Sales of non-fungible tokens (%NFTs) have dropped sharply as %Cryptocurrency prices retreat from their recent highs.
In the past week, NFT sales worldwide have declined 18.57% to total $290.51 million, according to market data. That follows a 16.55% decrease between March 9 and 16 of this year.
The five leading blockchains that facilitate NFT transactions have each reported declines during the month of March.
NFT sales carried out on the %Ethereum (CRYPTO: $ETH) network totaled $107.21 million U.S. between March 18 and 25, a 17.10% drop from the previous week’s numbers.
%Bitcoin (CRYPTO: $BTC) NFT transactions fell 25.19% from the week earlier.
The pullback in NFT sales coincides with a drop in cryptocurrency prices. Since hitting an all-time high on March 14, the price of Bitcoin has declined 10% to currently trade at $67,200 U.S.
If there was a bright spot in the NFT market in recent days, it is that a %Cryptopunks artwork sold for $16.38 million U.S., a 186.54% increase for the collection overall.
Node Monkes, Mad Lads, and Bored Ape Yacht Club were the other top selling NFTs over the past week, according to data from cryptoslam.io.
Sales of NFTs have slowed in the past few years after hitting record levels during the crypto rally of 2021.
While overall sales volumes are down from previous years, certain NFTs are still commanding multi-million-dollar prices as evidenced by the Cryptopunks sale.
