- The NFT market is suffering a decline within the past days and months. In the past seven days, there’s been less than a 3% decline.
- Furthermore, there’s a 40% decline in the past 30 days.
The NFT market is a very important part of the crypto industry. This is where the buying and selling of non-fungible tokens take place. But since the peak 2021 season, the market suffers from a considerable decline. But it got worse after following a major crash in the crypto market last week.
The NFT Market Suffer Losses
- The non-fungible token market is entirely in shambles. But this is relatively unsurprising considering the damages the sector faced since the peak times of 2021. However, the manner of the recent decline is quite concerning.
- In the past 24 hours, NFT market sales volume reduced rapidly. The figure of total volume in the past 24 hours recently stands at a little over $17 million. This is more than a 3% decline, according to the charts. In the past 24 hours, the total sales are down massively by more than 23%. This represents less than 43,770 sales.
- However, the seven-day sales volume chart proves to be even much worse. The current sales volume stands at about $127 million. This is more than a 3% decline. Moreover, there’s also more than a 22% decline in the past week, with a total of less than 263,000 sales.
- Furthermore, the 30-Day data seems to be the climax of the bad market sales. In fact, it seems the NFT market sales are hitting new lows. The sales volume in the past 30 days is slightly over $533 million. However, this is more than a 40% decline. On the other hand, the total sales are just a bit over 1.2 million — Representing more than a 38% decline.
- Apparently, the only thing that continues to be constant in the NFT market is the market cap. The market cap stands at around $2,552,173,517.28.
Top Gainers in the NFT Market
- Ethereum continues to dominate the NFT market, despite other blockchains existing in the market. All the top 5 NFTs are coming from the Ethereum network. In fact, other blockchains like Polygon, Solana, or Cardano didn’t feature in the top 10 of the rankings.
- Currently, The Bored Ape Yacht Club collection is leading in the past 24 hours. The current volume in the past day is 2,359.33 ETH. This represents more than a 64% increase. Followed closely in the top market gainers are DeGods, Mutant Ape Yacht Club, Mineable Punks, and Other Deed Expanded.
Conclusion
Many things happened in the NFT market, leading to a massive decline in the industry. If care isn’t taken, the NFT mark might touch new lows with the current market situation. The seven-day sales volume is down to $127 million. On the other hand, the 30-day sales volume is down by a whopping 40% at a little over $533 million. Some top gainers are DeGods, Bored Ape Yacht Club, Mineable Punks, and many others.
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