NFT market plunges Weekly sales down 30%
Yuga Labs' Non-Homogenized Token (NFT) series has experienced a huge drop in trading volume over the past 24 hours.
According to NFT market tracker NFTGO, Otherdeed is down more than 50%, Mutant Ape Yacht Club (MAYC) is down 46% and Bored Ape Yacht Club (BAYC) is down 25%.
Overall market activity in NFT has echoed Yuga's NFT series over the past 24 hours, with trading volume falling by $31% to $113M. However, prices did not follow the pace as NFT's total market capitalization fell only slightly to $19.5 billion over the same period.
These series contain 3 of the top 5 global trading series. In the last 7 days, all but OtherdeedYuga LabsThe series all traded down nearly 50%, which may indicate that the NFT market is cooling off.
Only three of the top 10 series in terms of sales volume are trading up. According to NFT market tracker Crypto Slam, CyberBrokers was second with a gain of 41,24%, Azuki was fifth with a gain of 7.5% and Doodles was ninth with a gain of 22.74%.
According to NFTgo, trading volume in the Yuga Labs series of NFTs has fallen sharply in the last 24 hours. otherdeed, MAYC and BAYC have traded down 44%, 41% and 30% respectively, with the BAYC floor price falling below 100ETH.
In addition to theEtheron the Yuga Labs series, eight of the 10 most actively traded NFT blockchains have suffered double-digit losses in NFT sales over the past seven days.
Ether, Solana, andFlowAccording to CryptoSlam, only the NFT sales of Avalanche, Ronin, BSC, WAX and Panini dropped by an average of 22.5%.Polygonand Tezos sales increased by 16.5% and 58.8% respectively.
The number of active marketplace wallets and the total number of unique buyers that have traded NFT over the past seven days has been steadily declining since May 1. data from NonFungible, an NFT market analysis tool, shows that the number of active marketplace wallets fell by 69% to 16,792 and the number of unique buyers fell by 84% to 10,503.
Despite a sluggish start to NFT trading in 2022, researchers predict that NFT will grow 4.5 times to become a $13.6 billion industry by 2027. cointelegraph reported on May 7 that MarketsandMarkets said that mainstream influencers, the gaming community and rising demand for digital artwork will, over the next five years driving the NFT market to these heights.
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