NFT Sales Nosedive This Week as Volume Drops Close to 30%

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NFT Sales Nosedive This Week as Volume Drops Close to 30% – Non-fungible token (NFT) sales have plummeted 29.35 percent in the last week, according to current data. While Ethereum and Solana have the largest NFT sales volume, both blockchain networks have experienced NFT sales drop by 27 to 32 percent in the last seven days.

Despite Cryptopunk #5822 selling for 8,000 ether worth $23 million, non-fungible token (NFT) sales volume is down this week. According to statistics from cryptoslam.io, $628.2 million in NFT sales were made in the last seven days.

The drop of 29.35% is due to a drop in NFT sales across the most heavily leveraged blockchains that support NFTs. For example, the weekly NFT sales volume of Ethereum fell by 32.27 percent, while the weekly sales volume of Solana fell by 27.55 percent.

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Also Read: YouTube Seeks Web3 Director with Experience Trading Crypto

Ronin, on the other hand, saw a 30.62 percent growth in NFT sales during the last seven days, making it the third-largest chain in terms of NFT sales. In terms of NFT revenue, the next four top blockchains likewise suffered declines across the board.

Weekly NFT sales for Avalanche were down 6.62 percent, Flow’s were down 38.84 percent, Wax blockchain sales were down 8.58 percent, and Polygon sales were down 37.29 percent this week. The statistics compiled by Cryptoslam.io tallies the total sales volume for 12 distinct blockchain networks that use NFT technology.

With $49.7 million in sales, the Karafuru collection of NFT collectibles led the field in terms of the best NFT collection by weekly sales volume. With about $38.6 million in NFT sales this week, Cryptopunks came in second.

With $37 million in NFT sales volume over the last seven days, the NFT collection Azuki came in third. Of course, Cryptopunk #5822 for 8,000 ether was the highest NFT sale this week, but Meebit #16728 for $3.8 million was the second most expensive NFT sold in the last seven days.

Also Read: Dogecoin Surges as Elon Musk Reignites McDonald’s Rumors

According to data from dappradar.com’s NFT marketplace stats, the NFT market Looksrare has the highest sales volume this week, with $1.02 billion in sales. Despite the $1 billion in sales, Looksrare’s volume has dropped 70% in the last seven days.

The NFT market at Opensea has taken in $317.96 million in weekly sales, down 65.77 percent from the previous week. Last week, sales of Solana’s Magic Eden were $43.5 million, down 33.72 percent from the week before.

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