- Sales of Azuki NFT reach $1.13 million while the price of Bitcoin declines.
- Azuki’s total sales hit $1.12 billion during the decline in cryptocurrency.
Azuki, an Ethereum-based cryptocurrency, reached unprecedented heights in the non-fungible token (NFT) market as the cryptocurrency market saw severe downturns, with Bitcoin (BTC) falling to its lowest level since February.
According to CryptoSlam data, Azuki’s sales hit an impressive $1.13 million, making it the day’s best-selling NFT collection.
Azuki NFT Sales Are Soaring Despite a Declining Crypto Market
The sharp difference between Azuki’s sales surge and the collapsing cryptocurrency market is evident. Over the previous day, Bitcoin dropped 6.3% and below the crucial $60,000 support level.
Similar to this, Ethereum (ETH) dropped below $3,000, losing nearly 5% of its value. Other notable altcoins, such Solana (SOL) and Avalanche (AVAX), also witnessed drops of roughly 6%. Since April 20, US spot Bitcoin exchange-traded funds (ETFs) have seen a $540 million withdrawal, which highlights the nearly $20 billion decline in the market capitalization of all cryptocurrency products.
The average entry price for US Bitcoin ETF holders is approximately $57,300, according to 10x Research. If the downward trend persists, this might be a critical support level.
The robust NFT industry stands in stark contrast to the volatility of the bitcoin market. The only collection to sell more than $1 million was Azuki. Azuki’s overall sales volume has increased to almost $1.12 billion as a result of this boom. Consequently, based on sales, placing it as the eighth-largest NFT collection.
While still seeing strong sales, other NFT collections such as DMarket and Dokyo lagged behind Azuki. DMarket, which offered in-game items on the Mythos network, made close to $887,880, while Dokyo, which is situated in Avalanche, made close to $716,860 from 948 transactions.
Notable companies that have shown resiliency in the face of a difficult market are CryptoPunks and the Bored Ape Yacht Club (BAYC), both of which reported revenues of little over $500,000. These numbers show an increasing difference, with some NFT collections drawing substantial investment even in the face of general market difficulties.
This pattern indicates that, despite the volatility of traditional cryptocurrencies, there is a strong and persistent demand in high-value NFTs like Azuki.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
