NFTs use blockchain technology to keep a digital record of ownership, similar to cryptocurrencies. They were first launched on ethereum, the same blockchain that supports the cryptocurrency ether, and most NFTs can still only be purchased using ether.
But the ongoing sell-off in cryptocurrencies is beginning to take its toll on NFT sales. In the past week alone, sales hit $168 million, according to data from NonFungible.com. But that's down from last week's NFT sales, falling about 29% from $237 million. In early January, weekly NFT sales peaked at nearly $1 billion.
Advertisement
These were the five best-selling collections over the past week, according to NonFungible.
5. Doodles
7-Day Sales Volume: $3.7 million Number of Sales: 142 Highest Sale Price: $78,454
Explainer: "Doodles come in a joyful range of colors, traits, and sizes with a collection size of 10,000. Doodles are a funky bunch that like to role play or transmogrify themselves into delicious treats. Holding a Doodle allows you to participate in coordinating the Doodles Community Treasury."
4. VeeFriends
Advertisement
7-Day Sales Volume: $6.2 million Number of Sales: 146 Highest Sale Price: $331,069
Explainer: "10,255 token NFT project consisting of 9400 admission tokens, 555 gift goats, and 300 access tokens; including many one-of-ones. The main ambition of this project is to create meaningful intellectual property and create an extraordinary community."
3. The Sandbox
7-Day Sales Volume: $7.7 million Number of Sales: 858 Highest Sale Price: $43,848
Advertisement
Explainer:"The Sandbox is a community-driven UGC-voxel platform where users own their LAND and host their creative magic."
2. CryptoPunks
7-Day Sales Volume: $9.0 million Number of Sales: 50 Highest Sale Price: $290,645
Explainer: "10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. The project that inspired the modern CryptoArt movement."
Advertisement
1. Bored Ape Yacht Club
7-Day Sales Volume: $32.2 million Number of Sales: 491 Highest Sale Price: $637,375
Explainer: "BAYC is a collection of 10,000 Bored Ape NFTs -- unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits."
{{}}
NewsletterSIMPLY PUT - where we join the dots to inform and inspire you. Sign up for a weekly brief collating many news items into one untangled thought delivered straight to your mailbox.