global data shows that the search term “NFT” scored 21 out of 100 this week. The last time the search term “NFT” had a GT score of 100 was the week of January 16-22, 2022. The past month has been brutal for NFT sales, hitting $4.18 billion the month before, 30 days later , the cryptoslam.io metric recorded $1.07 billion in sales.
Over the past week, NFT sales across 18 different blockchains were around $184,417,851, but 17.33% lower than the previous week’s $223,085,710. The $151 million in NFTs sold last week came from the Ethereum blockchain network, but ETH-based NFT sales fell more than 18% this week. Monthly ETH-based NFT sales dropped 76.38%.
Solana came in second with $22.31 million in sales last week, up 3.56% from the previous week. Binance Smart Chain (BSC) came in third with $3.16 million in sales, but BSC-based NFT sales slipped 32.45% over the past week.
Meanwhile, the NFT collection with the highest floor value is Bored Ape Yacht Club (BAYC), which currently has a floor value of 90 Ethereum. 30 days ago, BAYC floor price was 95.5 Ethereum, which is relatively the same amount in terms of ether prices. However, 95.5 ETH was $204,000 last month, while 90 Ethereum Today’s value is about $97,000.
The floor price of the Cryptopunks NFT series jumps 40% in the past 24 hours to 66.65 Ethereum. The bottom value of Cryptopunks 30 days ago was 51.9 Ethereum Worth $111K and today’s $66.65 Ethereum The floor is valued at $71,000.
The most expensive NFT sale last month was BAYC 7,537 at 1,024 Ethereum five days ago. BAYC 7,537 followed by Otherdeed 90,209 at 235 Ethereum or $465,000. The top 40 most expensive NFTs sold last month were from just three series, including BAYC, Cryptopunks, and Otherdeed.
What do you think of the NFT market sales over the past month and how the crypto bear market is affecting the NFT industry? Let us know what you think about this topic in the comments section below.
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