NFT Sales Plunge 33% to $119.5M as Crypto Market Retreats

Market Decline Amid Broader Crypto Selloff

The NFT market has experienced a sharp downturn, mirroring the broader cryptocurrency correction. Bitcoin has dropped to $96,000, while Ethereum has declined to $2,600. As a result, the total cryptocurrency market capitalization has contracted from $3.5 trillion to $3.13 trillion over the past week.

According to CryptoSlam, NFT trading volume has fallen significantly. Total sales reached $119.5 million, reflecting a 33% week-over-week decline.

Key market data highlights the ongoing pullback:

• Total NFT sales fell from $137.9 million to $119.5 million
• Ethereum NFT wash trading decreased 58.47% to $23.7 million
• Overall NFT transactions dropped, with most major collections experiencing lower activity

Ethereum Retains Dominance Despite Decline

Ethereum continues to lead NFT sales, registering $62.6 million, despite a 38.43% decline. Buyer participation also fell significantly, dropping 71.26% to 16,852 buyers. Meanwhile, Ethereum-based wash trading declined to $23.7 million.

Other blockchain networks showed mixed performance:

• Mythos Chain climbed to second place, with sales increasing 4.66% to $13.9 million
• Solana retained third place but suffered a 32.56% drop, with $11 million in sales
• Polygon (POL) and Bitcoin completed the top five, generating $8.1 million and $6.7 million, respectively. Bitcoin witnessed the steepest decline, tumbling 71.31%

Pudgy Penguins Hold the Top Spot Despite Drop

Pudgy Penguins maintained its leadership in the NFT rankings, despite a 37.55% decline in sales, totaling $9.1 million. The collection saw continued interest from 172 buyers, though transactions dipped 2.07%.

Other top NFT collections included:

• DMarket secured second place with $8.7 million in sales, rising 7.98%, with 322,241 transactions
• Courtyard climbed to third with $7.3 million, up 25.78%, attracting 10,935 buyers
• CryptoPunks fell to fourth, generating $5.2 million (-30.01%)
• Azuki suffered the sharpest decline among top collections, with sales plunging 79.17% to $5 million

Notable NFT Sales This Week

Despite the overall market slowdown, several high-value transactions were recorded:

1. CryptoPunks #8868 – $558,008 (206 ETH)
2. Autoglyphs #320 – $309,450 (100 WETH)
3. Autoglyphs #491 – $267,998 (100 WETH)
4. CryptoPunks #7585 – $242,639 (85 ETH)
5. Autoglyphs #331 – $235,343 (87.0107 WETH)

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