NFT Market Sees 30% Weekly Drop in Sales, Bitcoin and Ether Take the Lead
According to data from cryptoslam.io, sales of non-fungible tokens (NFTs) experienced a significant decline of over 30% this week, amounting to approximately $164.4 million. However, the number of NFT buyers increased by 37.17%, and sellers also saw a 31.1% rise. Among the 22 different blockchain networks, NFT transactions on the Bitcoin blockchain led the way with earnings of $56.81 million. Ethereum-based NFT transactions reached $49 million, but experienced a drop of 27.14%.
During the period from April 27 to May 4, 2024, Solana NFT transactions generated $25.61 million, which represented a decline of 23.85% compared to the previous week. Similarly, Polygon NFT earnings totaled $11.34 million, showing a decrease of 27.38%. Mythos Chain, ranking fifth in terms of NFT sales, saw a notable increase of 15.39% with earnings of $7.10 million. Other chains also experienced gains, with sales on Immutable X and BNB Chain rising by 3.53% and 13.08%, respectively.
The top-selling NFT collection this week in terms of sales volume was Uncategorized Ordinals on the Bitcoin blockchain, which amassed $32.63 million, despite a 51.18% decrease in sales. Dmarket by Mythos secured second place with $6.94 million, representing an increase of 15.34%. Bored Ape Yacht Club (BAYC) followed closely with earnings of $4.33 million, marking a 41.36% drop since April 27.
Among the sold NFTs, the most expensive one was Cryptopunk #7,846, which fetched a price of $557,803 just two days ago. A close second was an NFT from the Uncategorized Ordinals collection, which sold for $256,550, and a Solana Boogle claimed the third spot with a price of $161,066. As the NFT market experiences these fluctuations, stakeholders are closely monitoring the situation and anticipating new trends that could reshape the NFT ecosystem.
What are your thoughts on the recent NFT sales? Do you expect sales to pick up again this summer? Share your opinions in the comments section below.
