NFT Sales Revenue Fell by Over 40% Last Week – Report

The general NFT market experienced a massive pullback in the last few days. Data reveals that sales of the hyped digital asset dropped by over 40% in the past week.

Earlier this year, NFTs made the loudest noise in the crypto space and a lot of celebrities, artists and collectors raked a huge sum of money from the crypto trend. Popular figures like Paris Hilton and Jack Dorsey sold digital tokens for millions

Over the past week, the number of NFT sales dropped by 24.63% while the number of active wallets dropped by 41.2%. This shows that a lot of active participants of the market slowed down their purchasing momentum.

The number of sales on primary and secondary markets decreased proportionately. The secondary market sales for the week was less than 25,400 NFTs yielding a revenue of $27.63 million. The primary market revenue on the other hand was around $17.63 million.

Late in February, the average price for a digital collectible was $4,300. However, early in April, the figure dipped by $2900, dropping the average price of the digital asset to $1400.

In the last 30 days, $21.76 million was the worth of the highest single day of primary sales revenue. This is in large contrast with the all-time-peak experienced just two months back that saw sales exceeding $70 million in one day.

In the closing days of April, statistics show that this decline has continued and the previous week experienced a 42.43% drop in the total revenue.

Market Activities

Amidst the decline, some creators continue to consistently mint digital collectibles. At the moment, any piece of digital content can be minted into an NFT and valued or sold at a set price.

Contents such as music, videos, photographs and paintings have made a fortune for a lot of individuals. Virtual lands, houses, cars and other properties have also been minted and sold.

While some have speculated that the hype for digital collectibles is temporary, many in the crypto ecosystem believe that NFTs are the future and we are still in the early stages of adoption.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
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