NFT Sales Drop 59.35% This Week, Ethereum Remains Dominant

• NFT sales dropped significantly this week, down 59.35% from the prior week.
• Ethereum accounted for 75.33% of the total sales during the past seven days, with Solana coming in second at 18.04%.
• The top-selling NFT collection this week was the Bored Ape Yacht Club (BAYC), followed by Mutant Ape Yacht Club (MAYC), Azuki, Art Blocks, and Bored Ape Kennel Club.

Non-fungible token (NFT) sales have seen a sharp decline in the last seven days compared to the week prior. This downward trend comes despite a 26% increase in sales the week prior. During the past seven days, only $208.68 million in NFT sales were recorded, a drop of 59.35% from the week before. Of the total amount, $157.20 million stemmed from the Ethereum blockchain, accounting for 75.33% of the total sales.

The top-selling NFT collection this week was the Bored Ape Yacht Club (BAYC), with $16.69 million in sales, equating to 7.998% of the $208 million in sales this week. This was followed by Mutant Ape Yacht Club (MAYC) at $13.66 million, Azuki at $11.50 million, Art Blocks at $10.95 million, and Bored Ape Kennel Club at $9.71 million. Other popular collections included Otherdeed, Sorare, The Captainz, Beanz, and Mutant Hound Collars. According to data from nftpricefloor.com, the BAYC collection had the highest floor value in terms of NFT floor values on Sunday, Jan. 15, 2023. BAYC was followed by Cryptopunks, MAYC, Autoglyphs, and The Sandbox, respectively.

The sharp decline in NFT sales this week signals a potential shift in the digital collectible market. Despite the overall decrease in sales, Ethereum has remained the dominant platform among the top 20 blockchains issuing NFTs. Solana followed in second with 18.04% of the week’s total sales, or $37.66 million. Ethereum and Solana were followed by Immutable X, Binance Coin (BNB), and Cardano as the top five chains in terms of this week’s NFT sales data.

It remains to be seen whether this downward trend in NFT sales will continue or if it is a sign of a larger shift in the digital collectible market. Ethereum’s continued dominance in the space, however, is a positive sign for the blockchain’s future in the industry.