Non-fungible token (NFT) sales fell again this week, continuing a trend of declining volumes over the prior few weeks. Sales have decreased 29.46 percent week over week across 14 blockchains that enable NFTs. Despite the decline in total NFT sales, NFT sales via the Arbitrum network increased by 97.53 percent this week.
Nosedive Interest and Sales in NFT
Google Trends (GT) data indicates that interest in NFTs has plummeted, as the search query for the phrase “NFT” fell from a score of 100 in the first month of 2022 to 42 this week.
Interest in the search phrase “metaverse” has likewise decreased dramatically, falling from a peak of 88 in January to today’s GT score of 32. While interest in NFTs is declining, sales volume has also decreased significantly.
“Interest over time” stats from Google Trends (GT) data show searches for the terms “NFT” and “metaverse” have dropped considerably.
NFT sales have decreased 29.46 percent during the last seven days, compared to last week’s level. According to data from cryptoslam.io’s seven-day archives, Ethereum, the largest blockchain in terms of NFT sales, is down 32.13 percent.
This week, wax blockchain sales fell 38.52 percent, but Palm and Theta NFT sales fell the most. Palm’s NFT sales are down 73.36 percent year over year, while Theta’s are down 78.87 percent.
Bitcoin.com News reported on the hacking of the Arbitrum NFT project Treasure DAO, which resulted in the loss of over 100 NFTs. Despite the attack, Arbitrum NFT sales increased significantly this week, jumping 97.53 percent over the previous week.
The NFT collection that sold the most NFTs in the last seven days is Invisible Friends, with $46.9 million in sales, up 32.13 percent from the previous week. Following the success of the Invisible Friends NFT compilation, Wonderpals, Cryptopunks, Clonex, and Bored Ape Yacht Club all sold out (BAYC).
The most expensive NFT sale this week was Meebit #1657, which sold 282 wrapped ether (WETH) for $844,069, followed by Ringers #376, which sold WETH for $800,941. Following those two high-profile NFT sales, Meebit #8475 ($753K), Meebit #18277 ($738K), Meebit #19564 ($723K), and Bored Ape #8386 ($600,609, or 200 wrapped ethereum) were all sold.
Additionally, the 1952 Mickey Mantle NFT card from the “Topps Timeless Series” sold for 175 ether, or $471K, at the moment of settlement on Opensea. Opensea, the biggest NFT marketplace, had the week’s highest volume of NFT sales, but sales are down 29.97 percent based on current dappradar.com statistics. This week, Opensea witnessed 220,223 NFT traders, a decrease of 12.96 percent from the previous week.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.