Non-fungible tokens have not lost any of their popularity, even though the overall sales figures may be dropping off. Platforms like OpenSea, note lower and lower volumes, although the rising Ethereum price may help kickstart things again. There are still only three $1 billion NFT collections today, which is rather interesting.
No Real NFT Changes
There is still a strong demand for NFT exposure, even though new collections still struggle to stand out. Making an initial impact is easy, yet sustaining any long-term demand and attention is very difficult. It is one reason why there are only three collections with an all-time volume of over $1 billion, and that may remain the case for some time to come.
The market is still dominated by CryptoPunks, the only collection with nearly $1.5 billion in cumulative volume today. It is an impressive statistic, and this week’s $22.64 million in sales confirms it remains the second-most popular NFT project on the market. That volume was spread over 57 sales, as the project has no issue sustaining its high price floor these days. As a result, the project inches closer to 19,000 all-time sales, a strange metric for such a popular collection.
Second on the list is Art Blocks, or more specifically, the combined collection under this banner. Although $14.76 million in weekly sales is impressive, it took 2,761 units to get to that level. The all-time sales span 230,020 transactions, culminating in$1.147 billion in trading. A very impressive performance and a more affordable collection, for the most part. However, overtaking CryptoPunks will prove rather difficult.
The third project on the list is Bored Ape Yacht Club. It is a very prominent NFT collection that has many people excited. The weekly sales volume is the highest of the $1 billion club at $28.045 million. The collection recently surpassed the $1 billion mark too, and now notes 66,677 all-time sales.All of these statistics confirm BAYC might bring strong competition to Art Blocks for all-time volume over the coming weeks and months.
What About The Rest?
Even though hundreds of other NFT collections are on the market today, none of them come close. There are only four other collections with over $125 million in all-time volume. It is remarkable how there is such a discrepancy between the projects in this space. Making money with non-fungible tokens is still possible, but it appears speculators need to exert a lot more patience.
Interestingly, Meebits is the only other collection with over $300 million in total volume. The gap to SuperRare, the next project on the list, is nearly $140 million. Overcoming such a deficit is not impossible, but it will not be easy either. There is still ample room for industry growth, but collections need long-term utility rather than short-term appeal as “profile pictures”.