According to data released this week, the total value of non-fungible token (NFT) sales across more than a dozen distinct blockchains has topped $36 billion. While there are 18 competing blockchains that offer NFTs, Ethereum-based NFT sales account for more than 75% of all sales. While Ronin has the second-highest number of NFT sales, NFTs from the game Axie Infinity have long been the best-selling collection, with more than $4 billion in global sales to date.
With $36 billion in total NFT sales, Ethereum has a 75 percent market share.
As the NFT ecosystem has grown into a multibillion-dollar business, the world of blockchain-based digital collectibles has become a force to be reckoned with. According to this week’s data, total NFT sales have reached $36 billion to date.
The $36 billion in sales listed on cryptoslam.io’s NFT dashboard come from 18 distinct blockchains, including Ethereum, Ronin, Solana, Avalanche, Wax, Polygon, and Flow. However, Ethereum’s $27 billion in NFT sales is 75.02 percent of total sales across all chains.
Aside from Ethereum, the top blockchains in terms of all-time NFT sales are Ronin ($4 billion), Solana ($2.2 billion), Flow ($1 billion), Polygon ($591 million), Wax ($430 million), Avalanche ($277 million), Immutablex ($98.7 million), Palm ($50.5 million), and Tezos ($40.4 million). The top nine blockchains’ total NFT sales account for approximately 24.61 percent of all non-Ethereum-based NFT sales.
The next nine blockchains below Tezo’s position account for only 0.37 percent of the total $36 billion in NFT sales volume. The only two chains having more than a million unique NFT purchasers are Ethereum (1,300,118) and Ronin (1,742,207).
The top NFT collection in terms of all-time sales is Axie Infinity, which has sold more than $4 billion out of the $36 billion in NFT sales. Cryptopunks is the second-largest collection in terms of revenues, with $2.24 billion in sales.
Cryptopunks is followed by Bored Ape Yacht Club (BAYC), which has total sales of $2.12 billion. BAYC is followed by Mutant Ape Yacht Club ($1.52 million), Artblocks ($1.25 million), NBA Top Shot ($1 million), Otherdeeds ($906 million), Azuki ($756 million), Clonex ($671 million), and Veefriends ($538 million).
The most expensive NFTs are from Veefriends, BAYC, Cryptopunks, and Cyberkong – Opensea still has the most sales of any NFT marketplace.
According to the dashboard of cryptoslam.io, the most expensive NFT sold is Veefriends’ “Thoughtful Three Horned Harpik,” which sold for 100,000 ether or $316 million. The Veefriends NFT was followed by Cryptopunk 5822, which sold for 8,000 ether (about $23.7 million).
Five of the top ten most costly NFTs sold are BAYC NFTs, while two are Cryptopunks. Meebits 10,761 and Cyberkong VX 8252 were also among the most costly NFT top ten collections.
The majority of NFTs sold are purchased on the NFT marketplace Opensea, with the market Looksrare following in the platform’s footsteps. Magic Eden, Flow’s NBA Top Shot market, Mobox, Solanart, Wax’s Atomicmarket, Bloctobay, and Rarible are among more noteworthy NFT marketplaces.
While billions of dollars in NFTs have been sold in recent weeks, NFT sales have been declining dramatically. Weekly NFT trade volumes have fallen, and weekly NFT revenues have also fallen in recent weeks. If the crypto economy is actually in a bear market cycle, it will be interesting to see how the NFT business responds.