NFT Sales Tumble 29% This Week, Searches for Metaverse-Related Terms Plunge

newsbtcPublished on 2022-03-06Last updated on 2022-03-21

Abstract

The past week’s non-fungible token (NFT) sales have dropped again, following the last few weeks of diminishing volumes.

The past week’s non-fungible token (NFT) sales have dropped again, following the last few weeks of diminishing volumes. Across 14 blockchains that support NFTs, sales have slipped 29.46% lower than the week prior. Despite the drop in NFT sales volume, NFT sales stemming from the Arbitrum network spiked by 97.53% this week.

NFT Interest and Sales Nosedive

According to Google Trends (GT) data, interest in NFTs has dive-bombed, as the search query for the term “NFT” slid from a score of 100 on GT during the first month of 2022, to this week’s score of 42.

Statistics for the search query term “metaverse” show interest there has also slid significantly, sliding from January’s high score of 88 to today’s GT score of 32. While NFT interest is sliding, sales volume has dipped a great deal as well.

NFT Sales Tumble 29% This Week, Searches for Metaverse-Related Terms Plunge

“Interest over time” stats from Google Trends (GT) data show searches for the terms “NFT” and “metaverse” have dropped considerably.

Over the last seven days, NFT sales have dropped 29.46% lower than last week’s sales volume. Metrics from cryptoslam.io’s seven-day records show that the largest blockchain in terms of NFT sales, Ethereum, is down 32.13%.

Wax blockchain sales have dropped by 38.52% this past week, but Palm and Theta NFT sales lost the most. Palm-based NFT sales are down 73.36% since last week and Theta’s NFT sales are down 78.87%.

Bitcoin.com News reported on the Arbitrum NFT project Treasure DAO getting hacked and losing more than 100 NFTs. Despite the hack, Arbitrum NFT sales have jumped a great deal this week spiking 97.53% since the week prior.

The NFT collection that recorded the most NFT sales during the last seven days is Invisible Friends as the ETH-based NFTs have seen $46.9 million in sales, up 32.13% since the week prior. The Invisible Friends NFT compilation sales were followed by Wonderpals, Cryptopunks, Clonex, and Bored Ape Yacht Club (BAYC).

This week’s most expensive NFT sale was Meebit #1657 for 282 wrapped ether (WETH) or $844,069, followed by Ringers #376 for $800,941 in WETH. Those two pricey NFT sales were followed by Meebit #8475 ($753K), Meebit #18277 ($738K), Meebit #19564 ($723K), and Bored Ape #8386 for $600,609, or 200 wrapped ethereum.

Additionally, the “Topps Timeless Series” 1952 Mickey Mantle NFT card sold for 175 ether or $471K at the time of settlement on Opensea. The leading NFT marketplace Opensea posted the week’s top sales in terms of NFT sales volume, but sales are down 29.97% according to current dappradar.com stats. Opensea saw 220,223 NFT traders this week, but the number of traders is down 12.96% since the week before.

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