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While sales of CryptoPunks, Bored Ape Yacht Club, and Meebits continue to rise, sales of CryptoPunks, Bored Ape Yacht Club, and Meebits are declining.
Declining sales volumes from several top NFT projects suggest that the non-fungible trading frenzy that began two weeks ago has cooled down, data from CryptoSlam! shows.
This year, non-fungible tokens gained popularity because the Internet adopted them as decentralised ownership certificates for digital or physical goods. NFT sales soared in February, but the enthusiasm surrounding them quickly faded as the market became oversaturated.
Late last month, things began to take up again for NFT collectable projects. The mini-bull run began on July 31, when a surge in interest in CryptoPunks avatars lifted the four-year-old project’s daily trading volume from $1.8 to $41.5 million in a week; the average price of the 8-bit avatars increased by 53%.
The CryptoPunks trading frenzy has since subsided; sales decreased by 73% this week. But its brief spurt helped other crypto-collectibles rise to the top.
Over the past month, Art Blocks sales have risen by 710% to a total of nearly $200 million. Sales of the NFT art, which are computer-generated according to a random seed phrase, rose by a further 50% this past week, scoring another $61 million. Last night, Chromie Squiggle #3784 sold for 750 ETH ($2.3 million), the project’s highest sale so far.
However, the gold spell is starting to wear off for other collectibles projects that benefited from CryptoPunks’ trade spike.
One prominent CryptoPunks imitator, collectibles project Bored Ape Yacht Club, became the second-most sold NFT avatar project last week; sales increased by 153% in the last month, and the cheapest NFT rose from 10 ETH on August 3 to 15 ETH on August 10, a floor that still stands today. However, the upswing was short-lived. Despite a 149 percent increase in sales this month, they are down 49 percent this week.
And Meebits, a crypto-collectibles initiative from CryptoPunks creators Larva Labs, saw a 70.43 percent drop in sales this week, wiping out some of its monthly increase of 336.52 percent.
Despite the fact that trading may be declining, high-ticket NFT sales are unlikely to halt anytime soon. Christie’s will auction off Bored Ape NFTs, as well as CryptoPunks and Meebits NFTs, next month. Rare NFTs price for millions of dollars, and auction houses often sell only the rarest.