Has Crash In Stable Coins Slowed Down Sales In Non-fungible Tokens
Amidst the Terra LUNA crash, a steep selloff has been witnessed across the crypto market. Non-fungible tokens (NFTs) have also faced the brunt of broad selling pressure. On Saturday, NFTs rose in market cap, however, sales volumes were in a downturn.
As per CoinMarketCap data, the NFT collections market cap rose by 1.2% currently and was at nearly $10.98 billion in the last 24 hours. However, in sales volumes term, it dived by over 10% and was around $29.93 million.
Top NFTs traded in the green today. FLOW surged over 2.4%, while ApeCoin jumped 6.7%, Decentraland MANA climbed over 7%, Tezos advanced over 9%, and The Sandbox soared over 7.7% at present.
Since the start of May, crypto markets have been on a selling spree after Terra UST lost its peg and its sister token LUNA crashed to zero and eventually got delisted on many exchanges.
The real-time data of CoinMarketCap shows that the global crypto market cap is $1.26 trillion, a 2.44% increase over the last day. However, the total crypto market volume over the last 24 hours is $55.50 billion, which makes a 26.80% decrease. Further, the total volume in DeFi is currently $5.89B, 10.61% of the total crypto market 24-hour volume.
Bitcoin jumped by over 2% but traded below the $30,000-mark. The coin was around $29,500.
Counterpart Ether too rose over 2%, however, erased its $2,000-level. It was currently around $1,978.
Meanwhile, Terra USD slumped by nearly 15% and was near $0.05477. LUNA dived over 24% and traded at $0.008223
In the past seven days, Terra USD shed more than 71%. On the other hand, its sister LUNA dipped over 72%.
Year-to-day, Terra LUNA dropped by 100%.
As per the CoinMarketCap data, in the last seven days, NFT sales volume picked up by over 3%. However, in the last 30 days, they have slipped by nearly 5%.
According to CrytoSlam data, so far in May, sales in NFTs stand at $2.4 billion with a total transaction of 2,503,076. There are more unique sellers than buyers this month.
So far, in May, there are 421,356 unique buyers and 781,293 unique sellers, the data showed.
In April, sales in NFTs stood to the tune of over $3.69 billion, while in March it stood at $2.5 billion. In January, NFT sales were at a record high of over $4.6 billion but in February the sales slowed to over $3 billion.
In January this year, NFTs recorded all-time unique buyers of 1,008,363 while the number of unique sellers was 822,365. The transaction this month was also at a record level of 7,539,479.
The CryptoSlam data revealed that the number of unique buyers in NFTs was higher in February and March as well compared to the unique sellers. But that has reversed since April.
