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NFT Sales Fall 5% This Week – How Long Will The NFT Slump Last?

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The once-booming non-fungible token market has now plummeted by nearly every traceable metric for the third consecutive week. The NFT market started to descend in February 2022 and has been declining steeply before retesting hype sometime in the first quarters of 2023.

NFT Sales Fall 5% This Week

Data compiled by CryptoSlam, an on-chain data aggregator, indicates that non-fungible token sales have fallen 5% this week. In the past seven days, the NFT market has attracted a trading sales volume of $170 million. This is the third week the NFT market has recorded a negative gain.

Non-fungible token hosted on Ethereum, the second largest blockchain, has dominated the NFT market this week, attracting a trading sales volume of $93 million. Ethereum NFTs have fallen by 93% in their trading sales volume in the past seven days.

Bitcoin ordinal has been the second most traded non-fungible token this week, amassing a trading sales volume of $38 million. Unlike Ethereum NFTs, Bitcoin NFTs “ordinals,” have defied the market downturn matching and pumped 80% this week.

NFTs hosted on the Solana blockchain have continued to suffer amid the broader crypto market slump. In the past seven days, Solana NFTs have reduced its trading sales volume by more than 60% to $10 million. BNB Chain NFTs follow Solana NFTs, amassing a trading sales volume of $8 million.

Top NFTs This Week – Sales Volume Rankings:

NFT Sales

1. $Fram BRC-20 NFTs

Fram BRC-20 is a new standard non-fungible token hosted on the Bitcoin chain, similar to the popular Ethereum-based ERC-20. $Fram NFT collection has been the most traded NFT collection this week. In the past seven days, Fram BRC-20 NFTs have attracted a trading sales volume of $14 million. The NFT collection has pumped 1.65% this week.

2. Bitcoin NFTs “Ordinals”

Ordinal Inscriptions, similar to NFTs, are digital assets inscribed on a satoshi, the lowest denomination of a Bitcoin. The NFT collection came into the spotlight earlier this year and has since gained massive traction among investors. The total number of ordinal inscribed now hits 16 million.

In the past seven days, Bitcoin NFTs “uncategorized” has attracted a trading sales volume of $13 million. During this period, these NFTs have pumped 22% in sales volume. Nonetheless, the number of sellers and buyers trading on Bitcoin NFTs has slightly dipped this week.

3. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT collection from the digital asset incubation studio Yuga Labs, has been the third most traded NFT collection this week. In the past seven days, Bored Ape NFTs have attracted a sales volume of $8 million. Bored Ape Yacht Club has plummeted by 0.02% in trading sales volume.

4. Azuki Elementals NFTs

Azuki Elemantals NFTs have been the fourth-traded NFTs this week. Launched late last month, Azuki Elementals is an NFT collection from digital asset firm Chiru Labs featuring a limited edition of 20,000 NFTs. Azuki Elementals has recorded a sales volume of $5 million.

5. The Captainz NFTs

The Captainz is an NFT collection featuring a fixed set of 9,999 utility-enabled NFTs hosted on the Ethereum network. In the past seven days, the Captainz NFT collection has recorded a sales volume of $4.9 million, closing our five most traded NFT lists this week.

Top NFT News This Week:

1. Google Allows NFT Trading In Apps

The digital application marketplace “Google Play Store” has updated its policy to let users buy, sell or earn digital assets in apps as long as they maintain transparency and adhere to other rules. The digital app marketplace imposed strict regulations on crypto mining apps, a rule which will not change with the new guidelines.

Google Play Store allowing crypto and NFTs on its apps is a massive boost for the NFT market, which has suffered a brutal comedown in the past few days. Last year, Apple banned crypto and NFT trading on its app store, adding fear, uncertainty, and doubt to the crypto market.

2. Dapper Labs Cuts More Jobs

Dapper Labs, the digital asset incubation studio, has announced the third round of its staff layoffs in less than a year. In a short note to employees, Roham Gharegozlou, the chief executive officer of Dapper Labs, said goodbye to 51 employees. He wrote:

“The decision was incredibly difficult because of the amazing people affected. But, with this restructure we have made the business more lean, which is going to let us do the right thing for our fans and grow our communities in the most healthy ways possible.”

3. Wall Street Memes Raises Nearly $15M

Wall Street Memes (WSM) is another crypto project making headlines this week. The crypto project was launched last month and has been gaining traction among investors. The project drew inspiration from the subculture formed around the Wall Street Bets subreddit, which gained fame following the GameStop and AMC short squeezes in 2021.

Wall Street Memes

The project’s developers have already tasted success after launching an NFT collection called Wall Street Bulls in 2022, which sold out in 32 minutes and generated $2.5 million in revenue. In May, the team launched their ordinal collection, “Wall St Bulls,” which has also done well since launch. The same group now has a presale that is selling super fast and has raised more than $14 million in just weeks.

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