The top smart contract enabled blockchain Ethereum (ETH) remains a dominating force in the NFT sector, which has recorded aggregate sales of $36 billion. Specifically, Ethereum holds a market share of 75%. Other major blockchains commanding considerable market share in NFT sales include Ronin ($4 billion), Flow ($1 billion), Polygon ($591 million), Tezos ($40.4 million), Immutablex ($98.7 million), Avalanche ($277 million), Solana ($2.2 billion), Wax ($430 million), and Palm ($50.5 million). Excluding Ethereum, the top nine blockchains account for 24.61% of overall blockchain NFT revenues.
The rest of nine blockchains represent only 0.37% of the cumulative NFT sales volume of $36 billion. Notably, there are only two blockchains with more than one million individual NFT holders: Ethereum with 1,300,118 customers and Ronin with 1,742,207 NFT investors.
With about $4 billion in NFT sales, Axie Infinity remains the number one NFT series of all time. Cryptopunks takes second place in the list of profitable NFT series with an aggregate sales value of $2.24 billion. Bore Ape Yacht Club (BAYC) takes the next place with an aggregate sales volume of $2.12 billion.
This is followed by Mutant Ape Yacht Club with an aggregate $1.52 million. Art blocks comes next with a total value of $1.25 million. Also, NBA Top Shot and Otherdeeds follow with $1 million and $906,000. Likewise, Azuki and Clonex follows with $756,000 and $671,000, respectively.
Interestingly, the most costly NFT traded on the market was the “Thoughtful Three Horned Harpik” from Veefriends. The NFT was traded for 100,000 Ether, translating to $316 million in fiat money. This is followed by Cryptopunk 5822, which received 8,000 ether per piece, translating to $23.70 million in total.
Notably, five of the top ten costlier NFTs were sold by BAYC NFTs. Two of them were from Cryptopunks. Meebits with 10,761 NFTs and Cyberkong VX with 8252 are the latest NFT series that have entered the top ten costly NFTs.
The major portion of NFTs is traded on the Opensea NFT platform. This is followed by Loksrare marketplace. Other prominent marketplaces include Magic Eden, Mobox, Flow’s NBA Top Shot Marketplace, Rarible, Wax’s Atomicmarket, Solanart, and Bloctobay.
In spite of the fact that NFTs worth billions of dollars have been traded in the past few weeks, NFT sales have declined sharply. This includes both the count of weekly NFT trades and the quantum of money generated in such trades. This trend is likely to carry on. It will be interesting to see how the NFT market reacts in case the crypto industry enters into a sustained bear market.
