NFT Markets Plummet As Weekly Sales Volume Plummets By 30%

2022-05-09 | Selina Mathew

NFT Markets Plummet As Weekly Sales Volume Plummets By 30%

MAYC, BAYC, and Otherdeed trade volumes are all down, as are volumes in the overall NFT market, perhaps signifying an industry-wide slowdown.

Yuga Labs' nonfungible token (NFT) collections have seen a significant drop in transaction traffic during the last 24 hours.

According to statistics from NFT market tracker NFTGo, Otherdeed is down slightly over 50%, Mutant Ape Yacht Club (MAYC) is down 46%, and Bored Ape Yacht Club (BAYC) is down 25%.

The broader NFT market activity has matched Yuga's collections during the last 24 hours, with volume dropping 31% to $113 million.

These are three of the top five most valuable collections in the world. Each collection, with the exception of Otherdeeds, has witnessed an almost 50% decline in volume over the last seven days, presumably indicating that the NFT market is cooling.

Only three of the top 10 collections by sales volume are profitable. According to NFT market tracker CryptoSlam, CyberBrokers is in second position, up 4,124 percent, Azuki is in fifth place, up 7.5 percent, and ninth-place Doodles is up 22.74 percent.

In addition to Yuga Labs' collections, which are all sold on Ethereum, sales volume on eight of the 10 most active NFT blockchains has dropped by double digits in the last seven days.


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