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. The weekly NFT sales have shot up by a large amount.
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. However, weekly NFT sales increased 18 percent in the last week, reaching $246 million, up from $207 million the week before. The Bored Ape Yacht Club remained the most popular NFT to own, but Cool Cats NFTs displaced CryptoPunks as the second most popular NFT to own.
According to NonFungible, these were the top-selling collections in the previous week.
7-Day Sales Volume: $5.3 million
Number of Sales: 859
Highest Sale Price: $25,000
Explanation – “The Sandbox is a user-generated content (UGC) voxel platform where users control their LAND and host their creative magic,” says the website.”
7-Day Sales Volume: $7.0 million
Number of Sales: 156
Highest Sale Price: $100,000
Explanation: “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 allows you to contribute to the Doodles Community Treasury’s coordination. ”
7-Day Sales Volume: $17.1 million
Number of Sales: 66
Highest Sale Price: $757,000
Explanation – “The Ethereum blockchain stores proof of ownership for 10,000 unique collectible characters. The initiative that gave birth to today’s CryptoArt movement.”
7-Day Sales Volume: $17.7 million
Number Sales: 360
Highest Sale Price: $57,000
Explanation – “On the Ethereum blockchain, Cool Cats is a collection of programmatically generated, 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.”
Bored Ape Yacht Club
7-Day Sales Volume: $47.4 million
Number of Sales: 507
Highest Sale Price: $559,000
Explanation: “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. ”