1.46% increase in NFT sales last week, buyers up 22.48%
The past seven days have been very good for Non-Fungible Tokens (NFTs) as sales increased by 1.46%, worth $149 million. Buyers increased by 22.48%, but transactions fell by 8.78% compared to last week. This is a positive indication of the growth of the NFT arena.
NFTs are picking up Steam
Ethereum-based NFT sales totaled $108.2 million, 72.5% of all digital collectibles sold last week. Statistics show that Ethereum NFT sales registered an increase of 22.79% this week. The sale of the Solana-based NFTs was found to be worth $12.22 million, with a decrease of 56.64% compared to the previous week.
Ethereum & Solana NFT’s sales led the market; Mythos, Polygon and Immutable X followed this pack. Also, Ronin increased by 20%, and Arbitrum increased by 14%, but sales of digital collectibles at the Panini blockchain fell by 31.23% this week.
The Azuki collection managed to outperform the rest, making it the best performers of the week. Total sales were worth $11.18 million. This also marked a jump of 504.96% compared to last week’s sale. The Bored Ape Yacht Club (BAYC) gathering closely followed this top performer. They managed to get $10.615 million in sales, increasing by 13.32% compared to last week.
The Mythos chain’s Dmarket collection failed to top last week despite recording $6.702 million in sales; it fell by 11.5%. The Milady Maker collection recorded sales worth $4.558 million and increased by 367.58% compared to last week.
The most expensive NFT sold this week was Bored Ape Yacht Club (BAYC) #811, which sold for $625,825 five days ago — followed by SandSandbox Lands #139,686, which sold for $580,383. The third position is shared by BAYC #6774 and Otherdeed Expanded #5227, both sold for $501,845. While Superrare #370,449 sold for $370,449.
Are NFTs and crypto co-related
NFTs are relatively new, so detailed research on their correlation needs to be included. Some believe their prices are inversely proportional to each other, meaning that when one declines, the other will thrive. Some think otherwise. Professor Michael Dowling of Dublin City University looked into the subject and published a paper titled “Does Cryptocurrency Enhance Pricing of Non-Functional Tokens?” The paper tries to decode the transition between participants in the cryptocurrency markets and the NFT markets.
For now, users have to make cryptocurrency payments to buy NFTs, and this method is possible for crypto users, but not so much for non-crypto users. Crypto exchanges like Coinbase plan to make participation in NFTs easier by allowing fiat via credit card. Also, companies like eBay, Instagram and Reddit may soon integrate NFTs and include fiat alternatives.
But until fiat alternatives to buy NFTs are eased out and made viable, the relationship between crypto and NFTs will remain appropriate. Also, NFTs will always require blockchain infrastructure like Ethereum and Solana for proper functioning.
However, there is no direct correlation between the prices of NFTs and cryptocurrency, but it cannot be denied that both are helping mass adoption of crypto and blockchain technology.
