NFT market plummets, weekly sales drop 30%

Over the past 24 hours, Yuga Labs’ line of non-fungible tokens (NFTs) has experienced a huge drop in trading volume.

Otherdeed is down more than 50%, Mutant Ape Yacht Club (MAYC) is down 46% and Bored Ape Yacht Club (BAYC) is down 25%, according to NFT market tracker NFTGO.

Overall NFT market activity echoed Yuga’s NFT series over the past 24 hours, with trading volume down 31% to $113 million. However, prices haven’t followed suit, as the total market capitalization of NFTs has only fallen slightly to $19.5 billion over the same period.

These series contain 3 of the top 5 trading series in the world. With the exception of Otherdeed, all other Yuga Labs series have experienced a nearly 50% drop in trading volume over the past seven days, which may indicate that the NFT market is cooling.

Of the top 10 best-selling franchises, only three are up. According to NFT market tracker Crypto Slam, CyberBrokers came in second with a gain of 4,124%, Azuki was fifth with a 7.5% rise, and Doodles was ninth with a 22.74% gain.

According to data from NFTgo, the trading volume of the Yuga Labs series of NFTs has dropped significantly in the past 24 hours. The trading volume of Otherdeed, MAYC and BAYC dropped by 44%, 41% and 30% respectively, and the floor price of BAYC fell below 100 ETH .

— Wu Said Blockchain (@WuBlockchain) May 9, 2022

Aside from the Yuga Labs series, which trades on Ethereum , eight of the 10 most actively traded blockchains for NFTs have suffered double-digit losses in NFT sales over the past seven days.

NFT sales on Ethereum, Solana, Flow , Avalanche, Ronin, BSC, WAX, and Panini dropped an average of 22.5%. According to data from CryptoSlam, only Polygon and Tezos saw sales increase of 16.5% and 58.8%, respectively.

Since May 1, the number of active market wallets and the total number of unique buyers who traded NFTs in the past seven days have been steadily decreasing. According to NonFungible, an NFT market analysis tool, the number of active market wallets has dropped by 69% to 16,792, and the number of unique buyers has dropped by 84% to 10,503.

Although NFT transactions started to sluggish in 2022, researchers predict that by 2027, NFT will grow 4.5 times to become a $13.6 billion industry. Cointelegraph reported on May 7 that MarketsandMarkets stated that mainstream influencers, gaming communities and rising demand for digital artwork will drive the NFT market to these heights over the next five years.