Crypto Downturn Shakes Digital Collectible Markets as NFT Sales Slip 42% Lower Than Last Week – Markets and Prices Bitcoin News

Non-fungible token (NFT) markets are starting to feel the pain from the crypto market carnage that’s taken place during the last week. NFT sales dropped by 42.85% in the past seven days compared with the prior week. The most severe hit was Ethereum’s NFT sales, which saw a drop of 44.83% in volume over the past week.

Crypto Economy’s Downward Spiral Begins to Plague NFT Sales

NFT Sales are falling this week. The seven-day data from 16 different blockchains shows that NFT sales dropped 42.85% over last week. While Ethereum sales fell 44.83% this week, the eight top blockchain networks for NFT sales saw their numbers drop by all of it.

Solana’s sales declined 19.65%. Polygon NFT sales decreased 35.63%. Flow and flow sales are both down 36.19%. Avalanche NFT customers are also down 29.26%. However, NFT sales at Tezos increased 51.09% over the previous week.

ETH-based NFTs sold $828.7million, which represents 88.17% off the $939.8million seven-day NFT sale. Otherdeed NFT Collection has sold $189.3 Million in this week’s top NFT collections.

These are the top five NFTs that were sold in May 2022, in order of their most costly NFTs. They were all available for seven days.

However, Otherdeed’s sales were down 71.39% in the seven previous days. Projectpxn, an NFT project with $89.6 millions in weekly sales is second. According to cryptoslam.io metrics, Beanz NFT project has made $68.4 Million in NFTs. Sales are 193.53% more than the previous week.

Bored Ape Yacht Club (17 BAYC 17) sold the most NFTs in seven days for 410 ether, or $1.12million. Otherdeed 33 was next, selling for 979K (or roughly 333.33 Ethereum).

Ken Hicks, an NFT sold for 332.52ether (849K) and Otherdeed 54 was exchanged for $791K (roughly 50,000 APE) five days ago. Anotherdeed 66.813 was sold for $776K, or 303ether, a day before and Otherdeed 26 traded hands for $733.5K (or 249ether) five days prior.

In this story, tags

7-day NFT Sales, Beanz. Bored Ape Yacht club, cryptopunks.io. Doodles. Ethereum. MAYC. nft. NFT Collection, NFT Weekly Sales, NFT Volume, NFT Sales Volume, NFT Weekly sales. NFTs. Non-fungible Tokens. Otherdeeds. Otherside Land Sale. sales.

What do you think about this week’s NFT sales volume dropping 42% lower than last week? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.