January was certainly a big month for the non-fungible token (NFT) industry, as the space posted a new all-time high in its sales volume.
However, that cannot be said for its volume so far this month. According to data from cryptoslam.io, NFT trading volume has plummeted by around 30% in the last seven days.
The drastic drop in sales is surprising considering the fact that the space just witnessed the best month in its short history and also posted one of its most expensive sales this week: We previously reported that CryptoPunk #5822 sold for over $23.7. millions.
A cursory look at the data would show that NFT sales declined on Ethereum by as much as 32%, while Solana-based NFTs saw their sales drop by 28%. Other blockchains with big losses include Flow and Polygon, which lost 38% and 37% respectively.
Interestingly, Ronin’s sales volume increased over 30% in the same period and it is now the third largest chain with NFT sales.
How NFT collections fared
The Karafun NFT collection was the best selling NFT during this week as the collection sold close to $50 million. Other high-performing collections include CryptoPunk with $38.6 million thanks to its record sale and Azuki NFT with $37 million.
A separate data from dappradar.com indicated that sales on LooksRare accounted for more than $1 billion in NFT sales, a drop of more than 70% from their sales in the last seven days. OpenSea, on the other hand, posted sales of less than $350 million as its sales dropped by 65% in the same period.
LooksRare’s revenue exceeds OpenSea’s
The data available from the Token terminal shows that LooksRare’s revenue in the last 30 days exceeds that of its most illustrious rival. According to the data, LooksRare made more than $300 million in revenue, while OpenSea made more than $100 million.
However, despite the disparity in their earnings, these NFT markets outperformed other Ethereum decentralized applications. The closest dApp on the list is the popular decentralized exchange, dYdX, which has made around $47 million in the last 30 days.
Featuring a roundup of the biggest daily stories in the world of crypto, DeFi, NFT, and more.
Obtain a edge in the crypto market
Access more information and crypto context in each article as a paid member of CryptoSlate Edge.
Join now for $19/month Explore all the benefits
This post After a scorching January, NFT sales are down 30%
was published first on https://cryptoslate.com/after-blistering-january-nft-sales-decline-by-30/