NFT Market Experiences 16% Decline Amid Volatile Trading Week

NFT Market Experiences 16% Decline Amid Volatile Trading Week

This week witnessed a notable downturn in the non-fungible token (NFT) market, with sales plunging nearly 16% following a 17% surge the previous week. According to CryptoSlam, total NFT sales amounted to $121.7 million, with over 519,000 buyers and sellers actively participating in the market.

Blockchain NFT Sales Breakdown

Ethereum (ETH)

  • Sales: $39.28 million
  • Change: +14.48%
  • Active Buyers: 23,586 (up nearly 48%)
  • Wash Trading: Increased by 35.49% to over $34 million

Ethereum led the market with a significant 14.48% increase in sales. The network also saw a notable rise in active buyers and wash trading activities.

Bitcoin (BTC)

  • Sales: $26.5 million
  • Change: -45.60%
  • Active Buyers: Over 18,000 (up 804%)
  • Wash Trading: Decreased by 53% to $20,030

After leading the previous week, Bitcoin fell to second place with a substantial 45.60% drop in sales. Despite the decline, the network experienced an enormous increase in active buyers.

Polygon (MATIC)

  • Sales: $18.43 million
  • Change: -5.5%

Polygon experienced a slight decrease in sales volume, shaving off nearly 5.5% from the previous week.

Solana (SOL)

  • Sales: $14.631 million
  • Change: -18.18%

Solana remained in fourth place, witnessing an 18.18% decline in sales.

Immutable X (IMX)

  • Sales Increase: +9.40%

Immutable X saw a positive uptick in sales, rising by 9.40%.

Top NFT Sales

  • Ethereum: Highest sale of the week at $587,194
  • Bitcoin Ordinal (Protoshroom #6): $237,373
  • Polygon (TTAvatars #128003): $100,500
  • Solana (DeezNode #052): $77,839
  • BNB (Ape Treasury Bill V2 V3 #12668): $31,516

Top NFT Collections by Sales Volume

  1. Guild of Guardians Avatars (Immutable): $8.1 million from 1,614 transactions
  2. PIZZA NFTs (Bitcoin): $7.3 million (60% decrease from the previous week)
  3. Ethereum Name Service (ENS): $5.3 million (1022% increase, with 295 buyers)
  4. DMarket (Mythos): $4.6 million from nearly 190,000 transactions
  5. Bitcoin Puppets (Bitcoin): $2.7 million

The NFT market has shown significant volatility, with Ethereum and Immutable X networks seeing gains, while Bitcoin, Polygon, and Solana experienced declines. The highest sale of the week came from Ethereum, and the ENS collection saw a remarkable surge in sales volume.

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