NFTs, specifically PFPs (profile pictures), have been having a bit of a run last week while most of the crypto market struggled. But if you look closely, it is not all PFPs and or NFTs; some types of projects are exploding, but most of the projects are slowly dying with low liquidity and no community to support them. Are most NFTs overvalued? This is crypto where anything can happen, and maybe they are not overvalued.
Let’s quickly look at the data.
Big Sales of the Week
Top sales in the last 7 days by NonFungible.com
NFT Markets
NFT market sales are having a decent volume increase compared to the last 7 days and an 18% on avg increase in volume for LooksRare and OpenSea.
OpenSea made $1.24B in sales with 258k buyers, almost a 19% increase in sales volume last week.
Magic Eden made $66M in sales with 101k buyers, almost a 40% increase in sales volume last week.
Solanart made $6.4M in sales with 16k buyers, almost a 63% increase in sales volume last week.
AtomicMarket made $7.62M in sales with 52k buyers, almost a 16% increase in sales volume last week.
Rarible made $2M in sales with 1,700 buyers, a 4% decrease in sales volume last week.
LooksRare made $4.08B in sales with 13k buyers, a 18% increase in sales volume last week.
Metaverse
Every week we see the interest in metaverse worlds; people just throw the word metaverse around without realizing that different “metaverse platforms” are being developed. Here we will cover the top ones.
The Sandbox made $14M in sales with 1,479 buyers.
Decentraland made $6.1M in sales with 366 buyers.
CryptoVoxels made $491k in sales with 96 buyers.
Somnium Space made $258k in sales with 20 buyers.
What Collectible Market Data is Telling Us
Top 4 collectibles by sales in the NFT space.
Bored Ape Yacht Club made $100M in sales with a total of 267 buyers who transacted 321 times – a 92% increase in sales volume from last.
Azuki made $90M in sales with a total of 1,478 buyers who transacted 2,382 times – a 3% decrease from last week.
CloneX made $88M in sales with a total of 1,174 buyers who transacted 1,796 times – a 133% increase in sales volume from last week.
Mutant Ape Yacht Club made $62M in sales with a total of 735 buyers who transacted 915 times – a 50% increase in sales volume from last week.
Crypto Games
There are more games that promise great gameplay and a big community every week. Currently, Axie Infinity is number one in the P2E world by daily active users. We will feature the top 3 games in volume in the last 7 days.
Axie Infinity made $168M in volume.
DeFi Kingdoms made $147M in volume.
Pegaxy made $78M in volume.
What CryptoArt is Telling Us
Art is still being sold, but it has been slower than during other periods. The art that is being sold is mostly high-quality 1/1 pieces.
Let’s quickly break it down for perspective:
- January sold $61M
- February has sold do far $8.2M
Summary
This week has been great for NFT. Most projects have increased dramatically in value, but it seems like people are chasing the new shiny thing every day, and that does not sound sustainable at all. NFTs are here for the long term, but have some projects earned the valuation they have right now? Well, we will see in the upcoming months. Have a great weekend!
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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
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