Surge In Non-Fungible Token Sales Volume Is Back
Over $150 Million Worth of NFT Sales So Far In This Week
Surprisingly, the surge in the sales volume of non-fungible tokens (NFTs) is back since the beginning of the week.
Prior to this week, the sales volume was declining consistently with a few exceptions recorded on specific days.
Statistics indicate that the major push into NFT sales came in on 14th December which increased the volume by 27.72%.
Momentum was however piling up since 7th December (Wednesday) which eventually burst on 14th December.
Between 7th December and 14th December 2022, the industry saw whooping sales of NFT collections. Approximately, over $154 Million worth of NFTs were recorded to be sold during the said time period.
The impetus was brought in by prominent NFT collection issuers such as BAYC, MAYC, Azuki, Cockpunch, and Valhalla and.
NFT buyers, approximately 184,284, rushed in buying their favorite NFT collections. In the process, the buyers executed 886,605 transactions using different blockchains.
However, the Ethereum blockchain once again single-handedly outplayed every blockchain network in the industry in terms of NFT sales volume. It executed sales of more than $129 Million out of a total of $154 Million worth of sales.
As a result, thereof, Ethereum’s NFT sales volume increased further and went as high as 37.73% from 7th December to 14th December.
Apart from Ethereum, blockchain networks such as Solana, Cardano, Polygon, and Immutable X also contributed to NFT sales volume. However, they all shared a sales volume worth approximately $25 Million only.
Their NFT sales volume also has jumped individually by 4 to 5% collectively.
These stats were recorded by cryptoslam.io which became the first in compiling these stats relating to the past 7-day NFT sales volume.
Best Selling NFT Collections
As usual, the best-selling NFT collections were sponsored by the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
This time around, it was BAYC that took the lead from MAYC by capturing sales worth nearing 22 Million in the past 7 days. At number two spot was MAYC followed by collections of Valhalla, Cokcpunch, and Azuki.
BAYC was being able to sell a collection at a whooping sale price of $691,000. The single-NFT collection of BAYC which was sold at a whopping price was reportedly the ‘BAYC $441’.
Even the second most valuable single-NFT collection sale belonged to BAYC namely ‘BAYC #3,756’ which was sold for $517,000.
The third however was the sale of a virtual land #92,594 auctioned by The Sandbox and ultimately sold @ $202,000.
In the past 24 hours alone, BAYC has sold two collections namely BAYC #2,596 and BAYC #785 for $178,000 and $137,000 respectively.
It wouldn’t be wrong to assume that BAYC was the 7-day top NFT seller. BAYC not only executed the highest number of sales but also the highest-valued collections in the said timeframe.
Out of the top 5 NFT sales, BAYC enjoyed the privilege of selling exactly four of them.
It may however be noted that BAYC collected massive NFT sales volume in the past when it sponsored its collection of Cryptopunks. At that time stakes were high and revenue collection was enormously overwhelming.
Not even this week’s BAYC’s top sales can come even close to the Cryptopunks’ sales in terms of value.
In any case, this gentle push in NFT sales volume will encourage buyers in regaining their confidence back. Just like the entire crypto industry, the NFT sector has faced a major upset due to the market downfall.
Investors have lost their interest in NFTs and it is all because of the high-interest rates as well as inflation. These economic pressures have crippled investors from making extra investments in crypto.
Unfortunately, NFTs are part of the cryptocurrency industry so they are also facing a negative impact. However, the NFT sales volumes have started to pick up the pace in recent months.
This means that the investors have started finding interest in the particular assets. They will continue adding more money and investments toward NFTs pushing their sales volumes higher in the future.