NFT sales drop to $89m, Solana overtakes Bitcoin for 2nd place

Over the past week, the NFT market has experienced a 7% decline in sales volume, dropping to $89.1 million from the previous week’s $93 million. Despite this drop, the number of NFT buyers surged by over 42%, reaching a total of 702,850 buyers, up from 494,666 last week. Similarly, the number of NFT sellers also increased, rising to 385,184, up from 252,401 last week.

In terms of network dominance, Ethereum continues to lead in NFT sales volume, maintaining its position as the top network, while Solana has surpassed Bitcoin to claim the second spot in terms of NFT sales volume. Bitcoin, despite its strong position in the broader crypto market, has fallen behind Solana in this specific metric.

The broader crypto market has seen a slight contraction as well, with the global crypto market cap dropping by over 2% in the last 24 hours, signaling that the market’s recovery may not be as robust as initially anticipated.

This combination of a slight dip in NFT sales volume, the surge in buyer and seller activity, and the reshuffling of positions between Solana and Bitcoin in the NFT space suggests a market in flux, with evolving dynamics that might be influenced by broader economic trends or specific sector shifts within the blockchain and crypto industries.

Ethereum retains its ranking

NFT Market Update – This Week:

• Ethereum (ETH) remains the top network with $31.1 million in NFT sales, though down 4% from last week. 21% of this volume is attributed to wash trading.
• Solana (SOL) surpassed Bitcoin to become the second-largest network for NFTs, with $18.3 million in sales (up 12%). Its buyer count surged by 56%, reaching 301,523.
• Bitcoin (BTC) saw a 30% drop in NFT sales, falling to $14.8 million, losing its second-place ranking to Solana.
• Mythos Chain and ImmutableX secured fourth and fifth with $10 million and $3.8 million in sales, respectively.

Overall, Solana is gaining ground while Bitcoin faces a decline in the NFT space.

DMarket holds first ranking for over four weeks

DMarket has proven its sturdiness over the last three weeks by sustaining its first ranking with the highest sales when it comes to an NFT collection.

DMarket sales stood at $4.918 million, which is 6% down from last week’s $5.2 million. Froganas on Solana has exhibited an 118% surge, emerging as the second largest NFT collection with $4.917 million in sales.

As per the data from CryptoSlam, these were the top sales over the past week:

• CryptoPunks #8651 sold for $125,917.28 (50 ETH)
• CryptoPunks #237 sold for $59,970.94 (24 ETH)
• Claynosaurz #10222 sold for $38,422.71 (235 SOL)
• Sorare #3209101205534761733284… sold for $36,488.51 (14.4162 ETH)
• Bored Ape Yacht Club #2213 sold for $34,837.25 (13.7688 ETH)