NFT Sales See a Boost After Two Months of Decline
Recent data from October 14-21, 2023, indicates a positive trend in non-fungible token (NFT) sales, with a 12.62% increase from the previous week. Both buyers and sellers actively participated, leading to approximately $70.51 million in NFT transactions.
Ethereum Dominates NFT Trade Volume
After experiencing a downward trend in weekly sales for the past two months, there has been a resurgence in NFT sales this week. Nearly $70.51 million worth of NFT transactions were recorded across almost two dozen blockchains. Ethereum had the highest NFT trade volume, reaching $36.96 million, which accounts for 52.41% of the total sales this week. These statistics were gathered by the NFT aggregation site cryptoslam.io.
Top Performers in NFT Sales
Following Ethereum, Mythos recorded $9.54 million in sales, Solana saw a significant jump of 25.31% with $6.69 million, Immutable X generated $4.99 million, and Polygon completed the top five with $3.86 million. Bitcoin secured the sixth spot with $2.99 million in NFT sales this week. The most profitable collection was Mythos’ Dmarket with $9.48 million in sales, closely followed by Gods Unchained at $4.76 million.
Notable NFT Sales and Trends
The Bored Ape Yacht Club (BAYC) achieved $4.31 million in sales, Winds of Yawana earned $3.57 million, and Sorare had sales totaling $2.3 million. Over the seven-day period, there were approximately 1,602,001 NFT transactions, a slight decrease of 2.34% from the previous week. The highest-grossing sale was Cryptopunk #9611, which sold for $250,556, followed by Cardanians Loyalty, an NFT on the Cardano network, purchased for $159,096.
Other notable sales include a BNB Halmonious Realms NFT sold for $50,000 and an unclassified Ordinal inscription that fetched $30,463. The fifth most expensive NFT sale this week was Mad Lads #6041, a Solana-based digital collectible that sold for $15,116. Despite the recent increase in NFT sales, it is uncertain whether this trend will continue. Currently, the majority of NFTs are valued at 90% less than their peak prices.
Hot Take: A Positive Turn for NFT Sales
The past week has seen a much-needed boost in NFT sales after a prolonged period of decline. With an increase of 12.62% from the previous week and significant participation from both buyers and sellers, the total value of NFT transactions reached approximately $70.51 million. Ethereum remains at the forefront of NFT trade volume with over half of the sales attributed to its blockchain. However, it remains to be seen whether this upward trend will be sustained in the future as many NFTs currently have significantly lower values compared to their peak prices.
Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.
