NFTs Feel Crypto Regulatory Heat – Down 17% in Sales Volume Over Last 7 Days

by James · June 12, 2023

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The non-fungible token market has plunged slightly in the past week following the continued crypto-regulatory pressure from various authorities, including the United States Securities and Exchange Commission and the Nigerian Securities and Exchange Commission.

Last week, the United States Securities and Exchange Commission pressed new charges against crypto exchanges Binance and Coinbase, including involving unregistered token offerings and sales and failure to register as an exchange or broker-dealer. Nigeria’s crypto watchdog also called Binance crypto trading illegal.

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NFT sales fell 20% in the last 7 days

The heated regulatory pressure has indirectly affected the non-fungible token market, pushing trade sales volume to drop to $155 million in the past seven days. During this period, NFT trade sales volume has fallen almost 20% from the previous week.

Data compiled by CryptoSlam, an on-chain market data aggregator, shows that the NFT market has fallen 17% to $155 million in the past seven days. The NFT market has also fallen short in the number of buyers by 63% to just 294,000. NFT transactions have also fallen by almost 10% over the past seven days.

Ethereum-based NFTs dominated the NFT market, registering over $90 million in sales volume. Bitcoin-based NFTs, popularly known as Ordinals, followed distantly behind Ethereum NFTs, garnering over $27 million in sales volume.

Solana NFTs appeared third last week, registering more than $8 million in sales. Ethereum and Solana have fallen by 27% and 5.45% in trading sales. Bitcoin NFTs have increased by 10% in the last week. Mythos Chain-based NFTs also pumped 6.44% in sales volume to $8.4 million.

Top five NFT collections on sale last 7 days

NFT's sales

1. Bitcoin NFTs Pump 1.6% Last Week

Bitcoin NFTs “Uncategorized” have performed somewhat well despite recent challenges in the overall crypto market. Over the past seven days, Ordinals has risen just 1.6%, collecting a $10 million trade in the past week. Bitcoin NFTs came into the spotlight earlier this year and have since gained massive traction among investors.

2. DMarket NFTs

DMarket is an NFT pool hosted on the Mythos Chain network. The NFT collection has pumped 6.8% over the past seven days. The DMarket NFT collection recorded a sales volume of more than $8 million this week, taking second place.

3. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club is an NFT pool from digital asset firm Yuga Labs, with a limited edition of 10,000 NFTs hosted on the Ethereum network. Over the past seven days, the NFT collection has recorded a sales volume of $7 million. However, the NFT collection plunged 65% in the past week.

4. Goods Unchained NFTs

Gods Unchained is an NFT collection from the free-to-play and play-to-earn game “Gods Unchained” hosted on the Immutable X network. Gods Unchained NFTs have recorded a trade sale of $5 million in the last seven days. The NFT collection has fallen by 7% in the last week.

5. Azuki NFTs

Azuki is a blue-chip NFT collection from digital asset firm Chiru Labs, with a limited edition of 10,000 NFTs. Over the past seven days, the Azuki NFT collection has recorded a trade sale of $5.1 million, concluding our top five NFT list. Azuki has dropped 68% in sales from last week.

The Derps, a recently launched NFT collection with a limited edition of 9,000 NFTs on the Bitcoin network, was the most expensive NFT collection last week. The NFT collection sold for more than $2 million two days ago. Fidenza was the second most expensive NFT collection, selling for $1.2 million six days ago.

Bitcoin NFTs On The Rise – Buy Walls St Bulls Ordinals

Wall St Bulls is a regular collection from the legendary crypto community, Wall St Memes. The Ordinal Collection was launched last month and has since attracted massive traction among investors. Wall St Bulls have a base price of 0.0095 BTC.

In 2021, the same team launched an NFT collection on the Ethereum network that sold for a record time of 32 minutes. The Wall St Memes recently launched their token presale. $WSM has sold quickly, raising over $6 million in less than two weeks.