In the NFT market, Bitcoin continues to lead. This is despite a clear decline in sales. Total NFT sales fell 9% over the past week. Sales were pegged at $145 million. This decline has affected various blockchain platforms.
Online collectibles also saw a sharp decline, with sales falling by more than 11%, followed by a sharp decline of 9.68%. Total sales for the week were $145.01 million.
Bitcoin’s Dominance in NFT Sales
Despite the overall decline, Bitcoin maintained its lead in NFT sales this week. Bitcoin has the highest trading volume, with NFT sales totaling approximately $44.1 million. However, this was also down 11% from the previous week’s performance.
Ethereum lags behind Bitcoin, with NFT sales reaching $38.4 million. The decline was smaller, 1.59%. Interestingly, Ethereum’s wash trade volume was approximately $34.2 million. If real trading data and wash trading data are combined, the total transaction volume of Ethereum will exceed $72 million.
Performance of other blockchains
Following Ethereum, Blast’s NFT sales were $15.943 million, down 8.48%. Solana ranked fourth, with sales totaling $14.26 million, a sharp decline of 44.73%.
Blast’s sales were $15.943 million, trailing Ethereum by 8.48%. Solana ranked fourth with sales of $14.26 million, a significant decrease of 44.73%. Other blockchains such as Fantom (FTM), Tezos (XTZ) and Arbitrum (ARB) saw sales decline by 62.09%, 69.21% and 51.71% respectively.
Polygon (MATIC) ranked fifth with sales of $12.14 million. Unlike other companies, Polygon saw positive changes, with sales increasing by 20.37%.
There have also been some high-value NFT sales this week. Cryptopunk #741 is the most expensive, priced at $792,046. The serial number inscription is priced at $681,497, and Earthnode #184 is priced at $56,026.
Best Selling NFTs
Uncategorized Ordinal led with sales of $16.4 million. Blast’s “Fantasy Top” followed with $15.93 million. Mythos’ Dmarket and Bitcoin’s Nodemonkes recorded $5.58 million and $4.74 million respectively. The highest-priced NFT auction involved Cryptopunk #741, which sold for $792,046, followed by serial number inscriptions, which sold for $681,497, and Earthnode #184, which sold for $56,026.
A class action lawsuit was filed against online asset platform UNXD and Italian fashion brand Dolce & Gabbana. Bloomberg reports that the lawsuit is about delayed delivery of NFT products. This development adds a layer of complexity to the already volatile NFT market.
final thoughts
Despite a general decline in NFT sales, Bitcoin remains the leader in the space, demonstrating its resilience. Ethereum and other blockchains are also important players, although they face challenges such as wash transactions. Polygon stands out for its sales growth, while some NFT prices remain high. Legal issues such as the lawsuits involving UNXD and Dolce & Gabbana highlight the challenges the NFT market continues to face.
