NFT Sales Nosedive This Week as Volume Drops Close to 30%

According to current metrics, non-fungible token (NFT) sales have dropped 29.35% since last week. While Ethereum and Solana are the two blockchains with the most NFT sales volume, both blockchain networks have seen NFT sales nosedive anywhere between 27% to 32% over the last seven days.

Non-fungible token (NFT) sales volume is down this week despite Cryptopunk #5822 selling for 8,000 ether worth $23 million. According to today’s statistics stemming from cryptoslam.io, during the last seven days, there’s been $628.2 million in NFT sales.

The 29.35% slide is due to some of NFT sales drops across the most leveraged blockchains that support NFTs. For instance, Ethereum’s weekly NFT sales volume dropped by 32.27% and Solana’s weekly sales volume dipped by 27.55%.

Ronin, however, saw NFT sales increase during the last seven days, as the chain with the third-largest number of NFT sales saw an increase of 30.62%. The next four largest blockchains, in terms of NFT sales, also saw decreases across the board.

Avalanche lost 6.62% in weekly NFT sales, Flow’s sales dipped by 38.84%, Wax blockchain sales dropped by 8.58%, and Polygon sales this week have slid by 37.29%. Cryptoslam.io’s data tallies up the total sales volume for 12 different blockchain networks that support NFT technology.

In terms of the top NFT collection by weekly sales volume, the Karafuru compilation of NFT collectibles led the pack with $49.7 million in sales. Cryptopunks took second place this past week, with approximately $38.6 million in NFT sales.

The NFT collection Azuki took the third position over the last seven days with $37 million in NFT sales volume. Of course, the top sale in the NFT industry this week was Cryptopunk #5822 for 8,000 ether, but the second most expensive NFT sold during the last seven days was Meebit #16728 for $3.8 million.

Statistics derived from dappradar.com’s NFT marketplace metrics indicate that the NFT market Looksrare has captured the most sales volume this week with $1.02 billion in sales volume. Despite the $1 billion in sales, the volume on Looksrare is down 70% over the last seven days.

Opensea’s NFT marketplace sales are down 65.77% as the NFT market has captured $317.96 million in weekly sales. Solana’s Magic Eden saw $43.5 million in sales last week, down 33.72% from the week prior.

What do you think about this week’s NFT sales action and volume dropping close to 30%? Let us know what you think about this subject in the comments section below.