- 2021 was a breakthrough year for NFT sales, and in the past 12 months, volumes have reached $24 billion.
- But after close to $1 billion in a week in January, NFT sales have slowed amid the ongoing selloff in cryptocurrencies.
The cryptocurrency boom over the past few years has helped propel a new market to record highs: digital collectibles known as NFTs.
In fact, the influx of artists, investors and entrepreneurs into the emerging Web3 space has driven total NFT sales volume to $24 billion over the past year.
NFTs, or non-fungible tokens, are unique, non-fungible, mostly digital items that users buy and sell online.
NFTs use blockchain technology to keep a digital record of ownership similar to cryptocurrencies. They were first launched on Ethereum, the same blockchain that supports the cryptocurrency Ether, and most NFTs can still be purchased using only Ether.
But the ongoing selloff in cryptocurrencies has slightly outpaced the NFT sales. According to data from NonFungible.com, weekly NFT sales have more than halved from a peak of nearly $1 billion in early January.
Bored Ape Yacht Club and Cryptopunk continue to maintain their dominance as the most popular NFTs, which comes just a week after BAYC, the creators of Era Labs, acquired Cryptopunks from Larva Labs.
According to NonFungible, these were the five best-selling collections of the past week.
7-day sales volume: $3.9 million
Number of Sales: 315
Highest selling price: $203,000
Explainer: “Doodles come in a delightful range of colors, traits, and sizes, with a collection size of 10,000. Doodles are a fun bunch that love role-playing or turning themselves into tasty treats. Holding a doodle lets you coordinate with the doodle community.” Can participate. Treasure.”
4. We Friends
7-day sales volume: $6.4 million
Number of sales: 147
Highest selling price: $113,000
Explainer: “The 10,255 tokenized NFT project that includes 9400 Access Tokens, 555 Gift Buckets and 300 Access Tokens, including many one-to-one. The main ambition of this project is to create meaningful intellectual property and create an exceptional community.”
7-day sales volume: $7.6 million
Number of sales: 679
Highest selling price: $26,000
Explainer: “Sandbox is a community-driven UGC-Voxel platform where users own their land and host their own creative magic.”
7-day sales volume: $8.6 million
Number of sales: 162
Highest selling price: $371,000
Explainer: “10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. The project that inspired the modern CryptoArt movement.”
1. Bored Ape Yacht Club
7-Day Sales Volume: $33.5 million
Number of sales: 2,588
Highest selling price: $716,000
Explainer: “BAYC is a collection of 10,000 bored app NFTs – unique digital collectibles living on the Ethereum blockchain. Your Bored Monkey doubles as your Yacht Club membership card, and provides access to members-only benefits.”