Weekly NFT sales are still up 81% to $4.7 billion despite the bloody market
While bitcoin, ether and countless digital assets saw dramatic declines over the week, NFT sales continue to explode at $4.7 billion.
Last week, NFT sales across about ten blockchain networks totaled $2.5 billion. This week, that figure surged by 81.4% as the number of buyers reached 326,733 and Ethereum sales saw a steady increase.
Out of the ten blockchains tracked, NFT sales on Ethereum are up 84.04% and Ronin are up 29.99% this week. The third and fourth largest blockchains in terms of NFT sales, Solana and Flow, saw declines of 10.26% and 13.17%, respectively.
However, the biggest drop in NFT sales was Polygon’s 23.57% drop. In contrast, Binance Smart Chain (BSC) had the biggest gain of the week, up 279.67%.
Legacy NFT sales projects like Meebits and Terraforms Reign are posting impressive numbers
This week, the Meebits collection remains at the top of NFT sales after reaching $1.9 billion in sales, up 104.40% from the previous week.
Second and third in terms of sales this week were Terraforms, up more than 298% to $1.29 billion, and Loot posted $468 million, up 79%. They are followed by Cryptophunks V2, up 88%, and Azuki, up more than 141% this week.
Collections that were once top competitors for NFT sales, like Bored Ape Yacht Club (BAYC), fell more than 34% on the week to $39.1 million.
Mutant Ape Yacht Club (MAYC) sales slipped into the top 10 after being in the top 5 last week despite rising more than 4% on the week. Additionally, The Sandbox’s sales are down more than 31% following the Metaverse project’s sharp surge two weeks ago.
All in all, NFT markets and sales have managed to avert the crypto market devastation that crypto assets have been seeing lately. Despite its lower value, it still buys NFT in bulk and the multi-billion dollar NFT industry is still profitable.
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