VeeFriends’ Sales Crash More Than $17M to Test 2022 Low

VeeFriends’ gross sales skilled a steep fall in quantity throughout July as a result of an absence of funding urge for food for non-fungible tokens (NFTs). 

VeeFriends is likely one of the most profitable NFT initiatives by all-time gross sales. As of Aug 8, the NFT had a mixed gross sales quantity of greater than $550 million.

VeeFriends gross sales stood at roughly $1.8 million by the tip of July, in accordance with knowledge from CryptoSlam. 

Supply: VeeFriends NFT Gross sales for July 2022 Chart by CryptoSlam

Though this determine could seem excessive when in comparison with the amount recorded by The Sandbox, gross sales remained far under Axie Infinity, NBA High Pictures, CryptoPunks, Otherdeeds, Bored Ape Yacht Membership (BAYC), and its sister undertaking Mutant Ape Yacht Membership (MAYC).

With that stated, July’s gross sales had been a 35% drop from June. In June, VeeFriends gross sales had been about $2.7 million.

Supply: VeeFriends NFT Gross sales for June 2022 Chart by CryptoSlam       

Why the crash in gross sales? 

When analyzing the variety of distinctive consumers from July, the dip in gross sales quantity led to the waning transaction counts, with 120 distinctive consumers, and 162 transactions. 

In distinction to March 2022, when VeeFriends reached a yearly excessive, distinctive consumers stood at 290, and this corresponded to 392 transactions. In March, the NFT had a gross sales quantity of round $19.2 million. 

 Supply: VeeFriends NFT Gross sales for March 2022 Chart by CryptoSlam

By producing lower than $2 million in gross sales for the primary time, the digital collectibles reached a brand new low in 2022, which was $17 million under quantity from March.

Common sale worth additionally plummeted to new lows inside the interval. There was a 77% decline in common sale worth from $48,975 in March to $10,891 in July.