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Monday, May 29, 2023

Sales of NFTs drop 29% this week, while searches for metaverse terms plummet

After a few weeks of declining volumes, non-fungible token (NFT) sales have dropped again. Across 14 blockchains that support NFTs, sales are down 29.46% from the week prior. NFT sales via the Arbitrum network increased by 97.53% this week despite the drop in NFT sales volume.
Nosedive for NFT interest and sales

According to Google Trends data, interest in NFTs has plummeted, as the search query for the term “NFT” plunged from a score of 100 during the first month of 2022 to this week’s score of 42.

The search query term “metaverse” has also recently suffered a decline in popularity, dropping from 88 points in January to 32 points today. NFT interest is slipping, but sales volumes have also fallen considerably.

Compared to last week’s sales volume, NFT sales have dropped 29.46% over the last seven days.Over the last seven days, NFT sales have dropped 29.46% lower than last week’s sales volume. From cryptoslam.io’s seven-day records, we see that Ethereum, the largest blockchain in terms of NFT sales, is down 32.13%.

Wax blockchain sales dropped by 38.52% this week, but Palm and Theta NFTs lost the most. Theta’s NFT sales have dropped 78.87% since last week, while Palm’s have fallen 73.36%.
BitCoin.com News reported on the Arbitrum NFT project Treasure DAO being hacked and losing more than 100 NFTs. Arbitrum NFT sales have increased 97.53% since the previous week despite the hack.

The NFT collection that recorded the most sales during the past week was Invisible Friends. The Ethereum-based NFTs have seen $46.9 million in sales, up 32.13% from the previous week. Wonderpals, Cryptopunks, Clonex, and Bored Ape Yacht Club (BAYC) followed Invisible Friends NFT compilation sales.

This week’s most expensive NFT sale was Meebit #1657 for 282 wrapped ether (WETH) or $844,069, followed by Ringers #376 for $800,941 in WETH. Those two pricey NFT sales were followed by Meebit #8475 ($753K), Meebit #18277 ($738K), Meebit #19564 ($723K), and Bored Ape #8386 for $600,609, or 200 wrapped ethereum.

Additionally, the “Topps Timeless Series” 1952 Mickey Mantle NFT card sold for 175 ether or $471K at the time of settlement on Opensea. The leading NFT marketplace Opensea posted the week’s top sales in terms of NFT sales volume, but sales are down 29.97% according to current dappradar.com stats. Opensea saw 220,223 NFT traders this week, but the number of traders is down 12.96% since the week before.

What are your thoughts about this week’s NFT sales and the interest over time stats from GT? Let us know what you think in the comment section below.

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