- NFTs have had a breakthrough year, and in the last 12 months the volume has reached $29 billion.
- But a significant decline in the cryptocurrency market helped fuel a pullback in NFT sales.
The cryptocurrency boom over the past few years has helped propel a new market to all-time highs: digital collectibles known as NFTs.
The craze has pushed NFT’s total sales volume to $29 billion over the past year as artists, investors and entrepreneurs descend on the nascent Web3 space.
NFTs, or non-fungible tokens, are unique, irreplaceable, mostly digital items that users buy and sell online.
NFTs use blockchain technology to maintain a digital record of ownership, similar to cryptocurrencies. They first launched on ethereum, the same blockchain that supports the cryptocurrency ether, and most NFTs can still only be purchased with ether.
A months-long sell-off in cryptocurrencies and the implosion of TerraUSD have recently reduced NFT sales. According to data from NonFungible.com, weekly NFT sales had been more than halved from their nearly $1 billion peak in early January.
Last week, weekly NFT sales fell 50% to $255 million, from $505 million the previous week, as the familiar Bored Ape Yacht Club NFT collection reclaimed its top spot from new entrants like Azuki. and Otherside.
These are the five best-selling collections over the past week, according to NonFungible.
7-day sales volume: $12.5 million
Number of sales over 7 days: 138
Highest selling price: $386,000
Explanation: “10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. The project that inspired the modern CryptoArt movement.”
7-day sales volume: $28.0 million
Number of sales: 363
Highest selling price: $221,000
Explanation: “From the makers of CryptoPunks, Introducing Meebits. The next generation ‘OG’, 3D voxel avatars ready for any metaverse app. Building on the success of CryptoPunks and Autoglyphs to deliver proven 3D character avatars rare and fairly distributed.”
7-day sales volume: $35.5 million
Number of sales: 3,563
Highest selling price: $520,000
Explanation: “Azuki is a collection of 10,000 avatars that allow members access to The Garden. The Garden is a corner of the internet where art, community, and culture merge to create magic. The Boundaries Between Worlds physical and digital fade and the rules are rewritten.”
7-day sales volume: $40.5 million
Number of sales: 2,941
Highest selling price: $327,000
Explanation: “Otherside is a gamified, interoperable metaverse currently under development by Yuga Labs. Players will own the world, NFTs can become playable characters, and thousands of people can play together in real time.”
1. Bored Ape Yacht Club
7-day sales volume: $46.3 million
Number of sales: 806
Highest selling price: $403,000
Explanation: “BAYC is a collection of 10,000 Bored Ape NFTs – unique digital collectibles living on the Ethereum blockchain. Your Bored Ape also serves as a Yacht Club membership card and provides access to member-only benefits. »