Sales of non-fungible tokens (NFT) have fallen by more than 54% over the past week due to a sharp drop in the cryptocurrency market.
According to NonFungible.com, during the past week, NFT sales reached $ 25 million, which is 54.6% less than in the previous week.
Similarly, the number of NFT sales, the average value of NFT and secondary sales fell sharply, falling by 22.2%, 41.8% and 56.7%, respectively.
NFT’s blue chip collections were no exception. According to CryptoSlam, NFT sales Yuga Labs Otherdeed , Yacht Club Bored Ape (BAYC), Azuki and Mutant Ape Yacht Club (MAYCs) have fallen by more than 50% over the past week.
Among the most popular collections of blue chips, Azuki NFT suffered the most. Sales of the collection fell by about 77% over the past week, while the number of new buyers decreased by 74%.
The drop came after the collection sparked increased interest and an abnormal increase in sales following a blog post by the founder of the project under a pseudonym, which at the time reduced the collection’s starting price by about 45%.
Although the decline in NFT sales is due to a combination of factors, a more important reason may be the recent collapse of the algorithmic stablecoin. Terra UST, which caused a ripple effect throughout the crypto market.
Meanwhile, a major U.S. investment bank Morgan Stanley recently issued a warning about the NFT, saying they could be next to Terra.
In the much-touted areas of leveraged cryptocurrency, such as decentralized funding (DeFi) and cryptocurrency-backed stablecoins, mass liquidations are taking place as it becomes increasingly clear that all the elevated prices have been sold on speculation with limited real user demand, analysts led by Shina said. Shah reports.
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