NFT Data Has Been Cooling Off in the Last Seven Days

2021 was a big year for crypto, especially for NFTs. 2022 started the year strong with over $4.3 billion in sales and over 895 thousand unique buyers in January, according to CryptoSlam data. 

February isn’t showing a solid start when it comes to NFT data. According to CryptoSlam data, both NFT daily sales and unique buyers have been on a downtrend since the month began.

As we are in the first seven days of the second month of the year, let’s analyze the NFT data on-chain.

Start of January vs February NFT Data

According to the CryptoSlam NFT Global Sales Volume Index, February started the month with $199.5 million daily sales and with 75,431 unique buyers. According to today’s data, it has shown a downtrend of 54.9%, with $89.84 million in daily sales and 24%, with 57,582 unique buyers per day, as shown below:

Now that we have compared February data, let’s compare the total sales and active buyers of the first week of February and last month.

Until January 7, data showed that a total of $1.01 billion sales have been made, and over 455,411 active buyers, according to CryptoSlam NFT data.

As of today, February 7, of the time of writing, a total of $774 million sales have been made, and over 267,314 active buyers.

Both NFT sales and active buyers have seen a decline, 23% and 41%, respectively.

What Can We Expect From NFT Data in the Remainder of February?

Although since the beginning of the year there has been a decline. As of today’s data, it has recovered from the lowest numbers, on February 6 in daily sales ($79.2 million) and February 5 in active buyers (51,793).

Even though January was a good month for NFTs, reaching the second highest monthly sales of all time, the overall crypto market decreased by 20%.

Over the past week, as you have seen above, there has been a downtrend in the NFT market, but in the overall crypto market there has been a positive sentiment and has increased 16% over the past week. Bitcoin and Ethereum are up 14% and 20% in the last seven days, according to CoinMarketCap.

So if January was a good month for NFTs but a bad month for crypto in general, this month the contrary could happen.

It looks like OpenSea marketplace will soon support the Solana blockchain, so this could be a catalyst to one of the leading NFT marketplaces and the NFT ecosystem in general.