5% Decrease In NFT Sales Volume Past Week
As per data from cryptoslam.io, approximately $112.70 Million worth of Non-Fungible Tokens’ (NFTs) sales were carried out in the past 7 days.
The data further indicates that last week’s NFT sales volume dropped significantly by 5.23%. However, as regards NFT transactions, the data notes that there has been an increase of about 2.4%.
Ethereum Dominance in NFT Sector
Since the creation of the NFT industry, Ethereum continues to dominate the sale taking place in the industry. Even in the past week’s NFTs sales, Ethereum successfully maintained its dominance.
Statistics show that out of $112.70 Million worth of sales about $86.59 worth of NFTs sales were done on the basis of Ethereum.
However, the reduction in overall NFTs sales has also impacted Ethereum-based NFT sales volume which has subsequently reduced by 10.06%.
Things are to become even more interesting for the Ethereum-based NFTs and their mining on the blockchain in near future.
This is because Binance US has made an announcement that is to prove very promising for the NFTs based on Ethereum.
The exchange is now going with no transaction or trading fee implementation for Ethereum. This means that the users minting NFTs by paying Ether will no longer incur any transaction fees.
Until now, the transaction fee, commonly known as the gas fee has been very high for ETH transactions compared to other cryptocurrencies.
It will be a game changer for the Ethereum blockchain bringing in more investors and NFT creators to the network.
Solana-based NFT Sales Boost
On the contrary, there was a significant increase in the NFTs sales volume which was done on the basis of Solana. Statistics show that Solana-based NFT sales surged by approximately 29.57 in the past seven days.
During this period, roughly $16.11 Million worth of Solana-based NFTs were sold in the market through public auction.
Algorand Takes Up the Competition
Algorand was also able to come under the spotlight as it took up the competition with Ethereum and Solana.
Although, value wise Algorand-based NFT sales were not more than $93,242 Million, however, the NFT trade volume had surged exponentially. Statistics indicate that NFT sales volume based on Algorand increased by 55.15% in the past seven days.
On other hand, Arbitrum also managed to distract NFT purchasers’ attention who are otherwise more interested in Ethereum and Solana-based NFTs.
NFT sales volume in the past seven days through Arbitrum jumped as high as 50.10% which was recorded higher than the previous week.
However, Arbitrum-based NFT sale volume accounted for approximately $269,453 against the total sale volume of the past week i.e. $112.70 Million.
Modest Boost In Cardano-based NFT Sales
World’s fourth biggest blockchain network with regard to weekly NFT sales, Cardano also saw a gentle boost in Cardano-based NFT sales.
Although value-wise, Cardano did get its due share when NFTs sales to the tune of $1,680,901 were executed using Cardano. However, Cardano’s performance in attracting NFT projects was flatter than expected.
The volume did surge by 8.89% in the past seven days yet Cardano was outperformed by lesser competitors like Algorand and Arbitrum.
Immutable X Executed 3rd Highest Number of NFT Sales Transactions
Amazing performance was put up by Immutable X which earned the third spot in executing the highest number of transactions single-handedly.
Statistics show that more than $4.1 Million worth of NFT sales transactions were executed using Immutable X in the past week.
Unfortunately, Immutable X fell short of increasing NFT sales volume in line with others which was subsequently cut short by 2.73%.
Otherdeed – The Ultimate Slasher
Last week’s ultimate slasher of transactions turned out to be Otherdeed. It single-handedly transacted about 3,990 NFT sales transactions worth approximately $8.6 Million.
At number two spot, after Otherdeed, was Bored Ape Yacht Club whose sales collected revenues exceeding US$6.4 Million. Then came Mutant Ape Yacht Club with sales exceeding $5.8 Million.
However, the highly expensive sale of NFT goes to the credit of Cryptopunk. It managed to sell a single-piece NFT collection for a price of US$ 187K in Ethereum.