After recent rise, NFT trading on Ethereum drops again – Money Times

NFT vector
Is the fluctuation of the NFT market part of the industry or does it pose a threat to the world of non-fungible tokens? (Image: Freepik/pikisuperstar)

According to the decrypt, the second “fever” of non-fungible tokens (NFTs, the acronym in English) seems to have already gone down. According to data from CryptoSlam!, the sales volume of several NFT projects fell after seeing a significant increase two weeks ago.

The fuss over NFTs started in February of this year, after the internet embraced them as forms of decentralized ownership certificates for both digital and physical assets. However, market turmoil eased shortly after it became saturated.

The reheating of the NFT market came back strongly at the end of last month, especially after july 31, when interest in Cryptopunks it skyrocketed, boosting daily trading volume from $1.8 million to $41.5 million in one week. This sudden change also raised the price of CryptoPunks by 53%.

However, since then, the frenzy has eased again, resulting in a 73 percent drop in sales this week.

On the other hand, the sudden peak of CryptoPunks helped the growth of other NFT projects, such as the Art Blocks. Computer-generated, the Art Blocks have seen their sales grow 710% in the last month, to a total of nearly $200 million.

An example of this recent and sudden success is the sale of Chromie Squiggle #3784, which was the most expensive token of the project so far, sold by 750 ethers ($2.3 million).

If the sudden rise of CryptoPunks helped the growth of Art Blocks, the same cannot be said for other projects, such as the Bored Apes Yacht Club (BAYC).

Similar to Punks, BAYC became the second best-selling NFT project this week. Bored Apes sales soared 153% last month, which, however, did not last long. Although, in the month of August, sales have grown 149%, this week alone they have already fallen by 49%.

Although trading volumes have fallen, NFT sales appear to be far from over.

The luxury auction house Christie’s will auction NFTs from Bored Apes In September, along with NFTs from CryptoPunks and meebits. Rare NFTs sell for millions of dollars, and the auction house intends to sell only the rarest.

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