Nfts
Weekly NFT Sales Drop to $145 Million, Bitcoin Leads Downturn
Over the past seven days, the non-fungible token (NFT) market saw sales reach $145 million, reflecting a decline of more than 9% from the previous week.
This slowdown continues the downward trend in sales over the past few weeks, with four of the top five blockchains by sales volume seeing a decline during this period.
Last week, like reported According to crypto.news, sales of digital collectibles fell more than 11%, and this week they fell another 9.68%, totaling $145.01 million, according to data from CryptoSlam.
Bitcoin leads the pack
As seen in previous weeks, Bitcoin (BTC) continued to run the weekly NFT sales, consistently staying ahead of main rivals Ethereum (ETH) and Solana (GROUND).
Last week, the Bitcoin The network had the largest NFT sales volume among blockchains, managing to raise around $44.1 million, according to CryptoSlam.
However, despite these impressive numbers, this is still an 11% drop from the previous week.
Top 5 blockchains by NFT sales volume | Source: CryptoSlam
Ethereum followed with $38.4 million in sales, down 1.59%. Interestingly, blockchain has also recorded approximately $34.2 million in fictitious transactions, a practice in which the buyers and sellers of a transaction are either the same person or individuals conspiring to create an impression of high demand for a particular NFT.
If real and fictitious trading figures on Ethereum were combined, the network would have the highest NFT sales volume of the week at over $72 million.
Blast, a newcomer to the top five, came third in terms of NFT sales, with $15.943 million, a decline of 8.48%.
In fourth place was Solana, which made $14.26 million in revenue over the past seven days. The figure marks a sharp drop of 44.73% from the previous week, a loss percentage bested only by Arbitrum (ARA), Tezos (XTZ), and Ghost (FTM), whose sales volumes decreased by 51.71%, 62.09% and 69.21% respectively.
Sitting at number 5, Polygon (MATIC) bucked the negative trend with $12.14 million in sales, an increase of 20.37% from the previous week.
Unclassified ordinals record highest weekly sales volume
Among NFT collections, ungraded ordinals continued to dominate in terms of sales volume, with $16.4 million in sales, despite a weekly decline of 26.73%. Blast’s Fantasy Top took second place with $15.93 million.
Mythos’ Dmarket came third with $5.58 million, followed by Bitcoin’s Nodemonkes with $4.74 million. The Immutable-Zk Guardians Guild overtook Core’s BRC20s to take fifth place with nearly $4.4 million in sales.
Top 5 NFT collections by sales volume | Source: CryptoSlam
CryptoPunk NFT fetches $792,000
The most expensive NFT sale of the week was Cryptopunk #741, which brought in a whopping $792,046. Interestingly, an ordinal registration was the second highest, at $681,497.
Other notable sales included Earthnode #184 from Cardano, which fetched $56,026, a PepperMints NFT from Solana, which fetched $40,384, and a Blast Chain NFT which sold for just under $40,000.
Overall, there has been a significant increase in the number of buyers and sellers. According to CryptoSlam, the number of NFT buyers increased last week by more than 166%, while the number of NFT sellers increased by 139%. Nonetheless, the 1,583,262 NFT transactions represented a decrease of 27.58 from the previous week.
Meanwhile, Italian fashion designer Dolce & Gabbana and digital asset platform UNXD are facing a class-action lawsuit after alleged delays in the delivery of NFT products, according to has Bloomberg.
The value of the company’s digital assets fell by 97%.