Crypto Slowdown Shakes Digital Collectibles Markets As NFT Sales Drop 42% From Last Week – Bitcoin Planet Markets & Price

Non-fungible token (NFT) markets are starting to feel the pain of the crypto market carnage that took place over the past week. Over the past seven days, NFT sales have fallen 42.85% from the previous week. NFT sales on Ethereum have been the hardest hit, with the blockchain seeing a 44.83% loss in NFT sales volume last week.

Crypto’s downward spiral begins to weigh on NFT sales

NFT sales are down this week, as seven-day sales stats show across 16 different blockchains, NFT sales are down 42.85% from last week. Sales from Ethereum were down 44.83%, but the top eight blockchain networks by NFT sales were all down this week.

Crypto Slowdown Shakes Digital Collectibles Markets As NFT Sales Drop 42% From Last Week
This week, $939.85 million in NFT sales were recorded, down 42% from last week. This was among 266,918 buyers and 1,114,756 transactions.

Solana sales are down 19.65%, Polygon NFT sales are down 35.63%, Flow sales are down 36.19%, and Avalanche NFT sales are down 29% .26%. Tezos, however, saw its NFT sales increase by 51.09% compared to the previous week.

Crypto Slowdown Shakes Digital Collectibles Markets As NFT Sales Drop 42% From Last Week
The top ten NFT collections by seven-day sales on May 10, 2022.

Despite the over 42% decline in Ethereum-based NFT sales, ETH-based NFTs recorded sales of $828.7 million, or 88.17% of the $939.8 million in NFT sales on seven days. Last week’s top NFT collection was the Otherdeed NFT compilation which had sales of $189.3 million.

The top five NFT sales in terms of the most expensive NFTs sold for seven days on May 10, 2022.

However, Otherdeed’s sales are down 71.39% over the past seven days. An NFT project called Projectpxn ranks second in weekly sales with $89.6 million. The NFT project called Beanz sold $68.4 million in NFTs and sales were up 193.53% from last week, according to metrics from cryptoslam.io.

The most expensive NFT sold in the past seven days was Bored Ape Yacht Club (BAYC) 17, which sold four days ago for 410 ether or $1.12 million. Bored Ape 17 was followed by Otherdeed 33, and this NFT sold for $979,000 or around 333.33 ether.

An NFT called Ken Hicks sold for 332.52 ether or $849,000 and Otherdeed 54 traded hands for $791,000 or around 50,000 APE five days ago. Otherdeed 66,813 sold one day ago for $776,000 or 303 ether and Otherdeed 26 traded for $733.5,000 or 249 ether five days ago.

Keywords in this story

7 Day NFT Sales, Beanz, Bored Ape Yacht Club, cryptopunks, cryptoslam.io, Doodles, Ethereum, MAYC, nft, NFT Collection, NFT Collections, NFT Sales, NFT Sales Volume, NFT Weekly Sales, NFT, Non Fungible Token , Otherdeeds, Otherside Land Sale, Sales, Sales Volume

What do you think of the 42% drop in NFT sales volume this week compared to last week? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 5,000 articles for Bitcoin.com News about disruptive protocols emerging today.




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