NFT collectibles see significant drop in sales volumes

NFT collectibles see significant drop in sales volumes

The majority of top NFT collectibles have seen a considerable decrease in sales volume over the last week.

According to data from CryptoSlam, four out of the top five NFT collectibles by trading volume — namely Loot, CryptoPunks, Bored Ape Yacht Club and Art Blocks — saw declines ranging from 44% to 82%. Axie Infinity, a project that uses NFTs for gaming, countered the trend with a 7% increase in trading volume.

It appears that each of these projects — bar Loot, which took off at the start of this month — peaked toward the end of August, with both CryptoPunks and Bored Ape Yacht Club seeing massive peaks in trading volumes on August 28. Bored Ape Yach Club saw $55.7 million in sales volume that day while CryptoPunks hit $143 million.

According to The Block's Data Dashboard, weekly sales for top NFT collectibles have fallen over the last couple of weeks from highs of $882 million to last week's total of $129 million.

Average sales have also been on the decline since the start of this month. Bored Ape Yacht Club NFTs, which were selling for around $200,000 on average are now going for around $133,000. CryptoPunks, which were selling for around $400,000 on average, have dropped toward $330,000.

Other top projects seeing falling sales volume include Mutant Ape Yacht Club, Pudgy Penguins, Creature World NFT, Cool Cats and Meebits.

Some projects are defying the trend, such as Monkey Bet DAO, which has seen a 225% increase in trading volume over the last week.

Source