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NFTs See Large Progress Regardless of Crypto Market Downturn

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Non-fungible tokens (NFTs) are seeing a wave of progress whereas the general crypto markets proceed a quite devastating, multi-month downtrend.

On the time of writing, Bitcoin is down over 51% down from its all-time excessive whereas Ethereum trades 55% down. All different majors are down 25-50% within the final seven days, in response to information from CoinGecko.

Whereas the carnage in digital belongings goes on, NFT gross sales surged over 25% since final week. At one level earlier in the present day, NFT gross sales had been up nearer to 90% week-on-week earlier than cooling off barely, in response to cryptoslam.io.

At the moment, complete NFT gross sales in January are coming in at $9,061,963,684, manner up from December 2021’s complete of $2,492,547,201.

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The blockchain main by a protracted shot so far as quantity is Ethereum, recording over $4.2 billion in gross sales over the past seven days. After Ethereum, $31 million has been recorded on Ronin whereas $21 million in quantity was seen on the Solana community.

NFT initiatives on the leaderboard embrace Meebits, Terraforms, and Loot, with $1.7 billion, $1.4 billion, and $446 million in gross sales respectively. Terraforms particularly has grown over 136% within the final seven days.

So far as all-time gross sales, Axie Infinity (AXS) stays the winner with $3,913,408,793 in gross sales, albeit at present ETH costs. Axie Infinity, extremely widespread within the Philippines, additionally boasts over 2.9 million house owners.

Whereas NFTs have remained sturdy, NFT-related cryptocurrencies have felt the wrath of the correction. Axie Infinity (AXS), The Sandbox (SAND), and Decentraland (MANA) are all down over 40% within the final seven days, in response to CoinGecko.

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Disclaimer: These are the author’s opinions and shouldn’t be thought-about funding recommendation. Readers ought to do their very own analysis.

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