The non-fungible token (NFT) market has experienced another sharp drop, with sales volume falling by 22.65% to $104.5 million. This is one of the steepest weekly drops in recent months, despite a modest crypto market recovery.
Summary
- NFT sales plummeted 22.6% to $104.5 million in the steepest weekly decline in months.
- CryptoPunks emerged as a rare bright spot with 4.7% growth and continued dominance in high-value sales.
- Market participation expanded with buyer and seller counts growing over 14%.
The NFT market has experienced another sharp drop, with sales volume falling by 22.65% to $104.5 million. This is one of the steepest weekly drops in recent months, despite a modest crypto market recovery.
According to data from CryptoSlam, market participation continues to surge with NFT buyers rising by 14.89% to 622,535, and NFT sellers increasing by 16.25% to 447,821. However, NFT transactions have declined by 3.07% to 1,699,318.
This is happening at a time when Bitcoin (BTC) price has recovered to the $110,000 level. At the same time, Ethereum (ETH) has maintained the $4,300 level.
The global crypto market cap is now $3.81 trillion, up from last week’s market cap of $3.75 trillion.
Ethereum maintains lead in sales
Ethereum has maintained its leading position with $37.7 million in sales, falling 29.88% from the previous week. Ethereum’s wash trading has plummeted by 68.03% to $6.4 million.
Polygon (POL) has held second place with $15.7 million, declining 17.43%. Mythos Chain sits in third with $10.1 million, down 1.73%.
Source: Blockchains by NFT Sales Volume (CryptoSlam)
BNB Chain (BNB) occupies fourth position with $9.5 million, falling 23.59%. Bitcoin rounds out the top five with $7.8 million, declining 32.40%. Solana (SOL) holds sixth place with $5.1 million, down 6.81%.
The buyer count has increased across all major blockchains, with Polygon leading at 38.34% growth, followed by BNB Chain at 23.11% and Ethereum at 21%.
Courtyard on Polygon has retained the top spot in collection rankings with $14.6 million in sales, declining 17.41%. The collection has seen massive growth in sellers (333.68%) while buyers fell by 18.39%.
CryptoPunks post modest growth
CryptoPunks has maintained second place with $8 million, posting modest growth of 4.73%. This is one of the few collections showing positive performance amid the broader market drop.
DMarket holds the third position with $4.8 million, down 4.81%. DKTNFT on BNB Chain sits in fourth with $3.9 million, up 7.84%.
Panini America has entered the top five with $3.1 million, surging 46.16%. The sports card collection has benefited from growing interest in digital trading cards.
Guild of Guardians Heroes completes the top six with $2.8 million, declining 27.50%. The gaming collection has seen decreases across all metrics.
Notable high-value sales from this week include:
- CryptoPunks #5898 sold for 100 ETH ($445,786)
- CryptoPunks #843 sold for 90.1 ETH ($403,268)
- CryptoPunks #9721 sold for 81 ETH ($361,995)
- CryptoPunks #490 sold for 80 ETH ($345,757)
- Known Origin #88512 sold for 70 ETH ($307,384)