NFT Sales Volume Declines Sharply By 21.25% This Week
The non-fungible tokens (NFTs) sales volume declined sharply by 21.25% between January 20 and January 27, 2024, in comparison to the previous week. The leading blockchains in seven-day sales, Ethereum and Bitcoin, witnessed a substantial decline, ranging from 28.78% to 12.62%, respectively.
5 Major Blockchains Register Significant Losses
NFT sales dipped by 1.31% at the beginning of 2024, falling below the last-week numbers of 2023. The subsequent week witnessed a marginal 0.05% rise in NFT sales, but last week witnessed a 5.05% decline in digital collectible sales.
This week has seen a sharp decline in 2024, with sales plummeting over 21.25% in comparison to the previous seven days. The total amounted to USD 228,327,660, according to data shared by cryptoslam.io.
The year-end surge in NFT sales during 2023 was largely driven by Bitcoin blockchain-based NFT transactions. Bitcoin’s NFT sales dominated in November and December of 2023, spilling over to the first week of January 2024.
However, in recent weeks, Ethereum has reclaimed its position as the leader in NFT sales volume. Ethereum’s NFT sales volume amounted to USD 74.97 million over the past seven days, declining 28.78% from the previous week.
Bitcoin witnessed a 12.62% week-over-week dip, with USD 55.92 million in sales over the same seven-day period. Solana secured third place, registering USD 53.69 million in sales and declining by 11.85%.
Polygon’s NFT sales claimed the fourth place, amounting to USD 15.66 million, with a 36.40% decline. Avalanche garnered USD 7.98 million in sales for the fifth place, with a significant decline of 41.25% in its NFT market.
All five top blockchains registered double-digit losses during the week. Among the top ten this week, Ronin blockchain, supporting Axie Infinity, witnessed a significant 209.09% surge, achieving USD 1.76 million in NFT sales.
High-Ranking NFT Collection Sales
Bitcoin’s Uncategorized Ordinals achieved USD 9 million in sales, witnessing a 3.75% decline from the previous week. Solana’s Froganas reported USD 7.04 million in sales, with a significant increase of 420.77% in comparison to last week for third place.
Solana’s Cryptoundeads achieved USD 6.75 million in sales for fourth place, with a 58.82% decline. Avalanche’s Dokyo NFT collection registered USD 5.85 million in sales, for fifth place with a 33.70% decline in sales volume from the previous week.
The highest-priced digital collectible was Cryptopunk #6,940 in the previous week, commanding USD 507,618 seven days ago. BNB’s Lockdealnft #18,858 realized a sale of USD 147,157 four days ago, while an Axie Infinity NFT fetched a price of USD 143,559 this week.
An Uncategorized Ordinal was acquired for USD 88,386, and a Cardano’s Meld Diamond Hand #2,813 went for USD 56,186. The sales of Cryptopunk #6,940 and the Axie Infinity NFT contributed significantly to boosting the sales of their respective chains.
Sales of blockchain digital collectibles have been facing tough and challenging conditions in 2022 and 2023. The fortune began to change at the end of last year with the entry of Bitcoin NFT. The sales volume initially saw a big boost, but BTC-focused NFT sales not only declined this week but also witnessed a 28.15% decline in the past week.
Solana and Polygon-based NFTs registered an uptick at the end of 2023, but they too have recently registered falls in their overall digital collectible sales volume. Whether this declining trend in NFT sales will continue or if a rebound is on the cards remains to be seen.
What is your take on this week’s NFT sales? Please share your thoughts and opinions about this subject in the comments section below.
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