Daily NFT Sales Plunge Amid US Tariffs And Token Burnouts

Disclosure

Updated: 05 February 2025

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The non-fungible token market has plummeted in trading sales volume and floor price value this week, recording less than $20 million in daily sales volume several times since November. In the past seven days, most NFT floor prices have flipped over 10%. This market downturn is associated with the recent intense market volatility fueled by Donald Trump’s high tariffs against Canada, Mexico and China.

Daily NFT Sales Fall Below $20 Million

Earlier this week, the Donald Trump administration threatened tariffs against Canada, Mexico, and China, with retaliatory tariffs threatened immediately. This sent the NFT and crypto markets plummeting, with Bitcoin falling over 10% to as low as $91,000. But as quickly as the crypto market fell, the tariffs were quickly rescinded, and the market bounced back to its prior levels of over $100,000.

US tarriffs on China🚨

Our action plan:

Charges for Dropshippers

– A product with a cogs of 3 USD as an example:

4px, Yun Express and YanWen (transportation time 4-9 working days): fixed handling fee of 3 USD + 30% of the declared value (3 USD × 30% = 0.9 USD) = 3.9 USD

— Mark Mulunda (@mark_fulfilll) February 5, 2025

Data compiled by Cryptoslam.io, an on-chain crypto market aggregator and a non-fungible token explorer, shows that the global non-fungible token market has yet to heal from the recent market shake-up alongside other factors drawing its progress backwards. In the past 24 hours, the NFT market has recorded a trading sales volume of $17 million, down 2.42%. During this time, the number of investors buying NFTs has reduced by 13% to 35,812 amid market uncertainty.

Ethereum, the blockchain network renowned for powering most blue-chip NFT collections, is this week’s most-traded blockchain network in the global NFT market. In the past 24 hours, the Ethereum-based NFT collections have amassed a trading sales volume of $8 million. During this time, the Ethereum NFT trading sales volume has fallen by 25% from the past day. Mythos, Base, and Solana-based NFTs are distantly following Ethereum-based NFTs, with a daily trading sales volume of less than $2.2 million.

Pudgy Penguins Tops The Daily NFT Market Chart

Pudgy Penguins, a globally acknowledged non-fungible token collection featuring a limited set of 8,888 digital items hosted on the Ethereum blockchain network, is today’s most traded NFT collection in the NFT market. In the past 24 hours, the Pudgy Penguins NFT collection has raised a trading sales volume of $1.3 million. During this period, the Pudgy Penguins NFT trading sales volume has plummeted 36% from the previous day. The dropout is associated with the recent $PENGU token burn.

Today, we burned 13.69% of the total $PENGU supply upon the close of the claim.

That is 12,164,667,616 tokens. pic.twitter.com/GMVljqFygG

— Pudgy Penguins (@pudgypenguins) February 5, 2025