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Cryptocurrency Storm Affects NFTs As Sales Drop 42% Lower Than Last Week

The pain of the crypto market chaos that has occurred over the past week is starting to show in non-fungible token markets (NFT). NFT sales...
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Photo by Hal Gatewood

The pain of the crypto market chaos that has occurred over the past week is starting to show in non-fungible token markets (NFT). NFT sales are down 42.85% compared to the week before. The most severe hit was Ethereum’s NFT sales, which saw a 44.83% decrease in volume.

Crypto Economy’s Downward Spiral Begin to Plague NFTs
NFT sales are down this week. Seven-day metrics show that NFT sales across 16 different blockchains fell 42.85% compared to last week. While Ethereum sales fell 44.83%, the top eight blockchain networks that NFT sales accounted for were all down this week.

Solana sales fell 19.65%, Polygon NFTs sales dropped 35.63%, Flow and Flow sales were 36.19% lower, 35.63% and 35.63% respectively, while Avalanche NFTs sales were down 29.26%. However, NFT sales at Tezos increased 51.09% over the previous week.

Despite Ethereum-based NFTs sales falling by more than 42%, ETH NFTs still saw $828.7million in sales. This is 88.17% of the $939.8million in seven-day NFT sale. This week’s top NFT collection was the Otherdeed NFT compilation, which saw $189.3 millions in sales.

Despite this, Otherdeed sales have fallen 71.39% over the past seven days. Projectpxn, an NFT project, holds the second spot in terms of weekly sales at $89.6 million. According to cryptoslam.io, Beanz, a NFT project called Beanz, has sold $68.4 Million in NFTs. Sales are 193.53% higher this week than last week.

Bored Ape Yacht Club 17 (BAYC-17) was the most expensive NFT that was sold in the past seven days. It sold for 410ether, or $1.12million, four days ago. Otherdeed 33 was next, selling for $979K, or approximately 333.33 Ethereum.

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

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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