Sales of irreplaceable tokens (nft) increased by more than 37 percent to $277 million in the seven days ending April 11th. Six of the top 10 selling collectibles were bitcoin-based nfts. some experts attribute the renewed interest in nfts to the rise of real-world assets and nfts with built-in utility programs.
Wash Volume, Transactions Decline
According to Cryptoslam’s most recent data, nft’s seven-day sales of $277 million through April 11 were up more than 37 percent from the previous period. During this period, the Uncategorized Ordinal compilation ranked first in the NFT series in terms of sales, with just over $10 million in sales. pup’s BRC-20 nft ranked second, with nearly $4.5 million in sales.
In total, six Bitcoin-based nfts were among the top ten most traded collections. Two Solana-based collections, one each of Avalanche and Mythos, ranked in the top ten in the seven-day review. At No. 11, Bored Ape Yacht Club (BAYC) was the highest-ranking ethereum-based nft with $794,500 in sales.
Meanwhile, Cryptoslam’s data further shows that despite the surge in sales, the number of transactions fell by 21.65% to 1,676,393. during the same period, the number of washes and wash transactions fell by 28.03% and 32.13% respectively.
nft with built-in utilities
According to Bitcoin.com News, NFT sales had been declining before the perverse spike. Some experts believe that the rise of real-world assets and nft with built-in utilities may be the reason for the renewed investor interest in nft. Alina Krot, CEO of 10101. He also links the renewed interest to NFT innovations that promise higher returns.
“Owning such an nft gives access to exclusive communities, events or in-game props, making it more attractive to individuals. In addition, innovations such as collective ownership of nfts and integration with Metaverse offer new financial opportunities with the potential for higher returns, thus attracting investor interest,” Krot said.
As for the general decline in the NFT market, which has led some traditional firms and institutions to downsize or abandon NFTs, Krot attributes this to what she calls “over-saturation”. As the NFT market matures, he adds, prices are falling back to more realistic levels.
Looking ahead, Krot says the NFT market is expected to undergo a revolution in real-world assets, with the tokenization of art becoming a trend.
