SNEAK PEEK
- The trading volume and the number of sales for significant NFT collections have decreased.
- The excitement surrounding the increasing value of cryptocurrencies is reflected in the NFT transaction volume of blue-chip collections.
- The Memes worked similarly well for 6529, Mutant Hound Collars, and Zunks, another CryptoPunks clone.
Over the last week, Bored Ape Yacht Club‘s sales decreased by 22%. The trading volume and the number of sales for important NFT collections have declined, despite a 23% and 21% price increase for bitcoin and ether, respectively. Market-leading pools including Bored Ape Yacht Club, Azuki, and CryptoPunks have experienced a sharp decline in trading activity and sales.
The NFT trade volume of blue-chip collections like the market-dominating Bored Ape Yacht Club reflects the enthusiasm surrounding the rising crypto values. They have experienced a 33% decline in trading volume to just over $13 million and a 22.5% decline in revenues to only 165 sold digital collectibles. Azuki and CryptoPunks, whose trade volume has decreased by 33.17% and 21.96%, respectively, follow a similar pattern.
However, this does not suggest a decline across the board in the NFT sector. In other words, traders began to concentrate on other prospects. For instance, the mint finish on the Friendship Bracelets at Art Blocks Explorations experienced a 65% boost in sales to 6,873 sold items over the previous week. Despite this, trading volume soared by 84.7%, reaching $6.57 million.
The memes achieved similar effective outcomes. These collections are relatively new to the market and are currently gaining popularity. Collectors seem to be searching for opportunities to join potentially extremely profitable collections.
It appears that those actively trading for profit have switched from NFTs to cryptocurrencies. In contrast to a decline in trading volume, most NFT platforms have seen a decline in the number of traders. OpenSea reported revenues of $95 million over the previous seven days, a decrease of 16.7%. Blur, with sales of $38.29 million, was the number two marketplace but was impacted far harder, suffering a volume decline of 35%.
