Non-fungible token (NFT) sales have dropped considerably during the last month as cryptocurrency values have seen significant losses in recent times. NFT sales experienced a rapid spike in mid-November when many crypto assets were nearing all-time highs. However, sales quickly fell after the crypto market crash.

Number of NFT Sales Drop Following Crypto Market Downturn

NFTs saw huge demand throughout the year and markets processed billions in sales. In the midst of the all-time highs bitcoin, ethereum, and numerous other crypto assets saw in mid-November, NFT sales regained momentum after a downward slump in sales since October 24.

The spike in NFT sales took place on November 15 and lasted only 24 hours. Since the end of October, the number of NFT sales dropped 28. 79% according to market metrics from nonfungible.com. Despite the number of NFT sales sliding, the U.S. dollar value of sales stemming from October 24 until today is not such a drastic plunge, only down 16.73%.

The drop over the last 30 days can be seen across popular NFT marketplaces and some of the most popular NFT collections. For instance, during the last month, Opensea sales have dropped 29. 22% and the number of traders on Opensea also slid by 15. 32%, according to dappradar.com statistics. Two Solana NFT marketplaces saw sales dive bomb this past month as Magic Eden saw sales drop by 11. 28%, and Solana Art sales dipped by 68.36%.

NFT marketplaces like Superrare sales are down 33. 56% and Rarible lost 20. 09% this past month. The NFT platform Foundation saw sales drop by 18. 47%, NFT sales on Pancakeswap have slipped 90. 61%, and after the Tezos-based marketplace, Hic et nunc returned, sales are down 46. 97% in 30 days. The Flow-based NBA Top Shot’s sales have slipped this past month as well and are down 11. 33% on Tuesday.

Not all NFT platforms that allow users to sell and buy digital collectibles have seen a drop in sales. The blockchain-based game Axie Infinity’s NFT sales are up 41. 35% and the number of Axie Infinity traders has jumped 42. 94% last month.

The NFT collection Cryptopunks has seen sales rise over the last month gaining 274. 35% since October 24. Wax blockchain sales on the Atomicmarket NFT marketplace are up 313.7% in 30 days and the Ethereum-based metaverse world Decentraland’s NFTs sales are up 339. 09% this past month.

Depending on the collection, NFTs can still be purchased for millions to hundreds of thousands of dollars in crypto. Cryptopunk 9,998 sold this month for $529. 77 million at the time of sale, or 124,450 ether. An NFT called “A Coin for the Ferryman” sold for six million dollars or 1,330 ether. Approximately 20 NFTs sold for over $1 million during the last 30 days according to dappradar.com statistics.

Being the most expensive digital asset sold in 30 days, Cryptopunk 9,998 represented a large portion of the $1.8 billion in Ethereum-based NFT sales last month. Although the Cryptopunk 9,998 sale was controversial, and some didn’t consider it a sale at all. The top NFT collections during the last 24 hours include JRNY NFT Club V2, Axie Infinity, Chain Runners NFT, The Sandbox, Wolfgame, and Cryptopunks, respectively.

What do you think about the slump in NFT sales during the last month? Are you concerned that NFT sales are falling because crypto markets have lost value? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons, nonfungible.com

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