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Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022 – Bitcoin News

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Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022

Like most crypto projects this year, non-fungible tokens (NFTs) felt the pain of 2022’s crypto winter as sales are down a great deal and blue-chip NFTs have been slashed in value. For instance, last month, there was roughly $534 million in NFT sales compared to the $2.77 billion in NFT sales sold in Dec. 2021.

The NFT Industry Takes a Hit in 2022 — Sales and Google Searches Down Significantly

2022 hasn’t been kind to non-fungible token (NFT) holders, and statistics show that interest in the subject has dropped a great deal this year. Google Trends (GT) data shows that the search term “NFT” had a score of around 52 during the week of Dec. 26, 2021 – Jan. 1, 2022. The term also skyrocketed to the highest score of 100 on Jan. 16 – Jan. 22, 2022.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
Google Trends search data for the term “NFT” on Dec. 25, 2022.

Today, however, for the week of Dec. 18 – Dec. 24, 2022, the search term “NFT” has a score of around 16. There’s been a slight rebound in interest recently in NFTs according to GT data, which started around Dec. 4, 2022. GT data shows the most interested region in NFTs today is China, followed by Hong Kong, Singapore, Nigeria, and Taiwan.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
Google Trends search data by interest by region on Dec. 25, 2022.

Statistics also show that NFT sales volume has dropped a great deal since last year. Cryptoslam.io data indicates that there was $2.77 billion in NFT sales sold in Dec. 2021, and last month only $534 million in NFT sales were recorded. Metrics saved to archive.org indicate that during the week of Dec. 27, 2021, $414.84 million in sales were recorded.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
The past seven days of NFT sales volume according to cryptoslam.io and recorded on Dec. 25, 2022.

Sales during the week of Dec. 27, 2021 were also down 32.05% lower as the previous seven days saw $610.53 million in sales. In terms of NFT sales by blockchain at the time, Ethereum saw $334.83 million out of the $414.84 million in total sales that week. The week of Dec. 27, 2021, Ronin had roughly $45.65 million in sales and Solana had just over $16 million in sales during the seven day period.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
Seven day NFT sales via cryptoslam.io according to an archive.org snapshot taken on Dec. 27, 2021.

The top five projects or collections in terms of seven day sales during the last week of Dec. 2021, included Mutant Ape Yacht Club (MAYC), Cryptopunks, Axie Infinity, Bored Ape Yacht Club, and The Sandbox. This month, roughly a year later, NFT sales pale in comparison to the purchases made last year. As of Dec. 25, 2022, NFT sales dipped by 12.22% this week as $154.02 million in sales were recorded during the past seven days.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
One of the top sales during the week of Dec. 27, 2021, according to cryptoslam.io data. Dappradar stats show the Cryptopunk NFT has lost a considerable amount of value since it was purchased for $1.21 million.

Over the trailing seven days, there were 295,338 NFT buyers and just over one million NFT transactions. This week, the top blockchain in terms of NFT sales is still Ethereum (ETH) and over the last seven days, there’s been $129.23 million in NFT sales that derive from the ETH chain.

ETH is followed by Solana, Polygon, Immutable X, and Cardano in terms of the largest sales last week by blockchain. Last year, on Dec. 27, 2021, an NFT called “Mega” sold for 888 ether which was worth $3.6 million at the time. Furthermore, on the same day, Cryptopunk #9137 sold for 310 ether or $1.21 million at the time of sale.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
Archive.org snapshot from nftpricefloor.com on Dec. 17, 2021.

Dappradar stats indicate that Cryptopunk #9137 is now worth anywhere between 63.95 ether or $77,995 (Cryptopunks’ current floor), or 377.24 ether or $460K (Dappradar estimates). Last year’s archived data from nftpricefloor.com indicates that the floor value of a Bored Ape Yacht Club (BAYC) NFT was around 87.5 ether. ETH was also trading for $4K per unit at that time, which means 87.5 ether was around $350,000 at the time.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
Nftpricefloor.com stats on Dec. 25, 2022.

A Cryptopunk could be purchased for 65 ether on Dec. 19, 2021, and its value at that time measured in U.S. dollars was around $260K. Sales recorded on Dec. 25, 2022 are a completely different story, as current statistics from nftpricefloor.com show a BAYC can be purchased for 69.88, which is worth roughly $85,159 using today’s ether exchange rates.

A cryptopunk NFT purchased at the current floor value on Dec. 25, 2022, will cost 63.95 ETH or around $77K in USD value. GT data also shows that interest in the term “Bored Ape Yacht Club,” has declined a great deal as well since last year. Last year, during the week of Dec. 26, 2021 – Jan. 1, 2022, the search term “Bored Ape Yacht Club,” had a score of around 50, and by the week of Jan. 16 – Jan. 22, 2022, the search term hit 100.

Monthly NFT Sales Are 80% Lower Than Last Year, Digital Collectibles Interest Plummeted in 2022
Bored Ape Yacht Club (BAYC) interest according to Google Trends stats recorded on Dec. 25, 2022.

Today, the BAYC-related search term is down to a score of 10, which is a considerable drop in overall interest since last year. Similarly, this week China dominates in terms of BAYC interest and the country is followed by Singapore, Hong Kong, Canada, and Australia. GT data related to other blue chip NFTs like Cryptopunks, Mutant Ape Yacht Club, and others have also seen GT search interest drop a great deal.

Tags in this story
2022, Blockchain, Blue-Chip NFTS, Bored Ape, Bored Ape Yacht Club, cryptopunks, cryptoslam.io, dappradar.com, Digital Collectibles, Floor Values, Google Trends NFT, Interest, nft, NFT collections, NFT industry, NFT interest, NFT owners, NFT sales, NFT sales volume, nftpricefloor.com, NFTs, Traders

What do you think about this year’s NFT sales and overall interest in digital collectibles sliding a lot lower than last year? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, Cryptoslam.io, nftpricefloor.com, BAYC, Cryptopunks,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

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50% of Bitcoin hashrate Controlled by Two Mining Pools

Bitcoin hashrate is becoming highly centralized, with a few mining pools controlling most of the blockchain mining power. The latest data from Mempool indicates that 50% of the total hashrate is held by Foundry USA and Antpool. 

A Highly Centralized Mining Network

Foundry USA has maintained a hashrate of over 30% of the total Bitcoin network for several weeks. It became the first mining pool of non-Chinese origin to lead the list in November 2021, following the ban on Bitcoin mining in China in the middle of the same year. 

Back then, Foundry USA contributed 17% of the total Bitcoin hashrate. Today, the US-based pool averages 34.1% of the mining power, equivalent to about 104 EH/s, considering that the Bitcoin hashrate is around 300 EH/S. 

Related Reading: First Bitcoin Mining Powered By Nuclear Energy To Open In The U.S. In Q1 This Year 

Antpool comes in second with about 18.0% of the total hashrate equivalent to about 58 EH/s. The Chinese-based pool used to be the largest Bitcoin pool but was affected by the ban on crypto mining which caused several miners in the region to migrate. 

Bitcoin Pool distribution records on Dec. 29, 2022 (3-day stats)/Mempool.com

What Is Behind This Trend?

The graph shows that over 80% of Bitcoin’s mining power is concentrated among just 5 pools. This contrasts with the beginning of 2022, when these five mining pools barely exceeded 60% of the hashrate. 

Some factors could have contributed to this rise. One of which is the location of the servers of the said pools. The closer the servers are to the pools and mining facilities, the lower the information transfer latency. This means that a miner will likely get more shares in the mining process and earn more Bitcoin (BTC) by connecting to a closer server. 

Bitcoin hashrate difficulty
Bitcoin hashrate difficulty for January/CoinWarz.com

Another factor is the financial incentives offered by these major mining pools. Bigger mining pools can consistently distribute profits to their members, who pay a commission for mining with their resources, driving more miners to their ecosystem. This is evident with the high mining difficulty in recent weeks due to the bullish movement of Bitcoin, making it difficult for smaller mining pools to be profitable. 

Related Reading: Why The S&P 500 Could Help Send Bitcoin Soaring Higher

However, Bitcoin’s highly centralized mining system poses significant dangers to the cryptocurrency. The miners could agree to reject transactions that do not meet a specific parameter leading to a 51% attack. 

We’ve seen such attacks occur on other Proof-of-Work blockchains like Ethereum Classic, which could be a problem for Bitcoin. In addition, these pools are recognized companies and could face pressures from regulatory agencies trying to control activities on the Bitcoin network. 

Bitcoin Price

So far, Bitcoin is still maintaining its bullish trend, with the leading cryptocurrency up by 40% since the start of the year. As of the time of writing, Bitcoin is trading at $23,400, according to data from Tradingview.com. 

Bitcoin Price on January 28| Source: BTCUSDT on Binance, TradingView
Bitcoin Price on January 28| Source: BTCUSDT TradingView

Featured image from Pixabay, charts from Trading View, Coinwarz, and Mempool


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This week in Crypto; Axie, Aptos Record Big Gains as Ethereum Drops

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This week in Crypto; Axie, Aptos Record Big Gains as Ethereum Drops

On Sunday morning, Ethereum, the second largest crypto by market capitalization, was the only top ten coin that saw a drop in value. Other major coins have continued to record gains for the fourth consecutive week.

Meanwhile, the most popular crypto, Bitcoin, has seen 7-day gains of about 3.2%, and as of this writing, it is trading at $23,221, as per CoinGecko. This week, researchers have claimed that the ideal time to take long positions in the crypto market is during the end of the Chinese New Year’s first day.

Data on CoinGecko shows that Ethereum has dropped by 5.3% in the past seven days and is trading at $1,572. On Tuesday, Ethereum developers revealed they had achieved a significant milestone toward the network’s most anticipated update, the Shanghai Upgrade. The upgrade will allow stakers to withdraw their funds.

Aptos Records 7-day Gains of 57%

Aptos is up 57% this week, and at the time of publishing, it is changing hands for $17.10. It is difficult to tell what’s fueling the rally, but a huge portion of the token’s trading volume has been from arbitrage trading on the south Korean-based exchange, UpBit.

Some exchanges in South Korea usually price crypto higher than other global exchanges. Many traders involved in arbitrage trading refer to this discrepancy as Kimchi Premium. It is worth noting that this is how FTX’s ex-CEO Sam Bankman-Fried started his crypto trading journey.

Launched last October, Aptos began trading at $13 before it crashed by 45% following criticism that the developer behind the blockchain did not reveal its tokenomics and failed to fulfill their promise of processing over 100,000 transactions per second. The current price means the investors have recovered their losses.

Axie Infinity is Up 25% This Week

On the other hand, Axie Infinity (AXS) recorded an increase of 25% in the past seven days. On Monday alone, the token gained about 24% following a token unlock that saw about 2.2% of the game’s total supply released to the market. According to CoinGecko, AXS is trading at $11.45 as of this writing.

Other Cryptos That Saw Notable Gains

Other top cryptocurrencies that recorded notable rallies this week include OKB. The token currently trades at $38.23, representing a 14% increase in the past seven days. In addition, Avalanche rose by 17% to change hands for $20.28, while Polygon, the tenth largest crypto by market cap, increased by 8% and is trading at $1.12.


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Bitcoin’s [BTC] price reversal might be on the cards?

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Bitcoin's [BTC] imminent price reversal might be on the cards?

  • BTC’s price has rallied by 40% since 1 January.
  • Investors have recorded significant gains, and now, a price reversal might follow. 

Exchanging hands at the $23,200 price mark at press time, the leading coin Bitcoin [BTC], currently trades at levels last seen in August 2022. On a year-to-date basis, BTC’s price has rallied by 40%, per data from CoinMarketCap.

Sharing a statistically significant positive correlation with several other assets in the market, the growth in BTC’s price has resulted in the growth in the value of several other crypto assets in the last month.

According to data from CoinGecko, global cryptocurrency market capitalization has increased by 21% in the last month.


How much are 1,10,100 BTCs worth today?


Holders are in profit, but for how long?

BTC’s rally to a five-month high in the last month has led many of its holders to log profits on their BTC holdings. An assessment of the cost basis for short-term and long-term holders revealed this.

The cost basis for any BTC holder is the average purchase price of the BTC they possess. This considers any variations in BTC’s price at the time of purchase. This cost basis determines capital gains or losses when the BTC is sold. 

According to Twitter analyst Will Clemente, the cost basis for short-term and long-term BTC holders were $18,900 and $22,300, respectively.

However, since BTC’s price has rallied beyond these points, these cohorts of investors were “no longer underwater,” Clemente said. 

Further, CryptoQuant analyst Phi Deltalytics assessed BTC’s short-term Spent Output Profit Ratio (SOPR) and found that “sentiment from Bitcoin short-term on-chain participants has reached the greediest level since January 2021.” According to the analyst, the SOPR was positioned well above the bullish threshold of one, indicating an overly stretched market.


Is your portfolio green? Check out the Bitcoin Profit Calculator


Deltalytics noted further that the bullish trend could be short-lived without an increase in stablecoin reserves on spot exchanges. 

Source: CryptoQuant

A look at Crypto Fear & Greed Index confirmed the analyst’s position. At press time, the index showed that greed permeated the cryptocurrency markets.

When the index is in the “greed” range, it means that investors have become increasingly confident and optimistic about the market and may be more willing to take on risk.

This also suggests that prices are becoming overvalued and that a market correction may be imminent.

Source: Alternative.me

An assessment of BTC’s movement on the daily chart confirmed the possibility of a price correction. Since 21 January, the king coin has traded in a tight range.

When BTC’s price oscillates within a tight range, it means that the price is not making significant moves in either direction and is staying within a relatively narrow band. 

An analysis of BTC’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) indicators raised more concerns as these technical indicators have been trending downwards since 21 January. 

The tight range of BTC’s price combined with downtrends in the MFI and CMF suggested a lack of buying momentum and potential for increased selling pressure.

This also showed that the market was likely to break down from the tight range to the downside.

Source: BTC/USDT on TradingView


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