New NFT Sales Jump 100% In 24 Hours, Time To Get Back In?
NFT sales fell significantly in the first half of 2022. Most of the decline had actually occurred in about three months, leading to a decline of about 95% from the all-time highs recorded at the beginning of the year. Even now, NFT sales are still low compared to the recorded figures for last year. However, there has been an uptick in new NFT sales over the past 24 hours, which points to some likely catalysts re-emerging.
NFT sales increase in 24 hours
Despite the fact that the total NFT sales have decreased, the new NFT sales for the last day have increased. The number of new NFT sales increased by almost 100% in the last 24 hours. The day before, there was a total of approx. 60,000 new NFT sales. But the following day the figure had increased to 101.5,000 sales.
This coincides with the number of new NFT collections being launched falling during the same time period. It decreased from 685 new collections to 628 new collections in the same time frame, and yet new sales had skyrocketed.
The number of new wallets using NFTs was also down over the same time period. Down from almost 12,000 from the previous day to 10.6K on Thursday. With the increase in new NFT sales, there was also an increase in volume on a daily basis.
New sales up almost 100% in 24 hours | Source: IntoTheBlock
Where NFT volume for Wednesday had been $42.51 million, Thursday saw growth of about 15% this time. Data from IntoTheBlock shows that the daily volume for August 25 was $50.53 million.
What is behind the wave?
There has been increasing bearish sentiment among NFT investors in recent months. This has caused the floor price of the most prominent NFT collections to fall by approximately 90% from the all-time high. Therefore, smaller collections suffered even worse.
However, with the launch of some new potential projects, NFT volume has started to recover. An example was Mirs of Space mint, which took place on Thursday. The collection, which consisted of 6,969 works of art, sold out in around 10 minutes.
Another prominent mint had been Ezu NFT mint, which is a sister project to popular Psychedelics Anonymous. Although this coin was not sold out, it had seen more than 5,200 mints before the team decided to cut the supply 24 hours later.
Interest is always on the rise as the market looks forward to other mints, for example Vibin’ Ape Society mint. This new trend may be what the market needs to regain its status. But as always, the NFT sale also follows the general crypto market, so depending on how the crypto market is going, this could be an improvement or a continuation of the decline.
Featured image from MARCA, chart from IntoTheBlock
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