NFT market sales fell 7.07% this week
According to statistics, NFT sales slowed down this week Crypto Grand Slamthe leading multi-chain NFT data tracker. In the past seven days, global NFT trading volume reached US$88 million, a decrease of 7.07% from the previous week. Despite the decline in sales, more investors decided to buy, with approximately 700,000 collectors purchasing NFTs. When approximately 400,000 collectors sold their NFTs, a total of nearly 1.6 million transactions occurred. However, compared with the previous week, transaction volume fell by 23% overall.
Source: CryptoSlam
Popular series including Mutant Ape, Azuki, and Bored Ape Yacht Club are all excellent NFT trading options on Ethereum. A total of US$30 million worth of Ethereum-based NFTs were sold this week, a decrease of 5.28% from the previous period. Although Ethereum leads the market, it may turn to alternative blockchains due to its poor performance.
Solana ranks second in NFT trading volume this week. NFT estimates Solana’s sales in the past seven days were $19 million, a 24% increase from the previous week. Solana’s success demonstrates the growing demand for its goods and services in the NFT space. The company is known for supporting smart contracts and decentralized applications.
Source: CryptoSlam
Bitcoin-based NFT sales decline
Bitcoin, which has collections like Ordinals, Runes, and BRC-20, ranked third in NFT trading volume this week. Sales of Bitcoin-based NFTs were $13 million, despite a significant 36% drop from last week. While Bitcoin’s entry into the NFT space is generating buzz, competition from more established platforms could impact sales.
Mythos Chain and Immutable X rank fourth and fifth respectively in the NFT network. Mythos, a PolkaDot parachain focused on in-game assets, brought in $10 million in revenue, while Immutable X, an Ethereum layer 2 scaling solution, followed with $3 million in revenue. Designed for gaming and real-time transaction execution, both networks have attracted attention, especially in the gaming-centric NFT community.
The Froganas NFT series, created by digital artist Tee, leads sales this week. Froganas, hosted on Solana, generated $5.7 million in sales in just 24 hours, a 123% increase from last week. With its unique humanoid frog character, Froganas has caught the attention of many NFT enthusiasts. DMarket, a collection on Mythos Chain, ranked second with $4.94 million in sales, albeit down 5.41%. The Guild of Guardians NFT ranked third with sales of $3 million, a slight increase of 0.41%, highlighting the continued interest in gaming-related NFTs.
Bored Ape Yacht Club, the mainstream Ethereum in the NFT field, ranked fourth with sales of $2.9 million, a slight increase of 0.44%. CryptoPunks, another fan-favorite Ethereum series, followed closely behind with sales of $2.4 million, down slightly by 0.46%. These collections continue to attract buyers due to their strong position in the market.
DogeZuki, Sorare and Bitcoin Puppets also saw some success this week. Solana-hosted DogeZuki revenue was $2.1 million, but declined 6.12%. Ethereum-based Sorare had sales of $2.05 million, while Bitcoin-based Bitcoin Puppets had sales of $1.7 million, down 30%. Although less well-known, some series still attract professional audiences.
The NFT market has been slowly declining until peaking in 2022, after being a rapidly growing crypto industry. While some investors are exiting due to unclear earnings, others are hoping for an economic recovery. According to Statista, the NFT market is expected to shrink by 11.01% between 2024 and 2025, with sales expected to reach US$608.6 million by the end of 2025.
