Due to the recent sharp decline in the value of cryptocurrencies, the sales of non-fungible tokens (NFTs) have fallen sharply last month. When many crypto assets approached their historical highs in mid-November, NFT sales soared rapidly, but after the crypto market downturn, sales fell quickly.
NFT sales decline after the crypto market downturn
NFTs are in great demand throughout the year, and the market has processed billions of dollars in sales.In the middle of the highest point in history Bitcoin, EthereumAnd many other crypto assets saw in mid-November that NFT sales regained momentum after sales declined since October 24.
The spike in NFT sales occurred on November 15th and lasted only 24 hours. Since the end of October, the number of NFT sales has fallen by 28.79%. Market indicators From nonfungible.com. Despite the decline in NFT sales, Dollar sales From October 24 to today, there has not been such a sharp plunge, and it has only fallen by 16.73%.
The decline in the past 30 days can be seen in the popular NFT market and some of the most popular NFT collections. For example, according to data from dappradar.com, Opensea’s sales dropped by 29.22% last month, and the number of traders on Opensea also dropped by 15.32% Statistical dataSince Magic Eden’s sales fell by 11.28% and Solana Art’s sales fell by 68.36%, the sales of the two Solana NFT markets fell sharply in the last month.
In the past month, sales in NFT markets such as Superrare have fallen by 33.56%, and sales in Rarible have fallen by 20.09%. NFT platform foundation sales fell by 18.47%, and NFT sales on Pancakeswap fell by 90.61%. After the return of the Tezos-based market Hic et nunc, sales fell by 46.97% within 30 days. Sales of Flow-based NBA Top Shot have also declined in the past month, falling by 11.33% on Tuesday.
However, not all NFT platforms that allow people to buy and sell digital collectibles have seen a decline in sales. The NFT sales of the blockchain-based game Axie Infinity increased by 41.35%, and the number of Axie Infinity traders increased by 42.94% last month.
Since October 24, the sales of the NFT series Cryptopunks have increased by 274.35% in the last month. The wax blockchain sales on the Atomicmarket NFT market have increased by 313.7% in 30 days, and the NFT sales of Decentraland, based on Ethereum, have increased by 339.09% in the past month.
At the same time, specific NFTs are still being sold for millions or hundreds of thousands of dollars in cryptocurrency, depending on the collection. Cryptopunk 9,998 was sold this month at a price of US$529.77 million, or 124,450 ether. An NFT called “A Coin for the Ferryman” was sold for $6 million or 1,330 ether. According to statistics from dappradar.com, in the past 30 days, about 20 NFTs sold for more than $1 million.
As the most expensive digital asset sold within 30 days, Cryptopunk 9,998 accounted for a large portion of the $1.8 billion in Ethereum-based NFT sales last month.Despite Cryptopunk 9,998 sales Controversial, Some people don’t think this is a sale at all. The top NFT collections in the past 24 hours include JRNY NFT Club V2, Axie Infinity, Chain Runners NFT, The Sandbox, Wolfgame, and Cryptopunks.
What do you think of the decline in NFT sales last month? Do you think NFT sales have declined due to the decline in the value of the crypto market? Please tell us your thoughts on this topic in the comments section below.
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