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.
