NFT sales dropped significantly in the past month due to cryptocurrency’s recent losses. NFT sales experienced a rapid spike in November when many crypto assets were nearing all-time highs. However, sales soon plummeted after the cryptocurrency market crash.
NFT Sales Drop Following the Crypto Market Recession
NFTs saw huge demand throughout the year and have been sold on markets that have handled billions of dollars. NFTs sales gained momentum in the middle of bitcoin’s all-time highs and the rise in demand for ethereum and other crypto assets. This was despite a decline in the number of sales from October 24.
This spike in NFT sales occurred on November 15, and it lasted just 24 hours. Market metrics provided by nonfungible.com show that NFT sales fell 28.79% from October to November. Although NFT sales have been dropping, U.S. dollars sales from October 24 through today are not so drastic. They were only down 16.73%.
Popular NFT markets and NFT collection collections have seen a drop in sales over the past 30 days. Opensea’s sales dropped by 29.22% in the last month. According to statistics from Dappradar.com the number trades on Opensea fell by 15.32%. The sales of two Solana NFT platforms saw the sales plummet this past month. Magic Eden had sales decline by 11.28% while Solana Art saw sales fall by 68.36%.
Superrare and Rarible have seen their sales drop by 33.56% this month. Rarible also lost 20.09%. The NFT platform Foundation saw sales drop by 18.47%, NFT sales on Pancakeswap have slipped 90.61%, and after the Tezos-based marketplace, Hic et nunc returned, sales are down 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.
NFT platforms that let people buy or sell digital collectibles do not see their sales decrease. 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.
NFT collection Cryptopunks saw sales increase over the past month, increasing 274.35% in just one month. 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.
Specific NFTs continue to sell for millions, or even hundreds of thousands depending on their collection. At the time of selling, Cryptopunk 9,998 was sold for $529.77million, which is 124,450 Ethereum. An NFT called “A Coin for the Ferryman” sold for six million dollars or 1,330 ether. According to data from dappradar.com stats, around 20 NFTs have been sold for $1 million or 1,330 ether in the last 30 Days.
Cryptopunk 9,998 was the most valuable digital asset that was sold within 30 days. This represented a significant portion of $1.8 billion worth Ethereum-based NFTs sales. Although the Cryptopunk 9,998 sale was controversial, and some didn’t consider it a sale at all. The most popular NFT collections in the last 24hrs were JRNY NFT CLUB V2, Axie Infinity Chain Runners NFT and The Sandbox Wolfgame.
How do you feel about NFT sales falling over the past month? Is it possible that NFT sales have been impacted by the fall in cryptocurrency markets’ value? Please comment below to let us know your thoughts on this topic.
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