Thomas Daniels
Sales of non-fungible tokens (NFTs) have fallen by almost 50% in the last week, which has coincided with a sharp dip in cryptocurrency values. At $94,000, Bitcoin dropped 4%, and Ethereum dropped to $3,300.
At $152.7 million, overall NFT sales dropped 49.77%, according to CryptoSlam. This is a significant drop from the $302.2 million the week before. Nevertheless, market participation metrics show enduring interest even in the face of the decline in trade volume:
To 531,208, NFT buyers increased by 50.97%.
308,666 NFT sellers, a 47.14% increase.
NFT transactions fell to 1,477,340, a 13.26% decrease.
The market’s strongest section, Ethereum-based NFTs, suffered a 62% decline in sales volume to $75.3 million. However, purchasers increased 42.91% to 63,054, indicating a change in the market. Notably, Ethereum’s wash trading activity dropped precipitously to $21.6 million, an 80.04% decrease.
Similarly, sales in the NFT ecosystem of Bitcoin fell 30% to $28.0 million. However, buyer numbers increased by 52.13% to 59,311; user engagement remained strong.
Solana’s sales dropped by 58.71% to $13.9 million, although it nevertheless held its position as the third-largest NFT blockchain. The number of buyers on the network increased significantly, increasing by 68.43% to 180,111. Newer players like as ImmutableX and Mythos Chain, however, demonstrated tenacity. ImmutableX’s sales increased 15.93% to $8.1 million, while Mythos Chain’s sales increased 4.38% to $11.4 million.
The flagship NFT project, Pudgy Penguins, saw a startling 76.65% decline in sales, reaching $12.6 million. Additionally, there was a 71.82% decrease in transactions and a 69.92% decrease in buyer participation during the project.
Among the other noteworthy performances were:
Azuki saw a 41.94% decline in sales, dropping to second place with $9.3 million.
With sales of $6.5 million, BRC-20 NFTs dropped 30.68% to third place.
DMarket and Guild of Guardians Heroes showed growth, with revenues rising by 8.96% and 22.23%, respectively, in spite of the overall decline.
High-value transactions persisted, indicating a sustained need for premium assets:
The pricing of certain CryptoPunks, such as #6797, #3017, and #704, ranged from $155,000 to $159,000.
Greater Market Impact
The total capitalization of cryptocurrencies fell to $3.29 trillion from $3.41 trillion the week before, indicating bearish pressure on the worldwide market. The connections between NFTs and the larger cryptocurrency market are demonstrated by these patterns.
