The Declining NFT Market: Sales Volume and Top NFTs
The non-fungible token (NFT) market has been experiencing a significant decline in recent weeks, with sales falling by 5% this week alone. Ethereum-based NFTs have dominated the market, but their trading sales volume has dropped by 93% in the past seven days. Bitcoin NFTs, on the other hand, have defied the market downturn and increased their trading sales volume by 80%. Solana and BNB Chain NFTs have also suffered, with their trading sales volume decreasing by more than 60% and 50%, respectively.
Top NFTs This Week – Sales Volume Rankings:
- $Fram BRC-20 NFTs: The most traded NFT collection this week, with a sales volume of $14 million.
- Bitcoin NFTs “Ordinals”: Digital assets inscribed on a satoshi, with a trading sales volume of $13 million.
- Bored Ape Yacht Club NFTs: A collection from Yuga Labs, with a sales volume of $8 million.
- Azuki Elementals NFTs: A limited edition collection from Chiru Labs, with a sales volume of $5 million.
- The Captainz NFTs: A utility-enabled collection on the Ethereum network, with a sales volume of $4.9 million.
Top NFT News This Week:
1. Google Allows NFT Trading In Apps
Google Play Store has updated its policy to allow users to buy, sell, or earn NFTs in apps. This move is a significant boost for the NFT market, especially after Apple banned crypto and NFT trading on its app store.
2. Dapper Labs Cuts More Jobs
Dapper Labs, the digital asset incubation studio, has announced another round of staff layoffs. The CEO cited the need to make the business more lean to support the growth of their communities.
3. Wall Street Memes Raises Nearly $15M
Wall Street Memes, a crypto project inspired by the Wall Street Bets subreddit, has raised almost $15 million. They previously had success with their NFT collections and are now selling out their presale.
Hot Take:
The NFT market has been experiencing a significant downturn, with sales volume decreasing and top collections seeing mixed results. However, the recent move by Google to allow NFT trading in apps could provide a much-needed boost. It will be interesting to see if this change can help revive the struggling market.
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