NFT market plunges 30% in weekly sales

Over the past 24 hours, Yuga Labs’ family of non-fungible tokens (NFTs) has experienced a huge dip in trading volume.

According to NFT market tracker NFTGO, Otherdeed is down more than 50%, Mutant Ape Yacht Club (MAYC) is down 46% and Bored Ape Yacht Club (BAYC) is down 25%.

In the past 24 hours, overall NFT market activity echoed Yuga’s NFT series, with trading volumes down 31% to $113 million. However, prices have not followed the pace, as the total market capitalization of NFTs only edged down to $19.5 billion over the same period.

These series contain 3 of the top 5 trading series in the world. In the past 7 days, all Yuga Labs series except Otherdeed have seen their trading volume drop by nearly 50%, which may indicate that the NFT market is cooling.

Of the top 10 series by sales, only three saw an uptick in volume. According to NFT market tracker Crypto Slam, CyberBrokers came in second with a gain of 4,124%, Azuki came in fifth with a gain of 7.5%, and Doodles came in ninth with a gain of 22.74%.

According to data from NFTgo, the trading volume of Yuga Labs series NFTs has dropped significantly in the past 24 hours. The transaction volume of Otherdeed, MAYC and BAYC fell by 44%, 41% and 30% respectively, and the floor price of BAYC fell below 100ETH.

— Wu Shuo Blockchain (@WuBlockchain) May 9, 2022

In addition to the Yuga Labs series trading on Ethereum, 8 of the 10 most actively traded blockchains for NFTs suffered double-digit losses in NFT sales over the past 7 days.

Ethereum, Solana, Flow, Avalanche, Ronin, BSC, WAX and Panini saw an average drop of 22.5% in NFT sales. According to CryptoSlam, only Polygon and Tezos saw sales increase by 16.5% and 58.8%, respectively.

Since May 1, the number of active market wallets and the total number of unique buyers conducting NFT transactions in the past seven days has been steadily declining. According to NonFungible, an NFT market analysis tool, the number of active market wallets fell by 69% to 16,792, and the number of unique buyers fell by 84% to 10,503.

While NFT trading has a sluggish start to 2022, researchers predict that by 2027, NFTs will grow by a factor of 4.5 to become a $13.6 billion industry. Cointelegraph reported on May 7 that MarketsandMarkets stated that mainstream influencers, the gaming community and rising demand for digital artworks will drive the NFT market to these heights over the next five years.

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