Key Takeaways
- NFT sales volumes have surpassed $165 million in the past 7 days.
- A CryptoPunk NFT was sold for more than $2.5 million last week.
- NFTs have recorded over $71.5 billion in lifetime sales volumes since 2017.
The non-fungible token (NFT) market has seen a steep decline in sales volumes following a bullish uptick in interest in crypto’s digital collectibles.
With CryptoPunks and others drawing in millions over the past month, are NFTs finally back in action?
NFTs Trade
NFT sales volumes have shrunk 26% in the past 24 hours after a weeklong bull run saw a week-on-week increase of 20% (roughly $33 million) for the digital collectibles market.
- NFT sales volumes drop. | Source: CryptoSlam.
The CryptoPunks collection, which some believe will outperform Ethereum (ETH) this cycle, relished a sturdy 9.94% increase in sales volumes over the past week, amounting to $20.36 million with a 43% increase in buyers.
Courtyard, a platform that tokenizes physical, graded copies of cards from various trading card games (TCGs) such as Pokémon and Magic: The Gathering (MTG), tallied a massive 24% gain over the past week, recording $14.8 million in sales across 11,203 buyers and 178,456 transactions.
The Bored Ape Yacht Club (BAYC) also relished in sturdy gains last week, jumping a modest 1.17% to just over $6 million, a 52% increase in transactions, and a 47% increase in buyers.
In Recovery?
Looking at the bigger picture, NFT sales volumes, buyers, and sellers have continued on a sustained downward slope following their 2021/2022 highs, which reinforces the bearish narrative that NFTs are “dead”.
- NFT markets over the years. | Source: CryptoSlam.
However, with the recent uptick in crypto markets, namely Ethereum (ETH), digital collectibles have seen a modest 1.56% increase in sales volumes in the past 30 days, which is coupled with a 35% increase in trade profit at $5.7 million.
Looking a little deeper, the average NFT sale price has also increased in the past 30 days. In fact, it’s jumped 99.96% to $105, suggesting that floor prices are also on the up.
That said, CryptoPunks sales are disproportionately affecting these figures with a $2.5 million sale last week, and more than a dozen others selling for anywhere between $250,000 and $500,000.
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Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
