The growth of the NFT markets has slowed down. Last week, sales of NFT CryptoPunks and Meebits were down 73% and 70%, respectively, while sales of Bored Ape Yacht Club unique tokens fell 49%.
According to CryptoSlam, the decline in sales across several of NFT’s flagship projects suggests that the trading frenzy that began two weeks ago is beginning to subside. Non-fungible token (NFT) sales began to skyrocket in February, but the hype died down shortly after market glut.
At the end of last month, NFT sales began to skyrocket again. A sudden surge in interest in NFT CryptoPunks on July 31 increased the project’s daily trading volume from $ 1.8 million to $ 41.5 million within a week, and the average price of 8-bit avatars rose 53%. Since then, CryptoPunks trading has quieted down – sales fell 73% last week. However, the surge in interest helped other NFT projects increase sales.
Over the past month, sales of NFT Art Blocks are up 710% to nearly $ 200 million. NFT sales of computer-generated artwork from a random source phrase rose 50% last week alone to $ 61 million. On Saturday, NFT Chromie Squiggle # 3784 was sold for 750 ETH ($ 2.3 million), which was the largest sale under the project.
One of the CryptoPunks imitators – Bored Ape Yacht Club – became the second most popular NFT avatar project last week. Sales rose 153% last month, and the price of the cheapest NFT increased from 10 ETH on August 3 to 15 ETH on August 10, and this level is still the same. While project sales are up 149% this month, they are down 49% last week.
Sales of NFT Meebits, a project from CryptoPunks creators Larva Labs, fell 70.43% last week. Recall that recently the NFT OpenSea market became the largest consumer of gas in Ethereum, and the sales of the NFT Pudgy Penguins project exceeded $ 11.8 million per day.
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