Monday Breaking News: NFTs Massive Growth Despite Crypto Crash
All major cryptocurrencies currently tradable on BTCC.com are down anywhere from 25 to 50% over the past week, including BTC and ETH, which are both more than 50% down from their all-time high reached in early November last year. Despite this downward trend from crypto, NFTs are performing extremely well, seeing a wave of growth even while bearish sentiments take over the crypto market.
According to NFT sales tracking data from cryptoslam.io, NFT sales surged over 25% since last week. At one point earlier today, NFT sales were up nearly 90% week-on-week before slightly slowing down. Currently, even before the conclusion of January, total sales revenue of NFT this month has already reach the $9 billion figure, which is more than 3 times the $2.5 billion figure reached in December.
In terms of the various blockchain networks responsible for the NFT sales, Ethereum accounts the vast majority of the trading volume, recording more than $4.2 billion in sales over the past week. Solana, the up-and-coming competitor of Ethereum, recorded $21 million.
However, strong performances in NFTs have not helped NFT-related cryptocurrencies. Decentraland (MANA) and Solana (SOL), in particular, has lost nearly 30% and 36% in the past 7 days, respectively, while ETH has also lost 25%.
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