NFT Weekly Sales Drop 9% to $145 Million; Bitcoin Leads Despite Overall Market Downturn

Over the past week, the non-fungible token (NFT) market experienced a notable decline, with sales reaching $145 million, representing a drop of more than 9% from the previous week. This decrease continues a trend of falling sales that has persisted for several weeks, affecting four out of the top five blockchains by sales volume.

Market Trends and Sales Figures

Last week, as reported by crypto.news, digital collectible sales dropped by over 11%, and this week they fell by another 9.68%, totaling $145.01 million according to CryptoSlam data.

Bitcoin Dominates NFT Sales

Despite the market downturn, Bitcoin (BTC) continued to lead in weekly NFT sales, consistently outperforming major rivals such as Ethereum (ETH) and Solana (SOL). Over the last seven days, the Bitcoin network achieved the highest NFT sales volume among blockchains, bringing in approximately $44.1 million. However, this still represented an 11% decrease from the previous week.

Ethereum followed with $38.4 million in sales, a slight decline of 1.59%. Notably, Ethereum also recorded about $34.2 million in wash trading—where buyers and sellers are either the same person or colluding to inflate transaction volume. If combined with legitimate transactions, Ethereum’s total NFT sales volume would exceed $72 million for the week.

Performance of Other Blockchains

Blast emerged as a newcomer in the top five, securing the third spot with $15.943 million in sales, despite an 8.48% decline. Solana, in fourth place, reported $14.26 million in sales, marking a sharp 44.73% drop, surpassed only by Arbitrum (ARB), Tezos (XTZ), and Fantom (FTM), which saw declines of 51.71%, 62.09%, and 69.21%, respectively.

Polygon (MATIC) was the only blockchain in the top five to buck the negative trend, with $12.14 million in sales, an impressive 20.37% increase from the previous week.

Leading NFT Collections and Sales

Uncategorized Ordinals maintained its position as the top NFT collection by sales volume, achieving $16.4 million despite a 26.73% weekly decrease. Blast’s Fantasy Top ranked second with $15.93 million in sales. Mythos’ Dmarket secured third place with $5.58 million, followed by Bitcoin’s Nodemonkes with $4.74 million. Immutable-Zk’s Guild of Guardians overtook Core’s BRC20s to take fifth place with nearly $4.4 million in sales.

Notable NFT Sales

The highest-grossing NFT sale of the week was CryptoPunk #741, which sold for $792,046. An Ordinal inscription was the second-highest, fetching $681,497. Other significant sales included Earthnode #184 from Cardano at $56,026, a PepperMints NFT from Solana at $40,384, and a Blast Chain NFT just under $40,000.

Market Activity and Legal Issues

Despite the downturn in sales volume, the number of NFT buyers spiked by over 166%, and the number of sellers increased by 139%, according to CryptoSlam. However, the total number of NFT transactions fell by 27.58% from the previous week.

In other news, Italian fashion designer Dolce & Gabbana, along with the digital assets platform UNXD, faces a class-action lawsuit over alleged delays in delivering NFT products. Bloomberg reports that the company’s digital assets have plummeted by 97% in value.

This summary highlights the ongoing volatility and challenges within the NFT market, emphasizing the need for new strategies and use cases to sustain growth and investor interest.

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