NFT Sales Slide for Third Consecutive Week Amid Crypto Downturn

Sales of non-fungible tokens (NFTs) have taken another hit, declining over 10% from the previous week, with transactions totaling $85,046,840 since Saturday, August 26, 2023. This marks the third consecutive week of falling NFT sales, reflecting the broader crypto economy’s downturn and its significant impact on the NFT marketplace.

Can NFTs Rally in September? Recent 3-Week Sales Trend Casts Doubt

Cryptoslam.io reports that in the past week, NFT sales have seen a 10.71% decline, while the volume of NFT transactions has fallen by 17.15% compared to the previous week. Interestingly, the number of NFT purchasers surged, showing a 20.35% increase from the week before. Data compiled on September 2, 2023, at 9 a.m. (ET), spanning the last seven days since August 26, reveals that Ethereum-based NFTs dominated the market, raking in $47,876,781. However, it’s worth noting that ETH NFT sales have decreased by 18.75% this week.

Following Ethereum in NFT sales were Mythos, Solana, Polygon, and Immutable X, completing the top five blockchains. Solana experienced the most significant drop, with sales plummeting by 24.19%. In contrast, Mythos witnessed a 12.85% surge this week. Over the past seven days, Polygon’s sales dipped by 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% uptick in sales. Although Arbitrum enjoyed a 57.71% surge this week, it only amassed $667,646 in NFT sales.

Over the past week, the Mythos collection named Dmarket clinched the top spot in NFT sales, raking in a whopping $6,485,157. Bored Ape Yacht Club (BAYC) NFTs secured second place with sales totaling $5,451,001, although they’ve seen a 47.59% dip from the previous week. Sorare, with its impressive $3,777,522 in sales, claimed the fourth position, while Mutant Ape Yacht Club (MAYC) garnered $2,936,718. Sorare’s sales surged by 13.09% this week, whereas MAYC experienced a 6.16% decline.

In the high-stakes world of NFTs this week, Mega Zombie stole the show with a sale price of $809K. The second largest was BAYC #7485 for $172K. Following closely was an NFT property titled “332 Montclaire Ln, West Columbia, SC 29170,” fetching $204K. Cryptopunk #1123 clinched the fourth spot with a sale just above $165K, while Cryptopunk #1603 secured the fifth position at $143K.

Rounding out the top sales, the NFT named “RBX Vesting Voucher #15” went for $136K clinching the sixth position. Though September typically sees a resurgence in the broader crypto realm, it remains to be seen if NFTs can bounce back from the recent slump in sales.

What do you think about this week’s NFT sales trend and the prior two weeks as well? Do you see a rebound coming for NFT sales? Let us know your thoughts and opinions about this subject in the comments section below.