Crypto Downturn Shakes Digital Collectible Markets as NFT Sales Slip 42% Lower Than Last Week

Cryptocurrency plunge rocks digital collectibles markets as NFT sales drop 42% less than last week – Markets & Prices Bitcoin News

The non-fungible tokens (NFT) markets are starting to feel the pain from the crypto market carnage over the past week. Over the past seven days, NFT sales are down 42.85% from the previous week. NFT sales on Ethereum were further hit as the blockchain saw a 44.83% loss in NFT sales volume last week.

The downward spiral in the crypto-economy has begun to hamper NFT sales

NFT sales are down this week as seven-day metrics show sales across 16 different blockchains, and NFT sales are down 42.85% less than last week. Sales generated by Ethereum fell by 44.83%, but sales of the top eight blockchain networks by NFT declined this week.

Cryptocurrency slump rattles digital collectible markets as NFT sales drop 42% less than last week
This week, $939.85 million in NFT sales were recorded which is 42% less than last week. This was among 266,918 buyers and 1,114,756 deals.

Solana sales are down 19.65%, Polygon NFT sales are down 35.63%, Flow sales are down 36.19%, and Avalanche NFT sales are down 29.26%. With that said, Tezos saw a 51.09% increase in NFT sales over the previous week.

Cryptocurrency slump rattles digital collectible markets as NFT sales drop 42% less than last week
Top ten NFT kits by sales for seven days on May 10, 2022.

Although Ethereum-based NFT sales fell more than 42%, ETH-based NFT sales saw $828.7 million, which is 88.17% of the $939.8 million in seven-day NFT sales. The best NFT group last week was Otherdeed NFT Group which had sales of $189.3 million.

The top five NFT sales by most expensive NFTs were sold out seven days ago on May 10, 2022.

Although Otherdeed’s sales are down 71.39% over the past seven days. The NFT project called Projectpxn ranks second in terms of weekly sales with $89.6 million. An NFT venture called Beanz has sold $68.4 million in NFTs and sales are 193.53% higher than last week, according to metrics originating from cryptoslam.io.

The most expensive NFT sold over the past seven days was the Bored Ape Yacht Club (BAYC) 17, which sold four days ago for 410 ether, or $1.12 million. Bored Monkey followed 17 Otherdeed 33, and NFT sold for $979,000, or approximately 333.33 Ether.

An NFT called Ken Hicks was sold for 332.52 ether, or $849K, and the Otherdeed 54 exchanged hands for $791,000, or roughly 50,000 monkeys, five days ago. 66813 Otherdeed sold the previous day for $776K or 303 Ether and 26 exchange hands for $733.5K or 249 Ether five days ago.

Tags in this story

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What do you think about this week’s NFT sales volume dropping 42% less than last week? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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