NFT sales experienced a huge drawback in the past month. Initially, there was a 74% drop in sales in the 30 days.
Recent data shows that a 17% drop occurred again in the last seven days. This is much lower than what was recorded in the previous week.
Reports say that the floor price of popular NFTs in terms of the value of Ethereum collections bounced back this week.
Because the exchange rate of ether is low, blue-chip NFTs are now selling for a lower price than they sold in the past month.
Bored Ape Yacht (BAYC) is the NFT collection with the highest floor price of about 90 ETH but it was previously at 95.5 ETH. 95.5 ETh is equivalent to $204k while 90ETH is just about $97k.
The previous floor value of Chipmunk was 51.9 ETH but it experienced a 40% increase in the last 24%. The current floor value is now 66.65 ETH.
Analysis of NFT Sales as they Continue to Drop
NFT sales were about $4.18 billion before last month but in the last 30 days, the NFT market generated only about $1.07 billion.
Also, about a 17.33% drop in sales occurred across the 18 different blockchains. In the past 7 days, NFTs worth $184 million compared to over $223 million recorded the week before.
The Ethereum blockchain made about $151 million from NFT sales last week but this week, there was an 18% decrease in sales of ETH-based NFTs leading to a total of 76.36% decrease in monthly sales.
Solana ranked second as it recorded a 3.56% increase in sales. It made up to $22.3 million from its sales last week.
Binance Smart Chain was third on the list as it made about 3.1 million from its sales but it also experienced a 32.45 decrease in sales just like the ETH-based NFTs.
BAYC 7,537 was the most costly NFT sold by BAYC collections this week. The NFT was sold for 1,024 ETH. The second was Otherdeed 90, 209 which sold for 235 ETH.
BAYC, Cryptopunk, and Otherdeed produced the top 40 most expensive NFTs that sold this week. BAYC was first while Cryptopunk and Otherdeed followed.
The sales of NFT are declining as individuals are gradually losing interest.
According to Google Trends worldwide data, the search for NFT has dropped to 21 out of 100 but in January 2022, the search score was 100.
The sales of the NFTs will increase if people begin to gain interest in NFTs again.