- NFT sales had a breakthrough year in 2021, and in the last 12 months the volume reached $25 billion.
- But after approaching $1 billion in a single week in January, NFT sales have slowed amid an ongoing cryptocurrency bear market.
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 $25 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.
But a months-long sell-off in cryptocurrencies recently reduced NFT sales. According to data from NonFungible.com, weekly NFT sales have more than halved from their nearly $1 billion peak in early January.
But last week, NFT’s weekly sales jumped 18% to $246 million, from $207 million the previous week. The Bored Ape Yacht Club maintained their dominance as the most popular NFTs to own, while the Cool Cats NFTs knocked out CryptoPunks in second place.
These are the five best-selling collections over the past week, according to NonFungible.
5. The sandbox
7-day sales volume: $5.3 million
Number of sales: 859
Highest Selling Price: $25,000
Explanation: “The Sandbox is a UGC-voxel community platform where users own their LAND and house their creative magic.”
7-day sales volume: $7.0 million
Number of sales: 156
Highest Selling Price: $100,000
Explanation: “The Doodles come in a cheerful range of colors, strokes and sizes with a collectible size of 10,000. The Doodles are a funky bunch that love to role-play or turn into delicious treats. Holding a Doodle lets you participate in the coordination of the Doodles Treasury community.”
7-day sales volume: $17.1 million
Number of sales: 66
Highest selling price: $757,000
Explanation: “10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. The project that inspired the modern CryptoArt movement.”
2. Cool Cats
7-day sales volume: $17.7 million
Number of sales: 360
Highest Selling Price: $57,000
Explanation: “Cool Cats is a collection of programmatically and randomly generated NFTs on the Ethereum blockchain. The 1st generation consists of 10,000 randomly assembled cats from over 300,000 total options. Cool Cats that have a variety of outfits, faces and colors – all cats are cool, but fully-dressed cats are the coolest.”
1. Bored Ape Yacht Club
7-day sales volume: $47.4 million
Number of sales: 507
Highest selling price: $559,000
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. »