NFT collectibles see significant drop in sales volumes

Sep 10, 2021 | The Block News | 0 comments

nft-collectibles-see-significant-drop-in-sales-volumes

The majority of top NFT collectibles have seen a considerable decrease in sales volume over the last week.

According to data from CryptoSlam, four out of the top five NFT collectibles by trading volume — namely Loot, CryptoPunks, Bored Ape Yacht Club and Art Blocks — saw declines ranging from 44% to 82%. Axie Infinity, a project that uses NFTs for gaming, countered the trend with a 7% increase in trading volume.

It appears that each of these projects — bar Loot, which took off at the start of this month — peaked toward the end of August, with both CryptoPunks and Bored Ape Yacht Club seeing massive peaks in trading volumes on August 28. Bored Ape Yach Club saw $55.7 million in sales volume that day while CryptoPunks hit $143 million.

According to The Block’s Data Dashboard, weekly sales for top NFT collectibles have fallen over the last couple of weeks from highs of $882 million to last week’s total of $129 million.

Average sales have also been on the decline since the start of this month. Bored Ape Yacht Club NFTs, which were selling for around $200,000 on average are now going for around $133,000. CryptoPunks, which were selling for around $400,000 on average, have dropped toward $330,000.

Other top projects seeing falling sales volume include Mutant Ape Yacht Club, Pudgy Penguins, Creature World NFT, Cool Cats and Meebits.

Some projects are defying the trend, such as Monkey Bet DAO, which has seen a 225% increase in trading volume over the last week.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

These 3 NFT Projects Collectively Captured Over $10 Billion in Sales

Non-fungible token (NFT) assets have taken the world by storm in 2021 and three current projects in the NFT universe have seen sales stretch into the billions. Statistics show that the NFT marketplace Opensea, the blockchain NFT game Axie Infinity, and the digital...

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX will begin to move key operations to Bahamas as part of HQ shift

FTX is moving some key operations from its long-standing headquarters in Hong Kong to the Bahamas.  FTX Ltd. CEO and founder Sam Bankman-Fried tweeted today that the firm is in the process of moving its headquarters to the Bahamas from Hong Kong. The exchange's...

Pin It on Pinterest

Share This