NFT Sales Drop 9.6% to $160.9M, Ethereum and Bitcoin Network Sales Plunge

As the cryptocurrency market continues its upward trajectory, with Bitcoin nearing the $100,000 mark and touching a new all-time high of $99,655.50, the NFT market has shown signs of weakness. Recent data reveals a 9.6% decrease in total NFT sales volume, dropping to $160.9 million. This dip follows last week’s figure of $178.8 million, marking a pullback in the market after a period of growth.

Despite the slight decline in NFT sales, the global cryptocurrency market capitalization surged, reaching $3.35 trillion, up from $3.03 trillion the previous week. This marks a 2% increase in just one day, with Bitcoin currently trading at $98,620.

Key Metrics for NFT Sales

• NFT Sales Volume: $160.9 million (down 9.6%)
• NFT Transactions: Slightly decreased by 1.26%, totaling 1,606,261
• NFT Buyers: Increased by 52.93%, reaching 450,512
• NFT Sellers: Up 46.74%, totaling 277,767

Ethereum and Bitcoin Lead with Drops in Sales

• Ethereum remains the leader in NFT sales with $51.3 million in sales, but saw a 23.07% decrease in volume compared to the previous week.
• Bitcoin follows Ethereum in sales, recording $44.6 million, marking a 25.67% decrease.
• Solana has shown resilience, securing the third position with $25.8 million, representing a 6.83% increase over the past week.
• Polygon has demonstrated notable growth, jumping to fourth place with $13.5 million, an 289.66% increase.
• Mythos Chain (MYTH) ranks fifth, with $10.7 million in sales, seeing a marginal decline of 0.71%.

BRC-20 NFTs Maintain Market Leadership

BRC-20 NFTs, the Bitcoin-native NFTs, continue to dominate the NFT market, despite a 41.39% decrease in sales volume. They recorded $16.6 million in sales, maintaining their lead over other networks.

Notable NFT Sales

The following NFT collections led the market in sales:

• Uncategorized Ordinals #016: Sold for $3,795,420 (39.0083 BTC)
• CryptoPunks #7098: Sold for $368,889 (118 ETH)
• CryptoPunks #6285: Sold for $339,618 (100 ETH)
• CryptoPunks #3152: Sold for $332,825 (98 ETH)
• Autoglyphs #210: Sold for $279,868 (90 WETH)

These high-value sales demonstrate that while the NFT market has experienced a decline in total sales, there are still notable transactions and sustained interest in premium assets like CryptoPunks and other high-demand collections.

While the NFT market has seen a decline in sales volume this week, there are still strong performers, especially within the Solana and Polygon ecosystems. The growth in the number of buyers and sellers suggests that there is still significant interest in NFTs, although the market is in a correction phase. As Bitcoin’s surge continues to attract attention, it remains to be seen how the NFT space will respond in the coming weeks.