• Mon. May 20th, 2024

After A Long-Running Bearish Trend, NFT Sales Have Finally Started To Pick Up

Dec 15, 2022

The last week has been full of surprises for the non-fungible token (NFT) industry. This is mainly because, in the last week, the NFT sales have experienced a significant push.

The sales for the NFTs have surged substantially and Cryptopunks has performed the best among all the NFT collections. Due to the recent surge, the base prices for the Cryptopunks’ NFTs have surged as well.

NFT Sales Record Over 27% Surge

The non-fungible tokens had been facing a winter like the rest of the cryptocurrency industry. However, things have started to pick up for the NFT sector since the last week.

According to the reports, the non-fungible tokens have recorded a great surge in their selling volume since the last Wednesday.

Even now, the selling volume of non-fungible tokens is high, which is quite remarkable given the fact the general crypto market is still bearish.

A highly reputable NFT tracking platform, cryptoslam.io has shared a report pertaining to the surge in NFT sales since last Wednesday.

The data collected by cryptoslam.io suggests that the total sales recorded for NFT since last Wednesday are worth almost $155 million. In only the past 7 days, the sales for NFTs have pumped by 27.72%.

According to the metrics shared by the same tracking platform, 886,605 blockchain transactions and 184,248 NFT buyers were responsible for the high volume.

Ethereum NFT Sales were the Highest

Among all the competing blockchain networks, Ethereum NFT sales have emerged as the dominant network. However, this is quite common for the Ethereum blockchain because it has the highest number of users.

Due to the strong following and most of the NFT projects being launched on the Ethereum network, its NFT sales continue dominating the rivals.

Out of the total $155 million NFT sales, $129.99 sales were recorded for the Ethereum non-fungible tokens. For the ETH network alone, the sales for the NFTs rose by 37.73%.

Other networks that have recorded high sales for non-fungible tokens in the past week are Cardano, Polygon, Immutable X, and Solana.

Apart from Ethereum NFTs, the Immutable X NFT sales recorded a significant surge that was almost 6%, compared to the week prior.

NFT Collection with the Highest Sales

Coming down to the NFT collections, the top-performing collection was by Bored Ape Yacht Club (BAYC). The report shows that the BAYC collection alone was able to generate $21.84 million in sales in the same period.

The next NFT collection after BAYC is the Mutant Ape Yacht Club (MAYC). Then there are other collections such as Azuki, Tim Ferriss’s Cockpunch, and Valhalla.

The Most Expensive NFTs

In the mentioned period, multiple NFTs were sold at really high prices but they did not hit or come close to the all-time high NFT selling prices.

The NFT #92,594 belonging to the Sandbox Land collection was sold for $202,000. The NFT #3,756 belonging to the Bored Ape Yacht Club was sold for $517,000.

The most valued NFT sold in the particular period was by Bored Ape Yacht Club which was sold for $691,000. The particular NFT is numbered 441. The particular NFT had been sold five days back.

Few other non-fungible tokens have been sold that were sold for less than $200,000. The list includes Bored Ape Yacht Club #785 which was reportedly sold for $137,000.

Then comes the Bored Ape Yacht Club #2,596 which was sold for $178,000. Among the top five most valuable NFTs sold in the particular period, 4 belonged to BAYC.

Despite the recent push, the values of the BAYC NFTs have experienced a decline versus the Cryptopunks NFTs.

The data shared by nftpricefloor.com shows that the floor value of the NFTs by Cryptopunks is higher than BAYC’s NFTs. As per the data, the floor value of the Cryptopunks’ NFTs is 1.5 ETH higher than BAYC’s NFTs.

Don't Miss Out On Bitcoin Evolution!

The Top Bitcoin and Cryptocurrency Price Prediction Software / Trading Robot

Sign Up

Try Crypto Engine With a Trusted Broker