Sales of non-fungible tokens (NFTs) plunged this week, bringing in a total of $116.944 million. This is an 18.39% decrease from the sales volume last week. That could be a harbinger of a broader market change. Though that’s the general trend, some platforms and collections have been more resilient than others, and Immutable-based NFTs have proven to be a safe haven.

NFT Market Overview

That said, the recent data certainly seems to point to a cooling trend in the NFT market. The sales volume is a very impressive $116.944 million. Even with these numbers, we see a clear drop in activity from last week’s figures. Market analysts are eagerly anticipating these trends. They’re hoping to figure out whether it’s a blip or the beginning of the correction they’ve been waiting for.

A number of possible explanations might account for this drop. These factors range from market saturation and changing investor sentiment to macroeconomic conditions. A lot more analysis will be needed to disentangle the underlying causes of this downturn.

Immutable NFTs Show Strength

Even during this harsh overall market downturn, Immutable-based NFTs have been a bright spot — at least relatively speaking. These NFTs recorded a trading sales volume of $28.37 million in the last seven days. This gives the implication that projects being developed on the Immutable blockchain are still holding great interest and demand.

There are a number reasons why Immutable-based NFTs have been so successful. These are the platform’s focus on gaming and metaverse applications, its low transaction fees and its strong community support. Immutable NFTs massive performance demonstrates how platform choice and fundamentals of the project underlying the NFT concept are critical in the NFT space.

Nicholas Otieno's Perspective

Nicholas Otieno is a fintech writer with a focus on cryptocurrency markets, and keeps a keen eye on all things NFT related. Since 2019, Otieno has focused on providing readers with valuable knowledge about cryptocurrency and how it can improve global prosperity. A Bitcoin holder himself, Otieno is a true believer in Bitcoin fundamentals and is passionate about the potential of cryptocurrency to be a liberating and positive power for change.

Through his research on NFT collections and overall market trends, Otieno has created a tremendous asset for NFT investors and enthusiasts. When he’s not working, Otieno likes to cook, have fun with family and friends, share and listen to music, and watch football. His cross-disciplinary pursuits inform his analytical and inquisitive approach to the fintech ecosystem.