The crypto market went down across the board from last week following the collapse of Sam Bankman-Fried’s FTX exchange and the subsequent hack on the exchange platform. Luckily Tron recently promised to rescue it.
According to Dapp Radar, the floor prices of the ten top-selling NFT collections are currently down by more than 25%. In that context, the falling value of ETH means blue-chip NFT collections are now around 25% cheaper than a few weeks ago.
The recent plunge has attracted a frenzy of buying activities as many buyers seek to attract bargains. The market action has pushed the sales of many digital collectibles to increase in the past seven days.
Blue Chip NFT Sales Surges High
The NFT collections from Yuga Labs, such as the Bared Ape Yacht Club and Mutant Ape Yacht Club, are perfect examples, shedding more than 30% in the past seven days. Interestingly, over the same period, the sales of BAYC and MAYC NFT collections have surged by more than 200% and 100%, respectively.
Otherdeed, another NFT collection from Yuga Labs’ metaverse venture Otherside, is also down 41% in the past seven days. Despite the market action, the three Yuga collections have amassed more than $20 million in trading volume over the same period.
Art Blocks NFT Marketplace Amasses $3.4M
The Art Block marketplace is another non-fungible token project that made significant gains amid the recent market meltdown. The NFT market, which ranks fifth in the all-time NFT on DappRadar, has attracted an NFT trading volume of $1.3 million since inception.
Furthermore, last week, the third, eighth, and eleventh most valuable NFTs exchanged hands on the Art Block NFT collections. Fidenza #214, the most valuable NFT, traded hands for $320,000, while Fidenza #369 and Fidenza #105 sold for 158,000 and $143,000, respectively.
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