NFT Sales fall to $237 Million over the past week

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NFT Sales fall to $237 Million over the past week
05 Mar 2022
6 min read

News Synopsis

The recent cryptocurrency boom has helped push new markets to record highs digital collectables known as NFTs. In fact, NFT's total revenue reached $23 billion last year as artists, investors and entrepreneurs entered the fast-growing Web3 space. 

NFTs, or non-fungible tokens, are unique, irreplaceable, mostly digital items that users buy and sell online. NFTs, like cryptocurrencies, use blockchain technology to maintain a digital record of ownership. They were first launched on Ethereum, the same blockchain that powers the cryptocurrency Ether, and most NFTs are still only available on Ethereum.

Despite the ongoing sale of cryptocurrencies, NFT sales are growing relatively well. Last week alone, sales were $ 237 million, according to data from NonFungible.com. But it's not as high as last week's NFT sales, down about 29% from $ 335 million. According to NonFungible.com, NFT sales surged and these were the top five collections by last week.

The top 5 NFTs for the week are Bored Ape Yacht Club, CryptoPunks, Doodles, The Sandbox, and Cool Cats with a sales volume of $39.8 million, $37 million, $8.2 million, $7.9 million and %5.4 million respectively.

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