NFT Market Faces 16% Decline, Sales Total $122 Million
The NFT market experienced a downturn this week, with a noticeable 16% drop in sales. Total sales reached $121.7 million, a sharp contrast to the previous week’s 17% increase, reflecting notable market fluctuations.
Ethereum Leads the Way
Ethereum remains the leading network with $39.28 million in sales, showing a 14.48% increase from the previous week. The number of active traders on Ethereum NFTs surged by nearly 48% to 23,586. However, wash trading also saw a substantial increase, reaching nearly $34 million, up 35.49%.
Bitcoin Falls to Second Position
After leading previously, Bitcoin plummeted to second place with $26.5 million in sales, marking a significant 45.60% decrease. Despite this decline, Bitcoin had over 18,000 active traders, an astonishing 804% rise from the last week. Bitcoin's wash trading fell by about 53% to $20,030.
Other Networks Performance
- Polygon: Experienced a 5.5% decline in sales, totaling $18.43 million.
- Solana: Maintained its fourth place with sales of $14.631 million, despite an 18.18% decline.
- Immutable X: Had a positive week with sales surging 9.40%.
Notable Sales of the Week
The Ethereum blockchain recorded the largest NFT sale of the week: a $587,194 sale. Other notable sales include:
- Protoshroom #6 on Bitcoin, selling for $237,373.
- Polygon TTAvatars #128003, fetching $100,500.
- Ape Treasury Bill V2 V3 #12668 on BNB, which sold for $31,516.
- Solana’s DeezNode #052, selling for $77,839.
Top NFT Collections
Immutable’s Guild of Guardians avatars topped the charts with 1,614 transactions totaling over $8.1 million. Despite a sharp 60% drop, Bitcoin’s PIZZA NFTs followed with $7.3 million in revenue.
Ethereum Name Service (ENS) secured the third place with $5.3 million in sales, marking a remarkable 1022% rise funded by merely 295 individuals. The DMarket collection on Mythos generated $4.6 million from about 190,000 transactions. Lastly, Bitcoin Puppets on the Bitcoin network took fifth place with sales reaching $2.7 million.
The diverse performance of these collections showcases the varied investment strategies and interest levels in the NFT market.
Final Thoughts
This week’s NFT market performance displayed a mix of ups and downs. While Ethereum and some networks showed positive growth, the overall market saw a decline. High-value sales and new leading collections indicate that interest in NFTs remains strong, despite the fluctuating market dynamics.
