NFT Market Declines 5.3% as Bitcoin NFT Sales Plunge 30%
The NFT market continues its downward trajectory despite slight crypto price recoveries, with Bitcoin edging up to $84,000 and Ethereum maintaining its position around $1,900.
The global crypto market cap showed a minor rise, increasing to $2.77 trillion from last week’s $2.73 trillion. However, this growth failed to reflect in NFT sales, which saw a significant drop in volume.
NFT Market Performance: Sales Decline Despite Increased Activity
According to CryptoSlam data, NFT sales volume fell 5.34% from the previous week, settling at $100.9 million. However, participation metrics indicate increased engagement, with more buyers and sellers entering the market.
Key weekly statistics include:
- NFT sales volume decreased from $106.6 million to $100.9 million.
- NFT buyers surged 70.97% to 350,146, showing strong market interest.
- NFT sellers increased 68.57% to 225,465, suggesting growing liquidity.
- NFT transactions rose 16.90% to 1,696,996, reflecting continued activity despite lower overall sales.
Bitcoin NFT Sales Face the Biggest Decline
Bitcoin’s NFT sales were hit hardest, dropping 30.69% to $16.3 million, though it remained the second-largest blockchain for NFT transactions. Despite this decline, buyer participation climbed 63.67% to 31,251, indicating ongoing market interest.
Ethereum also struggled, with NFT sales plunging 13.03% to $27.7 million. However, buyer activity increased 42.17% to 44,850, and wash trading decreased 6.53% to $2.8 million, suggesting more genuine transactions.
Blockchain Rankings by NFT Sales
Among leading blockchains, Mythos Chain stood out with a 3.12% increase in NFT sales, reaching $15.6 million and securing third place. In contrast, other major blockchains saw declines:
- Polygon (ex-MATIC) fell 5.81% to $13.3 million, ranking fourth.
- Solana recorded a 5.25% drop to $9.4 million, rounding out the top five.
CryptoPunks Slips to Sixth Place as Other Collections Rise
While Courtyard retained its top position with $11.5 million in sales, it suffered a 6.95% decline. The Polygon-based project, however, saw transaction volume increase 4.76% to 100,285 trades.
DMarket climbed to second place with $10.4 million in sales, rising 4.44%, supported by 333,211 transactions. Meanwhile, Guild of Guardians Heroes saw exceptional growth, surging 159.46% to $5.6 million.
Other notable movements included:
- Good Vibes Club rose 264.67% to $4.0 million, securing fourth place.
- BRC-20 NFTs dropped 43.57% to $3.2 million, falling to fifth place.
- CryptoPunks slipped to sixth place, experiencing a 15.52% decrease to $2.6 million.
Notable NFT Sales of the Week
Despite the market slowdown, high-value NFT transactions still took place, including:
- CryptoPunks #6634 – Sold for $431,243 (222.5 ETH).
- Azuki #641 – Sold for $209,021 (110 WETH).
- Autoglyphs #166 – Sold for $198,308 (103 ETH).
- Autoglyphs #275 – Sold for $189,198 (100 WETH).
- Autoglyphs #402 – Sold for $188,475 (99.9 ETH).
The market remains dynamic, with strong buyer interest despite declining overall sales, suggesting potential for recovery in the coming weeks.
