The Global NFT Market Takes a Hit
The global non-fungible token (NFT) market has been hit hard by the recent crypto market downturn, with NFTs seeing a significant decrease in sales volume. Here are the key points:
- The overall NFT market has experienced a 31% drop in sales volume in the past week.
- Ethereum-based NFTs dominate the market, but they also saw a 31% decrease in sales.
- Bitcoin NFTs, known as ordinals, followed Ethereum with a 21% decrease in sales.
- Solana NFTs performed relatively well, amassing over $10 million in sales volume.
- The number of NFT investors and transactions has also decreased significantly.
Top NFT Collections in the Past Seven Days
Despite the market downturn, some NFT collections managed to perform well. Here are the top NFT collections based on sales volume:
- $Fram BRC-20: A new standard non-fungible token on the Bitcoin chain, recording a trading sales volume of $9.3 million.
- Bored Ape Yacht Club NFTs: A limited edition collection of 10,000 NFTs on the Ethereum network, with a sales volume of $9.3 million.
- Bitcoin Ordinals: Bitcoin-based NFT collections that gained massive traction, generating $8.5 million in sales volume.
- Azuki Elementals NFTs: A collection of 20,000 NFTs from Azuki creator Chiru Labs, with a sales volume of $6.9 million.
- Wall St Bulls Ordinals: A fixed set of 420 NFTs launched by Wall Street Memes, recording a sales volume.
Investors Remain Bullish on NFTs
Despite the recent market downturn, the performance of certain NFT collections, such as Wall St Bulls, indicates that investors still see potential in the NFT market. While the market may be currently down, the strong sales volume of these top NFT collections suggests that the market has the potential to recover.
Hot Take: NFT Market Resilience
Despite the recent drop in sales volume, the NFT market has shown its resilience through the performance of top collections. This indicates that there is still demand and interest in NFTs, even during challenging market conditions. As the market stabilizes and recovers, we can expect to see a resurgence in NFT sales and activity.
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