NFT Sales drop again to $168 Million over the past week

The crypto-currency boom over the past few years has led to a new market to record heights for digital collectables called NFTs. In fact, NFT's total revenue reached $23 billion last year as artists, investors and entrepreneurs entered the fast-growing Web3 space.

NFTs, also known as the non-fungible tokens are unique, irreplaceable, mostly digital items that users can buy and sell online. Similar to cryptocurrencies, it uses blockchain technology to keep a digital record of ownership. NFTs were firstly launched on Ethereum, and most NFTs can still be purchased by ether only.

However, the ongoing sale of cryptocurrencies is beginning to hurt NFT sales. According to NonFungible.com, sales reached $168 million last week alone. But that's down from last week's NFT sales, falling about 29% from $237 million. In early January, NFT weekly sales peaked at nearly $1 billion.

The top five best selling NFT collections included Doodles, VeeFriends, The Sandbox, CryptoPunks with Bored Ape Yacht Club being on the top with the sales volume of  $3.7 million, $6.2 million, $7.7 million, $9.0 million,  and $32.2 million respectively.