Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $118.02 million worth of NFTs were sold this week compared to last week’s $132.43 million. Further, the top two NFT collections with the largest market capitalizations shed significant value during the past seven days. While Bored Ape Yacht Club’s market valuation lost 21.29%, Cryptopunks’ market cap slid by 19.18%.
NFT Sales and Prices Nosedive
It was a weak week for NFTs as sales and prices tend to sync up with falling crypto asset prices. Statistics show that the market cap of a large number of NFT collections has dropped significantly over the past week. For example, metrics show that on September 13, 2022, Board Aap Yacht Club (BAYC) had a floor value of $114,388 and today the floor value is approximately $90,026. BAYC had a market valuation of $1.14 billion as of September 13 and is down 21.29% to $900.25 million today.
Data shows that the second most expensive NFT floor value belonged to Cryptopunks on September 13, and that’s still the case today. However, the cheapest Cryptopunk last week was around $98,941, but today you can get one for $79,960. Cryptopunks’ market cap has nosedived 19.18% lower during the past week. The same can be said for a majority of blue chip NFT collections like PROOF Collective, Mutant Ape Yacht Club (MAYC), Castaways, and Doodles.
The seven-day data shows the BAYC NFT collection compiling with this week’s top selloff as $8,603,290 was recorded in trades. BAYC sales increased by 17.33% and crawled the second largest NFT collection in terms of weekly sales. The Renga NFT Collection has managed to print $5,822,323 in seven days of sales, up 121.08% from the previous week. However, overall, NFT sales across the 17 blockchains monitored by CryptoSlam are down 10.88% compared to the previous week.
Ethereum (ETH) captured the top NFT sales and Solana (SOL) recorded the second largest number of digital collectible sales this week. Although, ETH-based NFT sales slipped 1.66% lower than last week with $79.05 million in seven-day sales. SOL-based NFT sales are down this week 42.11% lower than last week with $23.71 million. Both Flow and Immutable X saw an uptick in NFT sales. Flow NFT sales jumped 59.42% higher, and Immutable X NFT sales saw a significant 790.96% increase.
The top five most expensive NFTs sold this week all stem from the BAYC collection and include Bored App #441, Bored App #2897, Bored App #5733, Bored App #4179 and Bored App #1846. Board App #441 was sold for 351,000 DAI and Board App #2897 for 215.38 Ether or $296,404. Board App #5733 was sold three days ago for 120 Ether or $176,458, and Board App #4179 was sold for 123 Ether or $176,307. Finally, the fifth most expensive, Board App #1846, sold four days ago for 106 Ether, or $151,939.
