Sales of non-fungible tokens (NFTs) have taken another hit, falling more than 10% from the previous week, with transactions totaling $85,046,840 since Saturday, August 26, 2023. This marks the third consecutive week of declining NFT sales, reflecting the broader cryptocurrency. the downturn in the economy and its significant impact on the NFT market.
Can NFTs gather in September? The recent three-week sales trend raises doubts
Cryptoslam.io reports that NFT sales are down 10.71% over the past week, while the volume of NFT trades is down 17.15% compared to the previous week. Interestingly, the number of NFT buyers has skyrocketed, up 20.35% from the previous week. Data collected at 9 a.m. (ET) on September 2, 2023, spanning the past seven days since August 26, shows that Ethereum-based NFTs dominated the market, raking in $47,876,781. However, it is worth noting that ETH NFT sales are down 18.75% this week.
The six biggest sales of NFT collectibles over the past seven days.
Following Ethereum in NFT sales, Mythos, Solana, Polygon, and Immutable X rounded out the top five blockchains. Solana experienced the largest decline: turnover fell by 24.19%. Mythos, on the other hand, witnessed an increase of 12.85% this week. Over the past seven days, Polygon’s revenue fell 12.14%, while Immutable X led the top five with a 36.46% increase. Bitcoin (BTC) NFTs maintained their seventh spot, registering a 6.43% increase in revenue. While Arbitrum was up 57.71% this week, it only generated $667,646 in NFT sales.
Last week, the Mythos collection called Dmarket took first place in NFT sales, with a whopping $6,485,157. Bored Ape Yacht Club (BAYC) NFTs took second place with sales totaling $5,451,001, though they have seen a 47.59% drop from the previous week. Sorare, with its impressive revenue of $3,777,522, claimed the fourth position, while Mutant Ape Yacht Club (MAYC) brought in $2,936,718. Sorare’s sales rose 13.09% this week, while MAYC experienced a 6.16% decline.
In the high-stakes world of NFTs, Mega Zombie stole the show this week with a retail price of $809,000. The second largest was BAYC #7485 for $172K. Following closely was an NFT property titled “332 Montclaire Ln, West Columbia, SC 29170,” which raised $204,000. Cryptopunk #1123 took the fourth spot with sales just above $165K, while Cryptopunk #1603 secured the fifth position at $143K.
To complement the top sales, the NFT named “RBX Fortress Voucher #15” went for $136,000, taking the sixth position. While September typically sees a resurgence in the broader crypto realm, it remains to be seen whether NFTs can recover from the recent drop in sales.