Data showed a drop in sales for several top NFT projects, suggesting that the non-counterfeitable token trading boom that began two weeks ago has cooled.
Unforgivable tokens became popular this year after the Internet adopted them as decentralized certificates of ownership for digital or physical assets.NFT sales exploded in February, but the hype around them quickly died down after the market became over-saturated.
Late last month, things picked up for NFT collectible items. The mini-bull market began on July 31 when a sudden surge of interest in CryptoPunks avatars pushed daily trading volume for the four-year-old project from $180 to $41.5 million in one week; the average price of 8-bit avatars rose 53%.
CryptoPunks’ trading frenzy has since subsided; sales were down 73% for the week. But its brief spurt helped other cryptocurrency collectibles rise to the top.
In the past month, Art Blocks sales are up 710%, totaling nearly $200 million. sales of NFT artwork, which is computer-generated based on a random seed phrase, rose another 50% this past week, garnering another $61 million. chromie squiggle #3784 sold for 750 ETH ($2.3 million) which was sold for the highest sales of the project to date.
But the gold spell is starting to wane for other collectible items that have received a trading boost thanks to CryptoPunks.
A popular CryptoPunks copycat, collectible item Bored Ape Yacht Club, became the second-best selling NFT avatar item this week; sales have soared 153% over the past month, with the cheapest NFT rising from 10 ETH on August 3 to 15 ETH on August 10, a bottom line that holds to today. But that rise was short-lived. While sales are up 149% this month, they are down 49% this week.
And sales of Meebits, a cryptocurrency collectibles program from CryptoPunks creator Larva Labs, fell 70.43% this week, offsetting its monthly spike of 336.52%.
While trading may be down, the high-priced NFT sales are unlikely to end anytime soon. Christie’s will auction Bored Ape NFTs as well as CryptoPunks and Meebits NFTs next month. rare NFTs command prices in the millions, and auction houses tend to sell only the rarest.