NFT Collectibles See significant Drop in Sales Volumes

NFT - google

Most top NFT collectibles have experienced a considerable drop over the last week, following all-time highs in late August.

According to CryptoSlam, out of the top five NFT collectibles, only Axie Infinity saw a 7% rise in trade volume. The rest, including Cryptopunks, Loot, Bored Ape Yacht Club, and Art Block, experienced a fall between 44% to 82%

Earlier, each of these NFT collectibles made a kill. With bar Loot taking off at the start of the month and peaked towards the end of August. Additionally, Cryptopunks and Bored Ape Yacht Club reached a peak in trading volume on 28 August. They saw sales volumes of $143 million and $55.7 Million, respectively.

According to The Block’s Data Dashboard, the sales for top NFTs have been declining over a couple of weeks from highs of $882 million to $129 million that was witnessed last week.

The average sales are also dropping since the beginning of this month, with Bored Ape Yacht Club NFT going at an average of $133,000 from around $200,00. On the other hand, CryptoPunks has dropped to $330,000 from around 400,00.

Other projects experiencing a fall in sales volume are Mutant Ape Yacht Club, Pudgy Penguins, Cool Cats, Creature World NFT, and Meebits.

Despite the trend, few projects are gaining sales, and one such project is Monkey Bet DAO. This NFT has witnessed a 225% rise in trading volume last week.