Doodles NFT Sales Fall $100 Million

Jamal Molla
Written By Jamal Molla
I write about cryptocurrency, with a special interest in NFT and metaverse in particular.

With a total sales volume of almost $511.85 million, Doodles is one of the most prominent 15 digital collections ever. Doodles sales it’s recorded volume of almost $15.39 million in June 2022. Although, the digital collectible has accomplished many milestones, its worth looks modest. However, during this period, Doodles outsold Meebits, the Sandbox, Axie Infinity, and Bored Ape Kernel Club monthly sales.

Nevertheless, the NFT’s sales lagged behind Otherside, CryptoPunks, and Bored Ape Yacht Club (BAYC). Doodles’ most recent sales volume decreased by 80% from May. Sales for Doodles were estimated to be $77.63 million in May.

A Brief About Doodles

Evan Keast, Scott Martain, and Jordan Castro introduced Doodles on October 17, 2021. Burnt Toast used virtual characteristics to create 10,000 non-fungible tokens for the Doodles collection. The Doodles include skeletons, aliens, cats, monkeys, and amulets, all of which are drawn by hand.

Numerous costumes, headpieces, and hues from the artist’s palette are also part of the collection. For the first time, Doodles owners have the opportunity to decide on community-driven occasions, features, and products.

Why do Doodles’ sales decline?

You can see that the drop in sales volume from June resulted in a reduction in Doodle’s operation counts, which fell to 677 exclusive purchasers and 998 trades. In comparison to January, when the NFT’s monthly sales peaked, there were 1,928 exclusive buyers, which translated to 3,127 transactions.

The first month of the year saw over $122.11 million in sales for Doodles. The collection reached a higher low in June by selling for less than $30 million for the first time, a $106.72 million decline from January. In addition to a drop in sales volume, the average sale value fell by 60%, from $39,049 in January to $15,417 in June.

While it took a dip, that is different for GameStop. The Ethereum NFT sales at GameStop outperform Coinbase NT in just 2 days after its launch. Since its launch, GameStop NFT has seen a record of 3,167 ETH in transaction activity. The only historical data for the top 50 collections on the market equals that amount, or roughly $3.5 million. Therefore it is likely that GameStop’s overall market transaction volume is higher.

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