NFT Sales Drop 25% This Week Following SEC's Crypto Crackdown – How Low Will NFTs Go?

NFT Sales Drop 25% This Week Following SEC’s Crypto Crackdown – How Low Will NFTs Go?

Updated: 16 June 2023

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Data analysis indicates that the non-fungible token market has recorded negative returns for the second consecutive week. The market downtrend began after the United States Security and Exchange Commission “SEC” launched fresh attacks against the nascent crypto sector.

SEC Launched Fresh Attacks On Crypto

Last week, the United States Securities and Exchange Commission pursued a case against two of the most popular crypto exchanges ‘Coinbase and Binance,” accusing the two of operating unregistered crypto brokerage. The federal regulator also alleged the two exchanges of illegally making more than thirteen crypto assets to customers.

The federal regulator’s punitive action against the two crypto exchange giants has attracted short havoc in the general crypto market, leaving the non-fungible token market retrenching nearly 30% this week. The flagship crypto “Bitcoin” has also reacted sharply to the SEC action and the recent interest hike, dropping to a three-month record low.

Data compiled by CryptoSlam shows that the non-fungible token market has dropped more than 24% this week. In the past seven days, the NFT market has attracted a trading sales volume of just $136 million, down from over $170 million the previous week.

Non-fungible tokens hosted on Ethereum, the second-seeded digital assets after Bitcoin, have dominated the NFT market this week, recording more than $80 million. Nonetheless, Ethereum-based NFTs have plunged nearly 30% in the past seven days.

NFT Sales Drop 24% This Week

Bitcoin NFTs, popularly known as ordinals, have followed in the second place, amassing trading sales volume of over $17 million. In light of SEC attacks on the crypto industry, Bitcoin-based NFTs or ordinals have dropped 41% in trading sales volume from the previous week.

NFTs hosted on Solana, a blockchain platform that uses a proof-of-stake mechanism to provide smart contract functionality, have also dropped nearly 10% this week. Solana NFTs have recorded a trading sales volume of $7.7 million in the past seven days.

Digital collectibles powered by Mythos Chain, a permissioned EVM chain based on the Mythos token (MYTH) optimized for in-game assets that power the Mythical Games ecosystem, have also felt some regulatory heat, flipping 16% in sales this week. Mythos chain-based NFTs have recorded a trading sales volume of $7.2 million.

NFTs hosted on the BNB chain, a decentralized, permissionless, multi-chain blockchain from Binance, and Cordano NFTs are the only NFT collections that have made gains this week. In the past seven days, BNB Chain and Cardano NFTs have recorded a trading sales volume of $6 and $2 million. These NFTs have risen by 25 % and 13% in sales.

During this period, the global non-fungible token market experienced a sharp rise in the number of collectors investing in NFTs. The NFT market recorded a 319% increase in NFT buyers to nearly 500,000. NFT transactions have also grown by 0.92% this week.

Top Selling NFT Collection This Week:

1. Bitcoin NFTs

Bitcoin NFTs have continued to dominate the top rank in our top-selling NFT collection this week. In the past seven days, Bitcoin ordinals “uncategorized” have recorded a trading sales volume of $7.4 million. However, these NFTs have dropped 33% in sales in the past week.

2. DMarket NFTs

DMarket, an NFT collection hosted on Mythos Chain, has emerged as the second traded NFT collection this week. In the past seven days, the DMarket NFT collection has recorded a trading sales volume of $7.2 million. The NFT collection has flipped 16% this week.

3. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, the flagship NFT collection for NFT pioneer Yuga Labs, ranks third this week. The NFT collection has amassed a trading sales volume of $7.1 million in the past seven days. In light of SEC market impulsion, the NFT collection has dropped 62 % in sales.

4. Gods Unchained

Gods Unchained, an NFT collection hosted on the Immutable X blockchain, ranks fourth in our top-selling NFT list this week. In the past seven days, the NFT collection has recorded a trading sales volume of $5.2 million. The NFT collection has dropped by 11% in sales this week.

5. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club is another NFT collection from digital asset firm Yuga Labs, featuring a limited edition of 20,000 NFTs. In the past 24 hours, the NFT collection has recorded a trading sales volume, closing our top trading NFTs this week. Mutant Ape Yacht Club has dropped by 31% this week.

LBT #8, an NFT collection hosted on BNB Chain, was the most expensive NFT collection. The NFT collection sold for $600,000 on the Binance NFT marketplace two days ago. Fidenza #158 was the second most costly NFT collection in the past seven days. The NFT collection sold for $370,663 four days ago.

Wall St Memes Raises $7.8M From Its Token Presale

The Wall St Memes, “$WSM,” is another non-fungible token project taking the crypto community by storm. The NFT project was launched earlier this month and has since attracted mainstream adoption among investors. The Wall St Memes has already raised over $7.8 million from its token presale.