How are NFT sales increasing?
The recent cryptocurrency surge has aided in propelling a new sector to unprecedented heights: digital collectibles known as NFTs. As artists, investors, and entrepreneurs flock to the emerging Web3 area, the craze has propelled global NFT sales volume to $25 billion in the last year. Non-fungible tokens, or NFTs, are one-of-a-kind, irreplaceable digital objects that people buy and sell online.
Like cryptocurrencies, NFTs employ blockchain technology to retain a digital record of ownership. Most NFTs may still only be acquired using ether because they were first introduced on Ethereum, the same blockchain that underpins the cryptocurrency ether. However, NFT sales have recently been impacted by a months-long cryptocurrency sell-off. According to data from NonFungible.com, weekly NFT sales have dropped by more than half from their early January peak of around $1 billion.
In the preceding week, weekly NFT sales increased by 46%, from $300 million to $439 million. The most popular NFTs to own, Bored Ape Yacht Club and CryptoPunks, have maintained their supremacy, which shows no signs of slowing down after Yuga Labs, the creators of BAYC, purchased CryptoPunks from Larva Labs.
On the Ethereum blockchain, Cool Cats is a collection of procedurally generated and randomly generated NFTs. The first generation consists of 10,000 cats chosen at random from a pool of approximately 300,000 possibilities. Great cats with a wide range of costumes, faces, and colors; all cats are cool, but fully dressed cats are the coolest. “
- 7-Day Sales Volume: $5.8 million
- Number Sales: 200
- Highest Sale Price: $99,000
Each Penguin is an official member of the Pudgy Penguins community found in the freezing cold, an arctic section of the metaverse, with 8,888 Pudgy Penguins sliding around on the icy Ethereum blockchain.”
- 7-Day Sales Volume: $9.8 million
- Number of Sales: 1,315
- Highest Sale Price: $47,000
Doodles come in a rainbow of colors, characteristics, and sizes, with a total collection of 10,000. Doodles are a quirky group that enjoys playing dress-up or transforming into tasty delicacies. Holding a Doodle entitles you to participate in the Doodles Community Treasury’s coordination.
- 7-Day Sales Volume: $51.6 million
- Number of Sales: 1,217
- Highest Sale Price: $867,325
The Ethereum blockchain stores proof of ownership for 10,000 unique collectible characters. “The initiative that sparked the modern cryptographic art trend.
- 7-Day Sales Volume: $34.6 million
- Number of Sales: 286
- Highest Sale Price: $2.0 million
Bored Ape Yacht Club
BAYC is a set of 10,000 Bored Ape NFTs, which are one-of-a-kind digital collectibles that live on the Ethereum blockchain. Your Bored Ape also serves as your Yacht Club membership card, allowing you to take advantage of exclusive member advantages.
- 7-Day Sales Volume: $67.3 million
- Number of Sales: 689
- Highest Sale Price: $722,000