NFT sales in the recent past witnessed a boom time. The month of January 2022 was an especially good time. NFT sales recorded the highest sales volume ever in its brief history.
However, lately over the last week the story has been rather different. The NFT sales volume have been nothing to talk home about. The contraction of the sales volume is more apparent due to the difference in sales levels. The sales volume shrank by over 30% during the course of the past week.
NFT Sales – Trends
The shrinking of the sales volume caught everyone by surprise mainly for two reasons. One, the NFT space had recently witnessed a boom. Second, NFT CryptoPunk#5822 recently established a record for the all-time out expensive sale. It sold for over $23.7 million.
Trade data shows that on the Ethereum network the sales of NFT declined even more. The drop was to the tune of 32%. The other networks fared no better. On Solana the drop was by as much as 28%. On some other such as Polygon and Flow the drop was 37% and 38% respectively. However, inexplicably on Ronin the NFT sales volume rose by 30 during the sale period. The rise pushed Ronin up third place among chains with regard to NFT sales.
Among NFT collections Karafun was the best performer with a weekly sales of $50 million. CryptoPunk and Azuki followed closely behind with sales of #38.6 million and $37 million respectively. LooksRare experienced a 70% drop in sales and OpenSea a drop of 65% over the same period. Overall, LooksRare beat OpenSea in revenue. Despite the precipitous fall in sales volume the NFTs still beat other apps on the Etheruem network.