NFTs Feel The Crypto Regulatory Heat – Drop 17% In Sales Vol In The Past 7 Days

Updated: 12 June 2023

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The non-fungible token market has plunged slightly past week following the continued exerted crypto regulatory pressure from various authorities, including the United States Securities and Exchange Commission and Nigerian Securities and Exchange Commission.

Last week, the United States Securities and Exchange Commission pressed fresh charges against crypto exchanges “Binance and Coinbase,” including involving unregistered offerings and sales of tokens and failing to register as an exchange or broker-dealer. Nigeria’s crypto watchdog also termed Binance crypto trading illegal.

NFT Sales Drop 20% In the Past 7 Days

The heated regulatory pressure has indirectly impacted the non-fungible token market, pushing trading sales volume to drop to $155 million in the past seven days. During this period, the NFT trading sales volume has plunged nearly 20% from the previous week.

Data compiled by CryptoSlam, an on-chain market data aggregator, shows that the NFT market has dropped by 17% to $155 million in the past seven days. The NFT market has also fallen short in the number of buyers by 63% to just 294,000.NFT transactions also fell by nearly 10% in the past seven days.

Ethereum-based NFTs dominated the NFT market, recording over $90 million in trading sales volume. Bitcoin-based NFTs, popularly known as Ordinals, distantly followed Ethereum NFTs, amassing over $27 million in trading sales volume.

Solana NFTs emerged third past week, recording more than $8 million in sales. Ethereum and Solana have plunged by 27% and 5.45% in trading sales. Bitcoin NFTs have increased by 10% past week. Mythos Chain-based NFTs also pumped 6.44% in sales volume to $8.4 million.

Top Five NFT Collections In Sales Past 7 Days

1. Bitcoin NFTs Pump 1.6% Past Week

Bitcoin NFTs “Uncategorized” have performed somewhat well despite the recent challenges in the general crypto market. In the past seven days, Ordinals have surged just 1.6 %, amassing a trading sale volume of $10 million past week. Bitcoin NFTs came into the spotlight earlier this year and have since gained massive traction among investors.

2. DMarket NFTs

DMarket is an NFT collection hosted on the Mythos Chain network. The NFT collection has pumped 6.8% in the past seven days. DMarket NFT collection recorded a trading sales volume of more than $8 million this week, taking second place.

3. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club is an NFT collection from digital asset firm Yuga Labs, featuring a limited edition of 10,000 NFTs hosted on the Ethereum network. In the past seven days, the NFT collection has recorded a trading sales volume of $7 million. However, the NFT collection plunged by 65% past week.

4. Gods Unchained NFTs

Gods Unchained is an NFT collection from free-to-play and play-to-earn gameplay “Gods Unchained” hosted on the Immutable X network. Gods Unchained NFTs have recorded a trading sales volume of $5 million in the past seven days. The NFT collection has dropped by 7% past week.

5. Azuki NFTs

Azuki is a blue-chip NFT collection from digital assets firm Chiru Labs, featuring a limited edition of 10,000 NFTs. In the past seven days, the Azuki NFT collection has recorded a trading sales volume of $5.1 million, closing our top five NFT list. Azuki has dropped by 68% in sales from the previous week.

The Derps, a newly launched NFT collection featuring a limited edition of 9,000 NFTs hosted on the Bitcoin network, was the most expensive NFT collection past week. The NFT collection sold for more than $2 million two days ago. Fidenza was the second most expensive NFT collection, selling for $1.2 million six days ago.

Bitcoin NFTs On The Rise – Buy Walls St Bulls Ordinals

Wall St Bulls is an ordinal collection from the legendary crypto community, the Wall St Memes. The ordinal collection was launched last month and has since attracted massive traction among investors. Wall St Bulls has a floor price of 0.0095 BTC.

In 2021, the same team launched an NFT collection on the Ethereum network that sold for a record time of 32 minutes. The Wall St Memes recently launched its token presale. The $WSM has been selling fast, raising over $6 million in less than two weeks.