NFTs are Thriving Amid the Crypto Market Crash
Despite the drop in the crypto currency market, weekly NFT sales have increased by 81% reaching $4.7 billion in trading volume.
Although crypto currencies have lost billions last week, non-fungible token (NFT) asset sales have increased by 81 percent. According to statistics, 326,733 NFT investors paid $4.7 billion in NFT purchases in seven days, and Ethereum NFT sales volume has continued to climb.
According to the first ten blockchains record, Ethereum sales increased by nearly 24% this week, while Ronin NFT sales experienced a 28.7% increase. Solana and Flow, the third and fourth largest blockchains in terms of NFT sales, have seen sales dip this week.
Sales of Solana NFTs are down 20.29%, while sales of Flow NFTs are down 4.22%. Polygon, on the other hand, saw the highest dip in NFT sales this week. Last but not least, and with a 311.69% gain in seven-day sales, Binance Smart Chain (BSC) led the pack.
Overall, the non-fungible token market sales have managed to stave off the crypto market crash that almost all crypto assets have been experiencing in recent times. Those funds, while lower in value, are still purchasing NFTs in great numbers and the billion-dollar NFT industry remains profitable.