Thomas Daniels
Over the past week, the non-fungible token (NFT) market witnessed sales totaling $145 million, marking a decline of over 9% compared to the previous week. This downturn aligns with a recent trend of decreasing sales volumes, with four out of the top five blockchains experiencing drops during this period.
Last week, crypto.news reported a more than 11% decline in digital collectible sales, and this week saw an additional 9.68% fall, bringing the total to $145.01 million, as per data from CryptoSlam.
Bitcoin Leading the Pack
Bitcoin (BTC) continued to dominate weekly NFT sales, outperforming major competitors Ethereum (ETH) and Solana (SOL). The Bitcoin network recorded the highest NFT sales volume among blockchains, generating approximately $44.1 million, according to CryptoSlam. However, this still represented an 11% decline from the previous week. Ethereum followed with $38.4 million in sales, down by 1.59%. Notably, Ethereum also recorded about $34.2 million in wash trading, a practice where transactions are conducted by the same individual or group to create a false impression of high demand. Combined, Ethereum’s actual and wash trading figures would have positioned it at over $72 million in sales for the week.
Blast emerged as a newcomer to the top five, ranking third with $15.943 million in sales, an 8.48% decline. Solana reported $14.26 million in sales, a significant 44.73% drop from the previous week, a decline surpassed only by Arbitrum (ARB), Tezos (XTZ), and Fantom (FTM), with respective drops of 51.71%, 62.09%, and 69.21%. Polygon (MATIC) defied the negative trend, achieving $12.14 million in sales, a 20.37% increase from the previous week.
Uncategorized Ordinals Record Highest Weekly Sales Volume
Among NFT collections, Uncategorized Ordinals led with $16.4 million in sales despite a 26.73% weekly decrease. Blast’s Fantasy Top secured second place with $15.93 million. Mythos’ Dmarket ranked third with $5.58 million, followed by Bitcoin’s Nodemonkes with $4.74 million. Immutable-Zk’s Guild of Guardians overtook Core’s BRC20s for fifth place, reaching nearly $4.4 million in sales.
CryptoPunk NFT Fetches $792,000
The week’s highest NFT sale was CryptoPunk #741, fetching $792,046. An Ordinal inscription followed closely at $681,497. Other notable sales included Earthnode #184 from Cardano at $56,026, a PepperMints NFT from Solana at $40,384, and a Blast Chain NFT just under $40,000.
Overall, there was a notable increase in both buyers and sellers. According to CryptoSlam, the number of NFT buyers surged by over 166%, while sellers increased by 139%. Despite this, the total of 1,583,262 NFT transactions represented a 27.58% dip from the previous week.
Meanwhile, Dolce & Gabbana and digital assets platform UNXD are facing a class-action lawsuit over alleged delays in delivering NFT products, according to Bloomberg, with the company’s digital assets plummeting 97% in value.
