20% NFT Sales Drop in 7 Days – The Reason Behind the Dip

20% NFT Sales Drop in 7 Days - The Reason Behind the Dip

The NFT market has seen a 20% drop in sales volume in the past 7 days, with Ethereum NFTs dominating the market and Bored Ape Yacht Club taking the top spot for the most expensive NFT collection.

The meme cryptocurrencies mania is not is still over and continues  impacting other digital assets like cryptocurrency and non-fungible crypto tokens. The meme cryptocurrencies obsession began sometime in April and has drawn the attention of numerous investors and institutions in the previous few weeks.

Non-Fungible Token (NFT) Sales Fall 20 percent In The Past 7 Days

Data compiled by Cryptosam confirms that the Non-Fungible Token (NFT) market has plunged nearly 20%, recording a trading sales volume of $177 Million in the past 7 days. Ethereum (ETH) Non-Fungible Token (NFTs) dominated the Non-Fungible Token (NFT) market last week, attracting a sales volume of $96 million.

Bitcoin (BTC) Non-Fungible Token (NFTs) distantly followed, recording a trading sales volume of $43 Million. In the past 7 days, Bitcoin (BTC) Non-Fungible Token (NFTs) have plunged by 36 percent from the last week. Solana (SOL) and Mythos chain-powered Non-Fungible Token (NFTs) followed, recording a trading sales volume of $7 Million and $6 Million in the past 7 days.

During the same period, the number of non-fungible crypto token buyers increased by over 64 percent to 390,000. The number of Non-Fungible Token (NFT) transactions likewise increased by greater than 1 percent to 1.8 Million. Ethereum (ETH) Non-Fungible Token (NFTs) saw the highest number of Non-Fungible Token (NFT) transactions.

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Top Non-Fungible Token (NFT) Collection In The Past 7 Days

Top Non-Fungible Token (NFT) Collection Past Week: Source: Cryptoslam.io

1. Bored Ape Yacht Club

Bored Ape Yacht Club, an Non-Fungible Token (NFT) collection from digital investment company Yuga Labs, took the top position past week. The Non-Fungible Token (NFT) collection, which features a fixed set of 10,000 Non-Fungible Token (NFTs), has recorded a sales volume of $8 Million. Nonetheless, the Non-Fungible Token (NFT) collection has plunged 37 percent from the previous week.

2. Space Pepes NFTs

Space Pepes, a Bitcoin (BTC) Non-Fungible Token (NFT) collection according to the Pepe the Frog Meme Coin, ranks Second last week. The Non-Fungible Token (NFT) collection pumped 60 percent to $7.4 Million. Space Pepes Non-Fungible Token (NFT) transactions increased by greater than 35 percent in the past 7 days.

3. DMarket NFTs

DMarket is an Non-Fungible Token (NFT) collection from the virtual metaverse network game DMarket. DMarket is a virtual startup that operates a decentralized blockchain-powered marketplace for in-game items trading across any game platform. In the past 7 days, DMarket has recorded a trading sales volume of $6.9 million.

4. Bitcoin (BTC) Frogs NFTs

Bitcoin (BTC) Frogs, a recently launched collection of 10,000 unique frog-themed Non-Fungible Token (NFTs), ranked third last week. In the past 7 days, The Non-Fungible Token (NFT) collection has pumped 1.6 percent in sales volume to $6.4 Million. Still, the Non-Fungible Token (NFT) collection has decreased by 37 percent in Non-Fungible Token (NFT) buyers and 7 percent in Non-Fungible Token (NFT) sellers.

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5. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club is an Non-Fungible Token (NFT) collection from digital investment company Yuga Labs. In the past 7 days, the Non-Fungible Token (NFT) collection has recorded a trading sales volume, closing our 5 top-selling Non-Fungible Token (NFT) lists last week. The Non-Fungible Token (NFT) collection has decreased by 38 percent in the number of Non-Fungible Token (NFT) transactions.

Bored Ape Yacht Club #4980 was the most expensive Non-Fungible Token (NFT) collection in the last week. The Non-Fungible Token (NFT) collection sold for $970,000 earlier past week. Autoglyphs #376 was the Second most pricey Non-Fungible Token (NFT) collection, currently worth $283,000 two days ago.

Other Non-Fungible Token (NFT) collections, which sold for head-scratching sum, include Bored Ape Yacht Club #3263 and Bored Ape Yacht Club #8332. The two Non-Fungible Token (NFT) collections sold for $181,472 3 days ago. Infinity Space Non-Fungible Token (NFT) collection joined the list selling at $181,387 four days ago.

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Top Non-Fungible Token (NFT) Headlines In The Past 7 Days

Regardless of losing some attention and traction between investors and institutions, the non-fungible crypto token market persists to thrive. In the last week, the Non-Fungible Token (NFT) market recorded a number of occurrences. Several of the notable headlines included:

1. Ben.Eth Launched His Controversial $PSYOP

Ben.eth, an Non-Fungible Token (NFT) collector and influencer, became a subject in the cryptocurrency and Non-Fungible Token (NFT) community last week. The Non-Fungible Token (NFT) investor entered the Non-Fungible Token (NFT) sector in 2021 and began sharing Web 3.0 content before rapidly becoming a supporter of cryptoadz and Bored Ape Yacht Club.

Ben.eth began chilling cryptocurrency projects like $PEPE earlier in the year. Motivated by the success of the $PEPE Meme Coin coin, Ben.eth teamed up with YouTuber and Non-Fungible Token (NFT) influencer Ben Armstrong to launch his branded cryptocurrency coin $BEN.

Ben.eth thereafter surrendered his branded $Ben cryptocurrency coin to Bitboy and announced intends to launch his sole-owned cryptocurrency Meme Coin coin, “$PYSOP.” In just 24 hours, Ben.eth had received greater than $7 Million from his crypto token presale.

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Earlier past week, Ben.eth had been trending, with numerous cryptocurrency users accusing him of rug pull after failing to launch his controversial cryptocurrency crypto token. Fortunately, Ben.eth surprised numerous investors after launching his highly anticipated $PSYOP coin.

2. Pudgy Penguin Launched NFT-Inspired Toys

Blue-chip Non-Fungible Token (NFT) collection Pudgy Penguins launched their NFT-inspired toys past week. The Non-Fungible Token (NFT) collection teamed with PMI Ltd. Kids’ World, an internationally recognized brand for trending children’s merchandise and toys, to launch NFT-inspired toys.

The new toy collection featured 16 SKUs inspired by Pudgy Penguin Non-Fungible Token (NFTs) from the original collection. The 16 Non-Fungible Token (NFTs) were picked according to aesthetics, numerous characteristics, and how engaged the owner of the Non-Fungible Token (NFT) is with the community.

3. Copium Tank Launched Its Non-Fungible Token (NFT) Collection

On Friday last week, Copium Tank, the team behind the newly launched cryptocurrency coin on Uniswap $COPIUM, launched a new Non-Fungible Token (NFT) collection. The Non-Fungible Token (NFT) collection featured a fixed edition of 200 profile picture PFPs on the Ethereum (ETH) network.

The Non-Fungible Token (NFT) project, which is driven by humour, fellowship, and the shared experience of navigating the unpredictable cryptocurrency landscape, concentrates on turning your regrets into riches and transforming past cryptocurrency mishaps into future profits. Copium Tank Non-Fungible Token (NFT) has been trending on OpenSea past week.

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