Which NFT collection is leading during the last 7 trading days?
In the non-fungible token (NFT) world, sales in the various assets saw a significant increase, with BAYC recording the most volume. Bored Ape Yacht Club, or BAYC is the collection of 10K unique digital collectibles available on the Ethereum (ETH) blockchain.
According to CryptoSlam, the multi-chain NFT data aggregator, BAYC sales recorded almost $21.53 million sales in the last 7 days, which means this increase is almost 2.61%.
Top 5 NFT collections by sales volume
As shown in the chart below, BAYC is the leader in the top NFT pool by sales volume. After BAYC, the other top performers are – Azuki, Uncategorized Ordinals, Mutant Ape Yacht Club and DMarket. These NFT collections recorded nearly $16.93 million, $12.89 million, $8.31 million and $7.82 million sales respectively in the last 7 days.
In this top-5 list of NFT collections, three of them are stored on the Ethereum blockchain which are BAYC, Azuki, MAYC. Meanwhile, Uncategorized Ordinals are stored on the Bitcoin blockchain, and DMarket is on Mythos.
As shown in the chart above, the top 2 blockchains that have performed quite well in the last 7 days are Ethereum and Bitcoin. Both of these blockchains have recorded nearly $135.60 billion and $33.38 billion in sales, respectively, over the past 7 days.
According to CryptoSlam, NFT sales volume in the last 24 hours reached $32.10 million with almost a 5% decrease.
NFT adoption by leading firms
The use cases of non-fungible tokens have not only attracted the attention of some big personalities but also drawn the leading firms towards it. Starbucks, Gucci, Porsche and Red Bull Racing are some of the big names that have understood the potential of non-fungible tokens.
The purpose of adopting NFTs is clearly to get more customers who ultimately bring more sales for their offered products.
The major players mentioned above have pushed the non-fungible token adoption a step ahead, as the popularity of all these tokens is well known. Thus, the other competitors of these brands will also follow in their footsteps, and may plan to adopt NFT for business purposes. This also suggests growing acceptance and recognition of NFTs to help generate new revenue streams.
However, the NFT adoption process by brands still needs to clear some hurdles, such as integrating sales models into virtual worlds, so the market is likely to become more sophisticated. For this, Metaverse can act as a bridge to what we expect.
The other element that may contribute to the growth of the NFT market is the projected bull run in the crypto world, as during the high market activity, cryptocurrencies and blockchain technology tend to generate interest and attention of investors. Therefore, it is highly arguable that this market will experience a significant increase during the upcoming bull run.
