NFT Sales Decline by 11.16% Despite Bitcoin Dominance: Insights into the Market Shift

NFT Sales Decline by 11.16% Despite Bitcoin Dominance: Insights into the Market Shift

In a notable downturn, sales of non-fungible tokens (NFTs) experienced an 11.16% decrease this past week compared to the previous week, signaling a shift in market dynamics.

Data from reveals that total NFT sales for the week amounted to $144.33 million, with Bitcoin-based NFTs contributing significantly at over $49 million. However, despite Bitcoin’s dominance, sales of digital collectibles on the BTC blockchain witnessed a 14.65% decline.

Meanwhile, NFTs on Ethereum (ETH) generated $41.55 million in sales, marking an 11.7% decrease from the prior week. Solana (SOL) NFTs ranked third in sales, earning nearly $26 million and experiencing a modest increase of 5.73% this week.

The Polygon (MATIC) network emerged as the fourth-highest NFT sales volume contributor, with $9.66 million in sales. However, this figure represented a 14.2% decrease compared to the previous week.

Immutable (IMX) rounded up the top five blockchains by sales volume, recording $6.49 million in sales, with an over 8% uptick, making it the only network among the top five to experience an improvement in sales volume.

In terms of NFT collections, the Uncategorized Ordinals from the Bitcoin blockchain led the week’s sales at $22.9 million, albeit experiencing a nearly 30% decline compared to the previous week. Mythosโ€™ Dmarket collection secured the second spot with $5.817 million in sales, marking a 17.24% decrease.

On a positive note, the Nodemonkes collection from the Bitcoin blockchain witnessed a 10.56% increase in sales, reaching $4.77 million from 246 transactions.

Notable collections included Mad Lads, CryptoPunks, Degods, and Solana Monkey Business. The Mad Lads collection, hosted on Solana, saw a significant improvement in sales volume, with $4.5 million exchanged, representing a 130% increase from the previous week.

Among individual NFTs, Cryptopunk #3619 fetched $627,991, making it the most significant sale of the week. Solanaโ€™s Boogle #064 changed ownership for $192,124, while Mushroom #95 from the BTC network earned $135,096.

The consistent decline in sales week after week suggests a cautious sentiment among collectors, reflected in the significant drop in active buyers, which decreased by 86% from the previous week according to data from Cryptoslam.

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