Nfts
NFT sales: $43 million for Bitcoin versus $40 million for Ethereum and that means…
- The Bitcoin network has seen more NFT sales than Ethereum’s over the past week.
- BAYC and CryptoPunks price floors also fell to multi-month lows
Sales volumes of non-fungible tokens (NFT) on the Bitcoin [BTC] the network surged last week, surpassing that of Ethereum [ETH]according to data from CryptoSlam.
Over the aforementioned period, Bitcoin NFT sales volume totaled $43 million, up 26%. Although Ethereum’s weekly NFT sales volume also increased by 17%, it was “only” $40 million.
This is despite the fact that 99,297 NFT transactions were made on Ethereum last week. Bitcoin, on the other hand, recorded 55,351 NFT transactions.
Over the past 14 days, the total value of all NFTs sold on the Bitcoin network was $77.02 million. According to CryptoSlam, Ethereum’s NFT sales volume during the same period was $71 million.
State of the NFT market
The previous week was marked by a decline in the general cryptocurrency market. In fact, the global cryptocurrency market capitalization fell by 4% in just 7 days.
This decline affected the NFT ecosystem, which also lost value. According to NFTGoLast week’s NFT trading volume was $85.39 million, down 3% on the charts.
This resulted in a decline in the NFT’s market capitalization – worth $7 billion at press time – after an 11% depreciation over the past seven days.
Source: NFTGo
Floor prices reach new lows
A review of the leading NFT collection, Bored Ape Yacht Club (BAYC), revealed a drop in its floor price over the past few weeks.
After peaking at 13.7 ETH on May 31, the floor price of a BAYC Collection NFT has since fallen by 25%, according to NFTPriceGround.
The last time BAYC’s floor price was this low was on April 15.
Source: NFTPriceFloor
Over the past month, BAYC has experienced a decline in sales volume as the daily number of traders buying and selling NFT pieces from the collection has decreased. Over the past 30 days, BAYC’s sales volume totaled $12 million, after falling 34%.
As for the CryptoPunks NFT collection, its floor price was 27.42 ETH at press time, marking its lowest level since the beginning of the year.
Source: NFTPriceFloor
After peaking at 63 ETH on January 24, the average price of an NFT in the collection has since fallen by 57%.