While digital currencies have suffered over the past month, non-fungible token (NFT) sales are down 74.44% over the past 30 days. Data shows NFT sales over the past seven days have fallen 17.33% from sales recorded the week before. NFT floors for popular collections have rallied this week in relation to Ethereum value, but with Ether’s exchange rate so low, blue-chip NFTs are selling for a lot less than last month.
Data shows NFT sales continue to fall
Coinciding with the crypto bear market, NFT sales and interest have declined. Google Trends (GT) global data shows that the search term “NFT” has a score of 21 out of 100 this week. The last time the search term “NFT” received a GT score of 100 was during the week of January 16-22. 2022. The past month has been brutal for NFT sales as the previous month saw $4.18 billion and 30 days later $1.07 billion in sales from cryptoslam.io metrics.
Last week’s NFT sales across 18 different blockchains generated approximately $184,417,851 in revenue, but that’s down 17.33% from the $223,085,710 recorded the week before. $151 million of NFTs sold over the past week came from the Ethereum blockchain network, but ETH-based NFT sales are down over 18% this week. Monthly ETH-based NFT sales are down 76.38%.
Solana had the second-largest number of sales last week with $22.31 million, up 3.56% from the previous week. Binance Smart Chain (BSC) was the third-biggest in revenue at $3.16 million, but BSC-based NFT sales fell 32.45% over the past week.
The NFT collection with the highest floor value is Bored Ape Yacht Club (BAYC) as the floor value is currently 90 ETH. 30 days ago, BAYC soil value was 95.5 ETH, which is relatively flat in terms of Ether price. However, 95.5 Ether was worth $204,000 last month and 90 ETH is worth around $97,000 today.
The minimum value of cryptopunks NFT collection increased by 40% to 66.65 ETH in the last 24 hours. Cryptopunks minimum value 30 days ago was 51.9 ETH worth $111,000, and today’s minimum value of 66.65 ETH is worth $71,000.
The most expensive NFT sell in the past month was BAYC 7,537, which sold for 1,024 ETH five days ago. BAYC 7,537 was followed by Otherdeed 90,209, which sold for 235 ETH or $465,000. The 40 most expensive NFTs sold over the past month came from just three collections, including BAYC, Cryptopunks and Otherdeed.
While BAYC 7,537 took the lead this week and all month, the second most expensive NFT sell in the last 7 days was Cryptopunk 2,964 for 444 ETH or $440,000.
What are your thoughts on the NFT market sales over the past month and how the crypto bear market has impacted the NFT industry? Let us know what you think about this topic in the comment section below.
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