Sales volumes of non-fungible tokens (NFTs) registered an increase of more than 37% to $277 million in the seven-day period ending April 11. Six of the top 10 collections with the largest sales volumes were Bitcoin-based NFTs. Some experts attribute the renewed interest in NFTs to the rise of real assets and NFTs with built-in utility.
Wash volumes, transactions decrease
According to the latest data from Cryptoslam, seven-day sales volumes of NFTs as of April 11 reached $277 million, an increase of over 37% over sales in the previous period. During this period, the Uncategorized Ordinals compilation led the rankings of NFT collections based on volumes with sales of just over $10 million. PUP’s BRC-20 NFTs ranked second with sales of nearly $4.5 million.
In total, six Bitcoin-based NFTs were among the top ten collections with the largest volumes. Two Solana-based collections, one each for Avalanche and Mythos, rounded out the top ten collections for the seven-day period surveyed. Bored Ape Yacht Club (BAYC), in 11th place, was the highest-ranked Ethereum-based NFT with sales volumes of $794,500.
Meanwhile, Cryptoslam data further shows that despite the surge in sales volumes, the number of transactions fell by 21.65% to 1,676,393. During the same period, both washing volumes and washing transactions decreased by 28.03% and 32.13% respectively.
NFTs with built-in utility
As reported by Bitcoin.com News, NFT sales volumes had been declining before the unusual surge. Some experts believe that the rise of real assets and NFTs with built-in utility may explain investors’ renewed interest in NFTs. Alina Krot, CEO of 10101.art, also linked the renewed interest to NFT innovations that promise even better returns.
“Owning such NFTs provides access to exclusive communities, events or in-game items, making them more attractive to individuals. Innovations such as collective ownership of NFTs and integration with the Metaverse are also attracting investor interest by offering new financial opportunities with the potential for higher returns,” said Krot.
Regarding the overall decline of the NFT market, which has led some traditional companies and institutions to scale back or discontinue NFTs, Krot attributed the cooling to what she called oversaturation. The CEO added that as the NFT market matured, prices fell back to more realistic levels.
Looking ahead, Krot said the NFT market anticipates a revolution in real-world assets, with art tokenization becoming the trend.
Are NFTs about to make a comeback? Let us know what you think in the comments below.
