New data shows that global NFT sales fell by 21% from February 2022 despite the market reaching record highs last year. March experienced around $2.3 billion in NFT sales volume which stands in contrast to the $2.92 billion February figure.
Overall, the difference between the all-time high global NFT sales in August 2021 and March 2022 was $2.61 billion. This represents a 53% decline in sales in seven months.
However, global NFT sales volume hit an all-time high in August last year. For example, Bored Ape Yacht Club reached a yearly high of around $297 millionand NBA TopShot also generated $37 million in sales volume.
This is because the market for non-fungible tokens (NFTs) surged to new highs in the second quarter of 2021. For example, monthly sales volumes on OpenSea, a major NFT marketplace, reached a record high in June.
In fact, total sales volume for the entire NFT market during this time was in the region of $4.91 billion.
Buyers have mostly totalled 10,000 to 20,000 per week since March 2021, outnumbering sellers, according to NonFungible.com, which aggregates NFT transactions on the Ethereum blockchain.
In March 2021, a digital image sold for a record $69.3 million at Christie’s as an NFT. The second most expensive known NFT sale was a CryptoPunk which netted $11.8 million at Sotheby’s.
The Bored Ape Yacht Club, a set of 10,000 unique digital ape NFTs, has become a hit among collectors. The average ape sold on OpenSea as of July 1 for $3,600, up 1,574% from the launch price of $215 in April. Total sales have since jumped to $61 million.