The NFT markets are down by a big percentage from their respective highs in the last couple of months. Some main projects like CryptoPunks and NBA Top Shots are doing good, but in short, the market has taken a downturn. It can be seen clearly in the CryptoArt space as current sales are on track to resemble January levels, almost a 90-95% down from its peak in March.
Big Sales of the Week
- The Sandbox 24×24 Estate [-204,-60] for $648k
- CryptoPunk #9749 for $240k
- Bakery Combos #106 for $236k
- Dream at Burning Man 2015 Edition (1 of 1) for $151k
- Meebit #19879 for $142k
A General Overview On The Markets
As we already know, NFT markets are highly correlated with crypto sentiment and Ethereum prices at the moment, and on top of that, it looks like NFTs are developing their own market cycles. There is still lots of activity happening, but the smart money is moving to more established and trusted projects in the space, and collectors are not experimenting nearly as much they were in February and March.
It seems that currently, the markets are in a cooling-off phase; we would need to see what happens in the months moving forward with the crypto space to see if collectors start spending more freely again.
What Collectible Market Data Is Telling Us
Top 4 Collectibles
As a quick summary, the collectible market is up compared to last week; Bored Ape Yacht Club still kept 1st place this week, and Veefriends got to the 4th spot.
Bored Ape Yacht Club made $10M in sales with a total of 985 buyers who transacted 1,797 times – a 48% increase in sales volume from last week.
NBA Top Shot made $8.8M in sales with a total of 26k buyers who transacted 314k times – a 74% increase in sales volume from last week.
CryptoPunks made $3M in sales with 53 buyers and 56 transactions, almost a 36% decrease in sales volume from last week.
Veefriends made $2.9M in sales with a total of 100 buyers who transacted 189 times – a 166% increase from last week.
The biggest NFT markets or marketplaces where you can buy technically any NFT standard in the Ethereum network are OpenSea and Rarible.
OpenSea made $25.9M in sales with 13k buyers, almost a 27% increase in sales volume from last week.
Rarible made $3.9M in sales with 4,100 buyers, a 26% increase in sales volume from last week.
What CryptoArt Is Telling Us
CryptoArt sales keep trending down as expected. So let’s quickly break it down:
- March made a top at $205M in sales.
- June currently has sold $7.2M.
A clear downtrend. We had $13M in sales for January 2021, and with the current rate and days left in the month, it looks like we are going to be near that target again, which entails a 90-95% drop in total sales from the peak.
Markets cycles and psychology are highly affecting the markets right now. Interest during the last couple of months is increasing on old and more established projects, and collectors reject newer ones due to market sentiment. The low levels of capital readily available to be committed in the space have also affected prices.
It seems that the collectibles and CryptoArt sales are finding a floor down 90-95% in sales from their respective peaks. It would be interesting to evaluate where some projects are in the future, but it seems that investors and collectors are currently going for the more established ones.
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*All investment/financial opinions expressed by NFT Plazas are from our site moderators’ research and experience and are intended as educational material only. Individuals are required to research any product before making any investment thoroughly.
Entrepreneur. Software Engineer. NFTs enthusiast. #NFT