NFT sales have experienced another decline, dropping by 9.91% from the previous week, despite an increase in the price of cryptocurrencies. In the period from September 24 to October 1, 2023, NFT sales totaled approximately $72,767,450. This marks the sixth consecutive decline in NFT sales.
The Crypto and NFT Markets
Although the crypto market has seen overall growth, NFT sales have continued to decline. In the same period mentioned earlier, total NFT sales reached $72.76 million, a decrease of 9.91% compared to the previous week. However, the number of NFT buyers increased by 17.77% to 569,407 and the number of sellers increased by 15.82% to 714,889.
Ethereum maintained its lead among blockchain networks for NFT sales with $37.27 million in sales, accounting for 51.22% of the total. Mythos NFT and Polygon followed with $7.83 million and $7.12 million in sales respectively.
Top Performing NFT Collections
Dmarket, a subsidiary of Mythos NFT, had the highest sales in the top performing NFT collections segment with $7.76 million in sales. Immutable X with Gods Unchained came second with $5.22 million in sales.
Battle for High Value NFTs
In the weekly sales competition for high-value NFTs, Draftkings, Bored Ape Yacht Club (BAYC), and Sorare were among the top contenders. The most notable purchase was BAYC #591, which sold for $177,710 on Opensea.
PayPal’s Interest in NFTs
PayPal has shown interest in the NFT space by filing a patent with the United States Patent and Trademark Office (USPTO) to create an NFT marketplace. The proposed platform will allow users to buy and sell digital collectibles, including images, videos, music, event tickets, personal property deeds, and artwork. PayPal’s marketplace may involve the Ethereum network and could support fractionalization of digital collectibles.
Hot Take: PayPal Explores NFT Marketplace
PayPal has filed a patent to create its own NFT marketplace, enabling users to buy and sell various digital collectibles. This move demonstrates PayPal’s interest in the NFT space and its commitment to exploring Web 3 technologies. The proposed marketplace aims to provide liquidity for digital assets through fractionalization and potentially earn royalties for NFT holders. By integrating on-chain and off-chain transactions, PayPal’s NFT marketplace could offer a seamless user experience without gas costs associated with blockchain transactions. This development further signifies the growing mainstream adoption of NFTs in the financial services industry.
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