NFT Sales Fell 31% Past Week – Will This Week Brings Back An Uptrend?

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The global non-fungible token market has continued to plummet amid the recent general crypto market downturn, which has left many NFTs shielding more than 50% of their floor price. The market downturn has not spared the flagship crypto “Bitcoin” either, pushing its price below the $31,000 level.

NFT Sales Fell 31% In The Past 7 Days

Data compiled by CryptoSlam, an on-chain data aggregator, indicates that the global trading sales volume for non-fungible tokens has dropped by 31% this past week. The NFT sales fell from over $275 million the previous week to around $167 million.

According to statistics, non-fungible tokens hosted on Ethereum, the second largest blockchain after Bitcoin, dominated the global NFT market, recording more than $96 million. Nonetheless, the Ethereum NFTs have dropped by 31% in sales from the previous week.

Bitcoin NFTs, popularly known as ordinals, distantly followed Ethereum, amassing a trading sales volume of $28 million. Bitcoin Ordinals has dropped by 21% in sales past week from the previous week. Solana NFTs followed Bitcoin NFTs, amassing over $10 million in sales volume.

The number of investors trading in the NFT sector has decreased during this period. NFT buyers have dropped by more than 87% in the past seven days to just 148,025. NFT transactions also went down 9% last week to 2.2 million. Below we have listed the top NFTs in sales in the past seven days:

NFT Collection Rankings By Sales Volume:

1. $Fram BRC-20

$Fram BRC-20 is a new standard non-fungible token on the Bitcoin chain similar to the popular Ethereum-based ERC-20. The new NFT collection has performed fairly well, recording a trading sales volume of $9.3 million in the past seven days. $Fram BRC-20 also saw a sharp rise in NFT trading.

2. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club is an NFT collection from digital asset incubation firm Yuga Labs, featuring a limited edition of 10,000 NFTs hosted on the Ethereum network. In the past seven days, Bored Ape Yacht Club was the second most traded NFT collection, recording a sales volume of $9.3 million.

3. Bitcoin Ordinals

Bitcoin Ordinals are NFT collections hosted on the Bitcoin network. These NFTs came into the spotlight sometime earlier this year and have continued to gain massive traction among investors. In the past seven days, Bitcoin ordinals have been the third most traded NFTs, amassing a sales volume of $8.5 million.

4. Azuki Elementals NFTs

Azuki Elementals is an NFT collection from the digital asset incubation firm and Azuki creator Chiru Labs, featuring a limited edition of 20,000 NFTs. In the past seven days, Azuki Elementals NFTs have been the fourth most traded NFTs, recording a trading sales volume of $6.9 million.

5. Wall St Bulls Ordinals

Wall St Bulls is another ordinal collection gaining traction among investors. The NFT collection was launched in late May by the Wall Street Memes crypto group and featured a fixed set of 420 NFTs. The group came into the limelight in 2021 after launching an NFT collection, which sold for just 32 minutes.

Congratulations on your new NFT purchase! 🎉✨ I recently acquired a unique NFT from @wallstbullsNFT, and I must say, it’s truly a remarkable piece of digital art. The attention to detail and the artistic expression in their collection is simply outstanding. 😍🖼️@wallstbullsNFT… pic.twitter.com/nDNeUsFDME
— Manson♒ 🛸 🚢 (@AmbManson) June 1, 2023

The same crypto group also has a presale, now selling super fast. The $WSM presale has already raised over $12 million in weeks. The Wall St Bulls’ remarkable performance indicates investors are still bullish on NFTs. Despite the recent fallout, the NFT market showcases the strong potential to stand back on its feet.