Doodles NFT Sales Test 2022 Low After Crashing By More Than $100M
Doodles saw a drop in sales volume due to reduced investor interest in non-fungible tokens (NFT) in the sixth month of the year.
Doodles are among the top 15 digital collectibles of all time by sales volume with a combined sales volume of approximately $511.85 million.
Per Be[In]crypto research, Doodles had a sales volume of approximately $15.39 million as of June 2022.
While this value seems low due to the many milestones being reached by the digital collectible, Doodles surpassed Axie Infinity, Bored Ape Kernel Club, Sandbox and Meebits in monthly sales during the same time frame.
However, NFT’s sales were below Bored Ape Yacht Club (BAYC), CryptoPunks and Otherside. That said, Doodle’s most recent sales volume was an 80% dive from May’s. In May, Doodles’ sales were in the region of $77.63 million.
New to Doodles?
Doodles was launched on October 17, 2021 and was created by Jordan Castro, Scott Martin and Evan Keast. The Doodles collection consists of 10,000 non-fungible tokens that were created from virtual properties designed by Burnt Toast. The hand-drawn doodles include mascots, monkeys, aliens, cats and skeletons.
The collection also includes dozens of costumes, rare heads and colors of the artist’s palette. Becoming a Doodle owner gives you exclusive rights to vote on community-driven events, products and features.
Why are sales falling?
When you observe the plunge in unique buyers from June, the decline in sales volume led to declining transaction numbers for Doodle, with 677 unique buyers and 998 transactions.
Compared to January, when NFT reached a peak in monthly sales, unique buyers stood at 1,928 and corresponded to 3,127 transactions.
Doodle’s sales volume during the first month of the year was approximately $122.11 million.
Bringing in less than $30 million in sales for the first time, the collection hit a higher June low — down $106.72 million from January.
Excluding sales volume, there was a 60% decrease in average sales value from $39,049 in January to $15,417 in June.
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