The NFT market has experienced a downturn this week. Sales fell by nearly 16%, a significant decline. Market sales grew 17% last week. This puts the recent decline in sharp contrast. Total sales reached $121.7 million Crypto Grand Slam. More than 519,000 traders are actively trading, demonstrating consistently high levels of participation.
Ethereum leads the way
Ethereum network sales were $39.28 million. An increase of 14.48% from the previous week. The number of active traders of Ethereum NFTs has increased. This number increased by nearly 48% to 23,586. In addition, wash trades on the Internet increased by nearly $34 million, an increase of 35.49%.
Source: CryptoSlam
Bitcoin fell to second place in online sales this week. Sales were approximately US$26.5 million, a decrease of 45.60% from the previous week. Despite the decline in sales, Bitcoin still has over 18,000 active traders. That’s an 804% increase compared to last week. The volume of Bitcoin wash sales dropped by about 53%, with the settlement price at $20,030.
Polygon’s weekly sales were $18.43 million, with revenue down 5.5%. This happened after sales grew by 22% the previous week. Solana retained its fourth spot after revenue fell 18.18% to $14.631 million. Immutable X’s sales surged 9.40%, making it an outperforming product. Despite the overall decline in the NFT space, this growth shows that the platform is on the right track.
The Ethereum blockchain saw its largest NFT sale of the week, with sales of $587,194. Protoshroom #6, a Bitcoin serial number, fetched $237,373 at auction, while Polygon TTAvatars #128003 fetched $100,500. Ape Treasury Bill V2 V3 #12668, a BNB NFT, sold for $31,516; Solana’s DeezNode #052, which sold for $77,839, exceeded that price.
Top NFT series
In the past 7 days, Unchanged Guardian Guild avatar Generated the most revenue with 1,614 transactions totaling over $8.1 million. Following $7.3 million in revenue, Bitcoin’s PIZZA NFT plunged 60% from the previous week.
Source: CryptoSlam
Ethereum Name Service (ENS) is included in the list of top 5 series based on sales volume. ENS ranked third after selling $5.3 million in NFTs. Only 295 people provided funds, an increase of 1022%.
The DMarket series on Mythos had approximately 190,000 purchases and generated $4.6 million in revenue. Bitcoin Puppets sales on the Bitcoin network were approximately $2.7 million, ranking fifth. The wide range of successful collections demonstrates the different investment styles and interest levels in the NFT market.
The overall decline in NFT sales suggests the market is cooling off. However, increased activity on certain networks such as Ethereum and Immutable X suggests there is still room for growth. Despite the overall decline in sales, the significant increase in active buyers on the Ethereum network demonstrates continued interest in NFTs.
final thoughts
The NFT market has been up and down this week. While Ethereum and some networks are seeing positive growth, the overall market is facing decline. High-value sales and new entrants to the top series show that interest in NFTs remains strong even as market dynamics fluctuate.
