New NFT Sales Jump 100% In 24 Hours, Is It Time To Get Back In?
NFT sales decline significantly in the first half of 2022. Most of the decline had actually happened in about three months, causing about a 95% decline from all-time highs that were recorded at the beginning of the year. Even now, the NFT sales remain low in comparison to the recorded numbers for last year. However, there has been an uptick in new NFT sales in the last 24 hours, which points to some likely catalysts popping up once more.
NFT Sales Up In 24 Hours
Despite the overall NFT sales dropping, the new NFT sales for the last day have been up. The number of new NFT sales jumped by almost 100% in the last 24 hours. The previous day had seen a total of approximately 60,000 new NFT sales. But the next day, the number had shot up to 101.5k sales.
This coincides with the number of new NFT collections being launched dropping over the same time period. It was down from 685 new collections to 628 new collections in the same time frame, and yet, new sales had skyrocketed.
The number of new wallets that were using NFTs was also down in the same time period. Down from almost 12,000 from the previous day to 10.6K on Thursday. With the increase in new NFT sales, there was also a rise in the volume on a daily basis.
New sales up almost 100% in 24 hours | Source: IntoTheBlock
Where the NFT volume for Wednesday had been $42.51 million, Thursday saw about a 15% growth this time. Data from IntoTheBlock shows that the daily volume for August 25th was $50.53 million.
What Is Behind The Surge?
There has been growing bearish sentiment among NFT investors in the last few months. This has seen the floor price of the most prominent NFT collections drop by about 90% from their all-time high. Hence, smaller collections suffered even worse.
However, with the launch of some new potential projects, NFT volume has begun to recover. An example was the Mirs of Space mint, which took place on Thursday. The collection, which was made up of 6,969 artworks, had sold out in about 10 minutes.
Another prominent mint had been the Ezu NFT mint, which is a sister project of popular Psychedelics Anonymous. Though this mint had not sold out, it had seen more than 5,200 minted before the team decided to cut supply 24 hours later.
Interest is always on the rise as the market looks forward to other mints, such as the Vibin’ Ape Society mint. This new trend might be what the market needs to regain its standing. However, as always, NFT sales also follow the general crypto market, so depending on how the crypto market goes, this could be a recovery or a continuation of the decline.
Featured image from MARCA, chart from IntoTheBlock
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