Non-fungible token (NFT) sales have dropped considerably during the last month as cryptocurrency values have seen significant losses in recent times. NFT sales spiked rapidly when a number of crypto assets approached record prices in mid-November, but sales fell quickly following the downturn in the crypto market.
A Number of NFT Sales Slide Following Crypto Market Downturn
Throughout the year, NFTs have seen massive demand and markets have processed billions of dollars in sales. Amid the historic highs for bitcoin, ethereum, and many other crypto assets recorded in mid-November, NFT sales have picked up momentum after declining sales since October 24.
The spike in NFT sales took place on November 15 and lasted only 24 hours. Since the end of October, the number of sales of NFT has fallen by 28.79% according to market measurements of nonfungible.com. Despite the number of NFT sales sliding, the U.S. dollar value of sales stemming from October 24 until today is not such a drastic plunge, only down 16.73%.
The decline over the past 30 days can be seen in popular NFT markets and some of the most popular NFT collections. For instance, during the last month, Opensea sales have dropped 29.22% and the number of traders on Opensea also slid by 15.32%, according to dappradar.com statistics. Two Solana NFT markets saw sales plummet last month as Magic Eden saw sales drop 11.28% and Solana Art sales fell 68.36%.
NFT marketplaces like Superrare sales are down 33.56% and Rarible lost 20.09% this past month. The NFT Foundation platform saw its sales fall by 18.47%, NFT sales on Pancakeswap fell by 90.61%, and after the return of the marketplace based on Tezos, Hic et nunc, sales fell by 46.97% in 30 days. The Flow-based NBA Top Shot’s sales have slipped this past month as well and are down 11.33% on Tuesday.
However, not all NFT platforms that allow people to buy and sell digital collectibles have seen their sales drop. The blockchain-based game Axie Infinity’s NFT sales are up 41.35% and the number of Axie Infinity traders has jumped 42.94% last month.
The NFT Cryptopunks collection has seen sales increase over the past month, gaining 274.35% since October 24. Wax blockchain sales on the Atomicmarket NFT marketplace are up 313.7% in 30 days and the Ethereum-based metaverse world Decentraland’s NFTs sales are up 339.09% this past month.
Meanwhile, specific NFTs still sell for millions or hundreds of thousands of dollars in crypto depending on the collection. Cryptopunk 9,998 sold this month for $529.77 million at the time of sale, or 124,450 ether. An NFT called “A Coin for the Ferryman” sold for $ 6 million or 1,330 ethers. According to statistics from dappradar.com, around 20 NFTs have sold for over $ 1 million in the past 30 days.
Being the most expensive digital asset sold in 30 days, Cryptopunk 9,998 represented a large portion of the $1.8 billion in Ethereum-based NFT sales last month. Although the Cryptopunk 9,998 sale was controversial, some did not view it as a sale at all. The top NFT collections during the last 24 hours include JRNY NFT Club V2, Axie Infinity, Chain Runners NFT, The Sandbox, Wolfgame, and Cryptopunks, respectively.
