NFT sales volume drops 8% from last week, sector sinks further into crisis

Over the past few weeks, NFT sales have been flat, with data from the past seven days showing that sales are 8.11% lower than the previous week. Despite this decline, a few collections saw significant increases in sales percentage, such as the Electricsheep, Moonbirds, and Moonbirds Oddities collections, which gained between 90% and over 16,000%.

Ethereum-based NFTs account for 83% of this week’s $159 million in sales volume

Data from the past seven days shows $159.24 million in NFT sales, down 8.11% from the previous week’s $173.29 million in sales. 133.45 million, or 83% of the total NFT sales settled this week, came from Ethereum-based NFTs.

The remaining sales came from 17 different blockchain networks. The blockchain that saw notable gains over seven days was the Palm network up 60.50%, and the Flow blockchain up 40.12%.

In addition to Flow and Palm, blockchain networks Fantom, Arbitrum, and Cronos also saw NFT sales gains over the past seven days. The biggest loser in terms of NFT sales this past week is Waves, as the blockchain’s NFT sales are down 61.44% from the previous week.

Most of this week’s NFT sales come from the Bored Ape Yacht Club (BAYC) collection, but BAYC sales are down 5.06% this week. BAYC is followed by the Potatoz compilation, Sorare Football, Otherdeed, and Moonbird Oddities.

Moonbird Oddities posted a significant seven-day gain of 266.10% in weekly sales, but the NFT Electricsheep collection made a huge jump of 16,591.74% this week. Interest in Moonbird Oddities this week also boosted sales of the original Moonbirds collection, which were up 92.27% from the previous week.

The most expensive NFT sale this week was Bored Ape Yacht Club #5,555 after selling for 270 ether or $427K six days ago. BAYC #5,555 was followed by Cryptopunk #9,650, which sold for 169 ether or $264K also six days ago. The two most expensive NFT sales were followed by Otherdeed #89,944, BAYC #6,775, and BAYC #4,814 respectively.

The NFT markets with the most sales this week came from Opensea, X2Y2, Magic Eden, and Looksrare, according to dappradar.com statistics.