After dwindling volumes over the past few weeks, the non-fungible token (NFT) sale of the past week has declined again. Among the 14 blockchains that support NFTs, sales are down 29.46% compared to the previous week. Despite the drop in NFT sales volume, NFT sales stemming from the Arbitrum Network increased by 97.53% this week.
NFT Interest and Sales Nosedive
Interest in NFTs has taken a toll, as search queries for the word “NFT” dropped from a score of 100 on GT to a score of 42 this week during the first month of 2022, according to data from Google Trends (GT) .
Statistics for the search query term “metaverse” show that interest there has also dropped significantly, falling from January’s high score of 88 to today’s GT score of 32. While interest in NFTs is declining, sales volumes have also declined significantly.
Over the past seven days, NFT sales are down 29.46% from last week’s volume. Metrics from Cryptoslam.io’s seven-day record show that Ethereum, the largest blockchain in terms of NFT sales, is down 32.13%.
VAX Blockchain sales are down 38.52% in the past week, but Palm and Theta NFTs are the biggest losers. Palm-based NFT sales are down 73.36 percent from last week and Theta’s NFT sales are down 78.87 percent.
Bitcoin.com News reported that the Arbitrum NFT project Trezor DAO was hacked and more than 100 NFTs were lost. Despite the hack, Arbitrum NFT sales this week are up 97.53% compared to the previous week.
NFT Collection that recorded the highest NFT sales during the past seven days is Invisible Friend as ETH-based NFT sales increased by $46.9 million, up 32.13% from the previous week. The Invisible Friends NFT compilation was followed by sales of Wonderpulse, Cryptopunks, Klonex and Bored Ape Yacht Club (BAYC).
The most expensive NFT sale this week was Meebit #1657 for 282 Wrapped Ether (WETH) or $844,069, followed by Ringers #376 in WETH for $800,941. Those two pricey NFTs after sales were Meabit #8475 ($753K), Meabit #18277 ($738), Meabit #19644 ($723K), and BoardApp #8386 after $600,609, or 200 wrapped Ethereum.
Additionally, the “Tops Timeless Series” 1952 Mickey Mantle NFT card sold for 175 Ether or $471K at the time of settlement on OpenC. Leading NFT marketplace OpenC posted the top sales of the week in terms of NFT sales volume, but sales are down 29.97% according to current dappradar.com data. OpenC saw 220,223 NFT traders this week, but the number of traders is down by 12.96% from a week ago.
What do you think about this week’s NFT sales and interest data over time from GT? Let us know what you think about this topic in the comment section below.
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