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Crypto Downturn Shakes Digital Collectible Markets as NFT Sales Slip 42% Lower Than Last Week

Crypto Downturn Shakes Digital Collectible Markets as NFT Sales Slip 42% Lower Than Last Week

Non-fungible token (NFT) markets are beginning to feel the discomfort from the crypto market carnage that’s occurred throughout the recently. Over the last 7 days, NFT sales have actually dropped 42.85% lower than the previous week. NFT sales on Ethereum were struck the hardest as the blockchain saw a 44.83% loss in NFT sales volume this previous week.

Crypto Economy’s Downward Spiral Begins to Plague NFT Sales

NFT sales are down today as seven-day sales metrics reveal throughout 16 various blockchains, NFT sales slipped 42.85% lower than recently. Sales coming from Ethereum were down 44.83%, however the leading 8 blockchain networks by NFT sales were all down today.

Solana sales are down 19.65%, Polygon NFT sales moved 35.63%, Flow sales are 36.19% lower, and Avalanche NFT sales are down 29.26%. Tezos, nevertheless, saw NFT sales increase 51.09% greater than the week prior.

Despite Ethereum-based NFT sales dipping by more than 42%, ETH-based NFTs saw $828.7 million in sales which is 88.17% of the $939.8 million in seven-day NFT sales. The leading NFT collection this previous week is the Otherdeed NFT collection which has actually seen $189.3 million in sales.

Although, Otherdeed sales are down 71.39% throughout the previous 7 days. An NFT task called Projectpxn holds the 2nd position in regards to weekly sales with $89.6 million. The NFT task called Beanz has actually offered $68.4 million in NFTs and sales are up 193.53% greater than recently, according to metrics coming from cryptoslam.io.

The most costly NFT offered throughout the last 7 days was Bored Ape Yacht Club (BAYC) 17, which offered 4 days ago for 410 ether or $1.12 million. Bored ape 17 was followed by Otherdeed 33, which NFT cost $979K or approximately 333.33 ether.

An NFT called Ken Hicks cost 332.52 ether or $849K and Otherdeed 54 exchanged hands for $791K or approximately 50,000 APE 5 days earlier. Otherdeed 66,813 offered a day earlier for $776K or 303 ether and Otherdeed 26 exchanged hands for $733.5K or 249 ether 5 days earlier.

What do you think of today’s NFT sales volume dropping 42% lower than recently? Let us understand what you think of this topic in the comments area below.

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