NFT sales plunge as CryptoPunks, Pudgy Penguins demand wanes

Weekly non-fungible token sales dropped by double digits as sentiment in the crypto market waned.

Summary

• The total NFT sales dropped by 10% last week.
• CryptoPunks and Pudgy Penguins sales fell by 42% and 43%, respectively.
• A jump in Courtyard and BAYC sales offset this decline.

CryptoPunks, Pudgy Penguins NFT sales plunged last week

CryptoSlam data indicate that total NFT sales decreased by 10% in the previous seven days, reaching $155 million. This decline happened even as the number of NFT buyers, sellers, and transactions jumped by over 20%.

The weekly decline was primarily due to CryptoPunks, whose sales decreased by 42% to $20.2 million. This decline happened after the recent sales surge. Indeed, data shows that its monthly sales jumped by 450% to over $62 million. 

CryptoPunks ETF collection has had cumulative sales of over $3.16 billion, making it the third most popular ever after Axie Infinity and Bored Ape Yacht Club.

Pudgy Penguins NFT sales also dropped by 43% in the last seven days to $4.6 million. This decline coincided with the sharp decline of the PENGU token, which entered a bear market after falling 32% from its highest point this year.

Courtyard, Bored Ape Yacht Club sales jump

Rebounds of other NFT collections helped to offset these declines. Courtyard NFT sales surged by 35% to $11.27 million, with a 23% increase in transactions. 

Bored Ape Yacht Club NFT sales jumped by 10% to $6.26 million, while DMarket jumped by 77% to $4.84 million. Other top performers included collections like Guild of Guardian Heroes, SpinNFTBox, and Sorare. 

NFT sales experienced a strong performance in July, driven by notable projects such as CryptoPunks, Pudgy Penguins, Bored Ape Yacht Club, and Moonbirds. 

Ethereum (ETH) NFT sales soared by over 68% to $296 million, while Bitcoin (BTC) and Solana (SOL) jumped by 42% to $77 million and 10% to $10 million, respectively. 

Polygon was the main laggard in July, as its sales dropped by 59%, primarily due to Courtyard, whose sales fell by 25%. BNB Chain, Immutable, and Mythos Chain sales tumbled by over 40%.

NFT sales are likely to be affected by the performance of the crypto market this month. 

Historically, sales tend to increase when cryptocurrencies are in a strong uptrend. For example, sales surged in July as Bitcoin reached a record high, driving most altcoins to higher levels.