Over the past seven days, the non-fungible token (NFT) market experienced a decline. Sales reached $145 million, reflecting a drop of over 9% from the previous week. This downturn continues a recent trend of falling sales, with four of the top five blockchains by sales volume seeing decreases during this period.
The NFT market has faced consistent declines over recent weeks. Last week, digital collectible sales dropped by more than 11%. This week, they fell by another 9.68%, totaling $145.01 million, according to data from CryptoSlam.
Bitcoin Leading the Pack
Despite the overall downturn, Bitcoin (BTC) continued to lead the weekly NFT sales. It consistently outperformed major rivals Ethereum (ETH) and Solana (SOL). In the past week, the Bitcoin network recorded the highest NFT sales volume among blockchains, generating approximately $44.1 million, according to CryptoSlam. Despite this, it represented an 11% decline from the previous week.
Performance of Top Blockchains
Ethereum followed with $38.4 million in sales, down by 1.59%. Interestingly, the blockchain also recorded about $34.2 million in wash trading. This practice involves buyers and sellers being the same person or conspiring to create an impression of high demand for a particular NFT.
If both the actual and wash trading numbers on Ethereum were combined, the network would have had the highest NFT sales volume for the week at over $72 million.
Coming in third in terms of NFT sales was Blast, a newcomer to the top five. It recorded $15.943 million, marking an 8.48% decline. Solana reported $14.26 million in sales over the last seven days.
This figure marked a steep 44.73% drop from the previous week. This percentage loss was only beaten by Arbitrum (ARB), Tezos (XTZ), and Fantom (FTM), whose sales volumes declined by 51.71%, 62.09%, and 69.21%, respectively.
Polygon (MATIC) bucked the negative trend with $12.14 million in sales, showing a 20.37% increase from the previous week.
Leading NFT Collections
Among NFT collections, Uncategorized Ordinals led in sales volume with $16.4 million, despite a 26.73% weekly decrease. Blast’s Fantasy Top was second with $15.93 million. Mythos’ Dmarket ranked third with $5.58 million. Bitcoin’s Nodemonkes followed with $4.74 million. Immutable-Zk’s Guild of Guardians overtook Core’s BRC20s for fifth place, achieving nearly $4.4 million in sales.
Notable Sales
The week’s most expensive NFT sale was CryptoPunk #741, which fetched a hefty $792,046. An Ordinal inscription was the second-highest, selling for $681,497. Other notable sales included Earthnode #184 from Cardano, which fetched $56,026, a PepperMints NFT from Solana at $40,384, and a Blast Chain NFT at just under $40,000.
Overall, there was a significant uptick in both buyers and sellers. According to CryptoSlam, the number of NFT buyers last week spiked by more than 166%, while the number of NFT sellers increased by 139%. Despite this, the 1,583,262 NFT transactions represented a 27.58% dip from the previous week.
Legal Troubles for Dolce & Gabbana and UNXD
Meanwhile, Italian fashion designer Dolce & Gabbana and digital assets platform UNXD are facing a class-action lawsuit. The lawsuit alleges delays in delivering NFT products. Bloomberg reported that the company’s digital assets have plummeted 97% in value.
The NFT market continues to face volatility, but strong interest in digital collectibles and emerging technologies keeps it a focal point for investors and enthusiasts alike.
Disclaimer
FAQ
The NFT market saw a decline due to a combination of reduced demand and market volatility, with major blockchains experiencing decreased sales volumes.
Ethereum recorded $38.4 million in NFT sales, a 1.59% decrease, with significant wash trading activity boosting apparent sales volume.
The most expensive NFT sale was CryptoPunk #741, fetching $792,046. Other notable sales included an Ordinal inscription for $681,497 and Earthnode #184 from Cardano for $56,026.
