NFT sales drop 33% to $119.5 million, with Pudgy Penguins still leading the market

NFT sales have seen a significant decline, dropping 33% to $119.5 million amid a broader crypto market pullback. The NFT sector’s cooling off mirrors the downturn in the cryptocurrency market, with Bitcoin falling to $96,000 and Ethereum slipping to $2,600. The overall crypto market cap has contracted to $3.13 trillion, down from $3.5 trillion last week.

According to CryptoSlam data, NFT trading volume has experienced a sharp decrease, falling from $137.9 million the previous week to $119.5 million. Other notable shifts include a 58.47% decrease in wash trading on Ethereum, now at $23.7 million, and lower transaction activity across major collections.

Ethereum continues to lead the market with $62.6 million in sales, despite a 38.43% drop. However, the number of buyers on Ethereum has fallen significantly by 71.26%, signaling weaker market participation. In contrast, Mythos Chain saw growth, with a 4.66% increase in sales, reaching $13.9 million, while Solana experienced a 32.56% drop in sales, totaling $11.0 million. Polygon and Bitcoin rounded out the top five, though Bitcoin saw a sharp 71.31% decline.

Pudgy Penguins remains the top-selling collection, despite experiencing a 37.55% drop in sales to $9.1 million. Despite this, the collection still attracted steady buyer interest, with 172 participants. In second place was DMarket, with $8.7 million in sales, up 7.98%, followed by Courtyard with $7.3 million, growing 25.78%. Other collections like CryptoPunks and Azuki saw significant drops, with CryptoPunks earning $5.2 million, down 30.01%, and Azuki’s sales dropping by 79.17% to $5 million.

Among the notable sales this week were:

• CryptoPunks #8868: $558,008 (206 ETH)
• Autoglyphs #320: $309,450 (100 WETH)
• Autoglyphs #491: $267,998 (100 WETH)
• CryptoPunks #7585: $242,639 (85 ETH)
• Autoglyphs #331: $235,343 (87.0107 WETH)