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Artist Beeple’s NFT dominated the art world last year for $ 69 million.
Courtesy of Christie’s
Non-fungible token (NFT) market sales have been on the rise again after declining in the past month.
NFTs describe data that can be stored and traded on the blockchain, the distributed ledger technology that underpins Bitcoin, Ethereum, and other cryptocurrencies. Many NFTs are files on digital media such as artwork.
As of Sunday, NFT’s weekly moving average was $ 4,300 in US dollars, with total weekly sales approaching $ 400 million, according to data from market tracker NonFungible. This represents a year-on-year increase with average NFTs trading below $ 2,300 and total sales below $ 280 million.
Although the selling price of the work is on the rise, total weekly sales fell from 124,000 last Sunday to about 102,000, well below the 1.3 million peak reached in August 2021.
The most weekly momentum in the open ocean, the major exchange of these types of digital assets, NFTs include video game avatars, a series of flashing skulls, and animated characters.
BlankosBlockPartyNFT, which can be used as a playable character in multiplayer games, has seen a 7-day increase in sales volume of approximately 4,000%. The recently sold NFT, dubbed Boss Dino, has earned 1.4 Ethereum (ETH) or over $ 4,000.
XCOPY NFT, a series of flashing artworks that include skulls, eyes, and various characters, increased volume by 1,400% on Monday, and one skull graphic in the Afterburn series sold for 7.9 ETH, or nearly $ 23,000. .. The volume of the anime character Haus NFT’s MURI has increased by 850% over the past week.
The most valuable collection of tokens remains the Bored Ape Yacht Club, with a minimum price (the lowest amount NFT can sell) of over 99.99 ETH, or $ 290,000. The last Bored ApeYacht Club NFT, # 9202, was redeemed on Monday for 110 ETH, or about $ 320,000.
Write to Jack Denton at jack.denton@dowjones.com
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