NFTs See Massive Growth Despite Crypto Market Downturn
Non-fungible tokens (NFTs) are seeing a wave of growth while the overall crypto markets continue a rather devastating, multi-month downtrend.
At the time of writing, Bitcoin is down over 51% down from its all-time high while Ethereum trades 55% down. All other majors are down 25-50% in the last seven days, according to data from CoinGecko.
While the carnage in digital assets goes on, NFT sales surged over 25% since last week. At one point earlier today, NFT sales were up closer to 90% week-on-week before cooling off slightly, according to cryptoslam.io.
Currently, total NFT sales in January are coming in at $9,061,963,684, way up from December 2021’s total of $2,492,547,201.
The blockchain leading by a long shot as far as volume is Ethereum, recording over $4.2 billion in sales over the last seven days. After Ethereum, $31 million has been recorded on Ronin while $21 million in volume was seen on the Solana network.
NFT projects on the leaderboard include Meebits, Terraforms, and Loot, with $1.7 billion, $1.4 billion, and $446 million in sales respectively. Terraforms in particular has grown over 136% in the last seven days.
As far as all-time sales, Axie Infinity (AXS) remains the winner with $3,913,408,793 in sales, albeit at current ETH prices. Axie Infinity, highly popular in the Philippines, also boasts over 2.9 million owners.
While NFTs have remained strong, NFT-related cryptocurrencies have felt the wrath of the correction. Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA) are all down over 40% in the last seven days, according to CoinGecko.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.