NFT sales drop to $77.6m, Bitcoin network leads in weekly surge

The NFT market has experienced a notable decline, with sales volume falling by 4.16% over the past week, now totaling $77.6 million. This marks a decrease compared to the previous week’s figures.

Here’s a closer look at the latest data from Cryptoslam:

• Sales Volume: The current NFT sales volume stands at $77.6 million, down from last week’s total.
• Buyers: The number of NFT buyers has dropped significantly, down 66.81% to 263,804 from 794,763 the prior week.
• Sellers: Similarly, NFT sellers decreased to 121,399, reflecting a 67.87% decline.
• Transactions: Overall NFT transactions fell by over 13.78%, totaling 1,662,101 in the last seven days.

These figures indicate a sharp decline in market activity, suggesting potential challenges for the NFT space as it navigates shifting trends and investor sentiment.

Bitcoin leads the blockchains in seven-day surge

Now, let’s take a look at the blockchains that have reigned supreme during this period.

In the NFT market, Ethereum remains the leader in sales volume, generating $26.5 million, although $2.7 million of that total is attributed to wash trading. Over the past week, the number of Ethereum NFT buyers decreased by 52%, with only 26,673 participants.

Bitcoin, in contrast, saw a remarkable 23.11% increase in NFT sales volume, bringing its total to $15.6 million, a significant rise from just $1.7 million the previous week. This surge places Bitcoin in second place for total NFT sales.

Solana ranks third, with $10.5 million in sales, while other networks like Mythos Chain (MYTH), Polygon (formerly MATIC), and Binance Coin (BNB) follow with sales volumes of $8.3 million, $5.3 million, and $3.2 million, respectively.

Despite Solana maintaining the highest number of buyers at 60,115, this figure is still a drastic drop from last week’s 393,044 buyers, indicating a broader trend of declining engagement across the NFT space.

DMarket still holds its first position

For the past week, DMarket has retained its position as the top NFT collection, generating $8.02 million from over 342,900 transactions. Following closely is Guild of Guardians Heroes with $3.02 million in sales. Notably, Bitcoin Puppets has surpassed CryptoPunks, achieving a 59.2% increase in sales volume to reach $2.97 million.

Here’s a summary of the top NFT collectible sales from the last seven days:

• Bored Ape Yacht Club #7940: Sold for $1,433,582 (588 ETH)
• Axie Infinity: Sold for $79,729 (32.6 ETH)
• Known Origin #33608: Sold for $73,160 (30 WETH)
• CryptoPunks #7476: Sold for $70,728 (28.99 ETH)
• CryptoPunks #3654: Sold for $69,672 (28.5 ETH)

These figures reflect ongoing interest in high-value NFT collectibles, even as overall market activity shows signs of decline.