NFT collectibles see significant drop in sales volumes
The majority of top NFT collectibles have seen a considerable decrease in sales volume over the last week.
According to data from CryptoSlam, four out of the top five NFT collectibles by trading volume — namely Loot, CryptoPunks, Bored Ape Yacht Club and Art Blocks — saw declines ranging from 44% to 82%. Axie Infinity, a project that uses NFTs for gaming, countered the trend with a 7% increase in trading volume.
It appears that each of these projects — bar Loot, which took off at the start of this month — peaked toward the end of August, with both CryptoPunks and Bored Ape Yacht Club seeing massive peaks in trading volumes on August 28. Bored Ape Yach Club saw $55.7 million in sales volume that day while CryptoPunks hit $143 million.
According to The Block’s Data Dashboard, weekly sales for top NFT collectibles have fallen over the last couple of weeks from highs of $882 million to last week’s total of $129 million.