The once booming non-fungible token market has now fallen by nearly every traceable metric for the third week in a row. The NFT market began to decline in February 2022 and is in a sharp decline before testing the uptrend again in Q1 2023.
NFT sales dropped 5% this week
Data compiled by on-chain data aggregator CryptoSlam shows that non-fungible token sales declined by 5% this week. In the past seven days, the NFT market has attracted $170 million in trading volume. This is the third week that the NFT market has registered negative gains.
Hosted on the second largest blockchain Ethereum, the non-fungible token dominated the NFT market this week, generating $93 million in trading sales. Trading sales volume for Ethereum NFTs has dropped by 93% over the past seven days.
Bitcoin Ordinal has been the second most traded non-fungible coin this week, generating $38 million in trading volume. Unlike Ethereum NFTs, Bitcoin NFTs “Ordinals” have defied the market decline and are up 80% this week.
NFTs hosted on the Solana blockchain continue to suffer losses amid a downturn in the broader crypto market. Over the past seven days, Solana NFTs has reduced its trading sales volume by more than 60% to $10 million. The BNB Chain NFTs follow the Solana NFTs, which have a trading volume of $8 million.
Top NFTs This Week – Sales Volume Rankings:
1. $Fram BRC-20 NFTs
FRAM BRC-20 is a new standard non-fungible token hosted on the Bitcoin chain, similar to the popular Ethereum-based ERC-20. The $Fram NFT collection has been the most traded NFT collection this week. In the past seven days, the FRAM BRC-20 NFT has attracted $14 million in trading volume. NFT collection has increased by 1.65% this week.
2. Bitcoin NFT “Ordinals”
Generic tokens, similar to NFTs, are digital assets denominated in satoshis, the lowest denomination of bitcoin. NFT collectibles came into limelight earlier this year and since then it has gained massive traction among investors. Now the total number of inscribed serial numbers has reached 16 million.
Over the past seven days, the Bitcoin NFT “Unclassified” attracted $13 million in trading sales volume. During this period, these NFTs have increased the sales volume by 22%. Nonetheless, there has been a slight drop in the number of sellers and buyers trading on bitcoin NFTs this week.
3. Bored Ape Yacht Club NFT
Bored App Yacht Club, an NFT collection from digital asset incubation studio Yuga Labs, was the third most traded NFT collection this week. In the past seven days, the Bored App NFT has attracted $8 million in sales volume. The trading volume of Bored Ape Yacht Club declined by 0.02%.
4. Azuki Elementals NFT
Azuki Elementals NFTs have been the fourth most traded NFTs this week. Launched late last month, Azuki Elementals is an NFT collection from digital asset firm Chiru Labs, with a limited edition run of 20,000 NFTs. Azuki Elementals records a sales volume of $5 million.
Unleash your inner storm. ⚡ pic.twitter.com/zH80XQmmPa
— Azuki (@Azuki) June 27, 2023
5. Captainz NFT
Captainz is an NFT collection consisting of a fixed set of 9,999 utility-enabled NFTs hosted on the Ethereum network. Over the past seven days, the Captainz NFT collection has recorded $4.9 million in sales volume, closing out our five most traded NFT lists this week.
Top NFT news of the week:
1. Google allows NFT trading in apps
Digital application marketplace “Google Play Store” has updated its policy to allow users to buy, sell or earn digital assets in apps, as long as they maintain transparency and comply with other regulations. The digital app marketplace has imposed strict rules on crypto mining apps, a rule that will not change with the new guidelines.
Google Play Store allowing crypto and NFTs on its apps is a big boost for the NFT market, which has suffered a severe downfall in the last few days. Last year, Apple banned crypto and NFT trading on its App Store, leading to increased fear, uncertainty, and doubt in the crypto market.
2. Dapper Labs cuts more jobs
Digital asset incubation studio Dapper Labs has announced its third round of layoffs in less than a year. In a brief note to employees, Roham Gharegozlu, Dapper Labs’ CEO, said goodbye to 51 employees. He wrote:
“This decision was incredibly difficult because of the wonderful people affected. But, with this reorganization we’ve made the business even leaner, which will allow us to do the right things for our fans and grow our communities in as healthy a way as possible.
We said goodbye to 51 brilliant colleagues and friends today @dapperlabs – this is the note I sent our team.
We remain fully dedicated to our core communities and committed to building amazing products that push the world forward together.
If you're looking to hire some of the… pic.twitter.com/xwhjZAYLN8
— roham (@roham) July 13, 2023
3. Wall Street memes raise nearly $15 million
Wall Street Memes (WSM) is another crypto project making headlines this week. The crypto project was launched last month and is gaining popularity among investors. The project drew inspiration from the subculture that formed around the Wall Street Bets subreddit, which gained prominence in 2021 following brief squeezes from Gamestop and AMC.
The project’s developers have already tasted success after launching a 2022 NFT collection called Wall Street Bulls, which sold out in 32 minutes and generated $2.5 million in revenue. In May, the team launched its general collection, “Wall St. Bulls”, which has performed well since its launch. The same group now has a presale that is selling fast and has raised over $14 million in just a few weeks.