A week ago, NFT market sales across marketplaces had plummeted. This led to many speculations that the NFT bubble has burst. However, seven days later, the sales volume is picking up again.
While NFT sales had reached an all-time high in August, on September 10, the sales had plunged 86%. The trading volume of NFT marketplace OpenSea, for instance, was down 70%. Many major NFT marketplaces, as well as top collections, saw a similar trend. For example, CryptoPunks’ floor had dipped below 80 ETH. However, currently, the weekly volume of many marketplaces and NFT collections is going up again.
Improvement in sales of many NFT marketplaces, collections
The sales volume of marketplaces like OpenSea, Rarible, and Hic et nunc have significantly gone up in the last seven days. According to DappRadar data, OpenSea’s seven-day trade volume has gone up by 12.75%, raking in over $648 million. Furthermore, the number of weekly traders has also gone up, crossing 171,600.
Similarly, Rarible, the fourth largest market by weekly volume is up by 91.2 %, registering over $5 million in sales. The Tezos-backed Hic et nunc, meanwhile, saw its trading volume go up by 39.77% to reach $4.47 million. Makersplace has also performed well in the past seven days, amassing over $545,000 in trade volume, with an increase of 30.52%.
However, the numbers aren’t looking great for Axie Infinity, currently the second-largest in seven-day volume. Its trade volume dipped 22.33% in the past week. SuperRare, which is sixth on the list, also saw its trade volume go down by 22.1%.
Meanwhile, top collections like CryptoPunks and Art Blocks have witnessed great improvement in their sales in the last seven days. While Punks’ sales went up by 64.31% to cross $53.22 million, Art Blocks rose by 195.40%, raking in over $67 million.
The fluctuations in NFT sales are likely due to the change in gas fees. Currently, the Ethereum average gas price is 65 Gwei (at the time of writing). While this is still high, it had skyrocketed to 106.66 Gwei on September 13, according to ycharts.
Last week’s top sales
Last week saw a total of 41,579 sales (at the time of writing), compared to the previous week’s 36,095 (as of September 11), according to Nonfungible.com. The star of the show was Art Block’s Chromie Squiggle #6339. It was sold for over $1,674,000 two days back. Meanwhile, another Art Blocks NFT, Fidenza #647, was sold for $1,038,500. The generative art piece showcases a range of textures, colors, and organization.
Some CryptoPunks also topped last week’s sales charts. CryptoPunk #5827 fetched its owner $1,224,349. The Male Punk sports a hoodie, normal beard, and regular shades. Meanwhile, CryptoPunk #9844, featuring Pilot Helmet, Mole, and Purple Lipstick, was sold for $975,453.
Despite last week’s lull, it’s clear that things are picking up again in the NFT market. If the NFT marketplaces and top collections keep up with the upward trajectory, the market could reach, and even surpass, previous highs.