- Bitcoin has seen more NFT sales than Ethereum in the past week.
- BAYC’s floor price has fallen to 2021 levels.
The sales volume of non-fungible tokens (NFTs) on Ethereum [ETH] network has grown tremendously in the past two days, surpassing that of Bitcoin [BTC]. However, according to CryptoSlams data, the Bitcoin network has the lead in total weekly trading volume.
AMBCrypto found that between March 20 and 21, NFT sales volume on Ethereum totaled $43 million, eclipsing Bitcoin’s $20 million by 115%. However, NFT sales on both networks, assessed over a seven-day period, show that Bitcoin has seen higher activity.
During that period, NFT sales volume on the Bitcoin network reached $126 million from 50,000 transactions. According to CryptoSlam data, these sales were completed between 49,228 unique sellers and 54,780 unique buyers.
Over the past 21 days, the USD value of all NFTs sold on the Bitcoin network reached $408 million, marking a 32% increase from the $307 million recorded in February.
On the other hand, NFT sales volume on Ethereum last week totaled $108 million. This was recorded from a total of 134,178 transactions completed between 46,985 unique sellers and 57,209 unique buyers.
BAYC Value Craters to New Lows
A review of the leading NFT collection, Bored Ape Yacht Club (BAYC), revealed a significant decline in the price floor since the beginning of the year.
According to data from NFTPrice FloorStarting March 22, an NFT from the BAYC Collection can be purchased at a floor price of 14.16 ETH, worth approximately $50,000 at the altcoin’s current price.
This marked a 46% drop from the collection’s floor price of 26 ETH, which was recorded on January 1. At the current price floor, the NFTs that make up the BAYC collection are currently selling at their lowest values since August 2021.
Source: NFTFloorPrice
Taking advantage of BAYC’s decline in value this month, market participants sold and bought more NFTs from the collection than in February and January.
So far this month, BAYC’s sales volume has reached $33 million, surpassing February’s $21 million by 57% and January’s $17 million by 94%.
Although there are still eight days until the end of March, the month already stands out as the month with the highest sales volume this year.
