Sunday, December 5

NFT Sales Fall To January Levels But Prices Soar To The Sky, The Block Research

Key facts:
  • Just over 70,000 NFTs were sold on November 14, a figure last seen almost a year ago.

  • In the last few hours, NFTs have been sold at average prices of $ 125,000.

Sales of non-fungible tokens (NFTs) for art and collectibles in recent days have dropped considerably, reaching levels not seen since January. The funny thing is that, at the same time, the price of these creations increases more and more.

According to an investigation by The Block Research, the second week of November was one of the worst for NFT sales so far this year, barely reaching 86,870 sold, “the lowest number of weekly sales from the first week of January this year«, They explain.

In fact, as of November 14, the figure it didn’t paint well either. According to the firm, the number fell to 70,530 NFTs sold.

According to the graph, it is a drop in demand of digitized art, after between June and September of this year its popularity grew considerably.

The number of weekly sales for NFT fell to January levels, according to The Block Research chart. / Source: The Block Research.

Just to mention, the weekly sales of these tokens exceeded 250,000 during the month of October. And, according to the graph, the highest sales peak occurred in early June, when 515,880 NFTs were sold.

The price of NFTs started to rise

Something that is striking is that as the number of weekly sales decreased, the price of these designs increased, for, right now, averaging about USD 127.000 for the first time, this at the end of October, a brand that still oscillates.

Even, according to the graph, an NFT is selling, in the last hours, in USD 117.640, on average. A relevant rise, especially when compared to prices in January, when a single design was around $ 1,700.

The firm says that this behavior explains why the volumes of trade of these works of art and collectibles in NFT have remained stable and over USD 200,000 during the tenth month of the year: “The large amounts paid by collectors for the rarest items have offset the lower number of sales”.

And who drives those prices?

An NFT, which according to the CriptoNoticias Criptopedia, is a type of cryptographic token that represents a unique, unrepeatable asset and limited in its quantity; gains its momentum precisely for its rarity and scarcity.

There are certain models of NFT that contribute to being priced at high prices, like the current ones. Example are the bored monkeys, from the Bored Ape Yacht Club (BAYC), the most successful project of that kind. Here, each design represents a membership to a virtual club, with certain advantages and virtues.

The price of NFTs grew as sales fell / Source: The Block Research.

Each installment in the series ranges from $ 20,000 to $ 1.5 million, in estimates of In fact, auctions have been reported in Sothelby’s of BAYC’s NFT valued by USD 3.4 million.

The BAYC has gained so much relevance among the universe of collectors, that will launch an exchangeable token on decentralized exchanges, as recorded by this newspaper.

This, in addition to a musical band, supported by the signature of Web3 10:22 PM, called KINGSHIP, which will be made up of figures from the club, all collected by Jimmi McNeils.

CryptoPunks, Art Blocks, The SandBox, Decentraland and CyberKongz are also part of the other projects that influence the increase in NFT prices, as their arts have been the most sought after, according to the database of collectible assets.

It is a whole movement that does not seem to disappear, but it does begin to segment. NFTs are uncommon digital objects, very few have them, and that, by itself, creates a difference between those who have accessibility to an art that is yet to be exploited and those that don’t.

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