March 24, 2023

NFT sales fell significantly in the first half of 2022. Much of the decline actually occurred in about three months, resulting in a decline of about 95% from the all-time high recorded at the beginning of the year. Even now, NFT sales are still low compared to last year’s record numbers. However, new NFT sales have picked up in the past 24 hours, suggesting some possible catalysts are re-emerging.

NFT sales rise in 24 hours

While overall NFT sales are down, new NFT sales on the last day have been rising. The number of new NFT sales has increased by nearly 100% in the past 24 hours. In total, around 60,000 new NFTs were sold the previous day. But the next day, that number soared to 101.5k in sales.

This coincides with a drop in the number of new NFT collections launched over the same period. During the same time frame, it dropped from 685 new collections to 628 new collections, however, new sales skyrocketed.

During the same period, the number of new wallets using NFTs also declined. It fell to 10,600 on Thursday from nearly 12,000 the day before. As new NFT sales increase, so does the average daily transaction volume.

NFT sales grow

New sales up almost 100% in 24 hours | Source: IntoTheBlock

NFT volume on Wednesday was $42.51 million, while Thursday was up around 15%. Data from IntoTheBlock The daily trading volume on August 25 was shown at $50.53 million.

What’s behind the surge?

The bearish sentiment among NFT investors has grown over the past few months. This has brought the reserve prices of the most famous NFT collectibles down by about 90% from their all-time highs. As a result, smaller collections suffer more.

However, with the launch of some new potential projects, NFT volumes have started to recover.An example is Cosmic Dapeng Mint, happened on Thursday. The collection consisted of 6,969 artworks and sold out in about 10 minutes.

Another famous mint is Ezu NFT mint, a sister project to the popular Psychedelics Anonymous. While the mint has not sold out, it had minted over 5,200 coins before the team decided to cut supply after 24 hours.

Interest is always on the rise as the market looks to other mints, such as Vibin’ Ape Society Mint. This new trend may be what the market needs to regain its position. However, as always, NFT sales are also following the general crypto market, so depending on the direction of the crypto market, this could be a recovery or continued decline.

Featured image from MARCA, chart from IntoTheBlock

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