NFT Market Sees Significant Sales Drop, Buyer Activity Increases
According to data from CryptoSlam, NFT sales volume has experienced a substantial decline of 42.42%, falling to $93.18 million from the previous week’s $161.7 million.
- NFT sales decreased by over 42% to $93 million this past week.
- Despite lower sales, the number of NFT buyers rose by 33%, and sellers increased by 21%.
- DMarket emerged as the top sales platform with $9.05 million in volume.
- Pudgy Penguins collection saw a dramatic sales drop of more than 76%.
- Ethereum remained the leading blockchain for NFT sales, generating $35 million, though this represents a 65% decrease week-over-week.
💡 Despite a significant drop in overall sales volume, the NFT market saw increased participation, with the number of NFT buyers growing by 33.09% to 509,668 and the number of sellers rising by 21.04% to 413,225. Transaction counts noted a slight decrease of 7.63%, reaching 1,543,392.
⚡ In parallel, the broader cryptocurrency market is showing signs of recovery, with Bitcoin (BTC) prices bouncing back above $111,000 and Ethereum (ETH) reclaiming the $3,900 level. The global crypto market capitalization has also risen to $3.75 trillion from $3.62 trillion the previous week.
Top Collections and Blockchain Performance in the NFT Market
DMarket Leads as Pudgy Penguins Experience a Major Downturn
DMarket, operating on the Mythos blockchain , secured the top position in sales volume, generating $9.05 million. This represents a 12.11% increase compared to the previous week’s $8.07 million. The platform facilitated 286,645 transactions, engaging 19,577 buyers and 15,873 sellers.
DX Terminal on the Base blockchain dropped to second place, with sales of $7.56 million, marking a 20.58% decrease from last week’s $9.99 million. This collection recorded 406,415 transactions, involving 100,205 buyers and 100,091 sellers.
The Pudgy Penguins collection faced a significant downturn, falling to third place with $3.8 million in sales, a sharp drop of 76.27% from the prior week’s $15.61 million. This Ethereum-based collection saw a reduced engagement of only 128 transactions, with 73 buyers and 77 sellers.
Guild of Guardians Heroes on Immutable-Zk entered the rankings at fourth place with $3.45 million, experiencing a notable surge of 41.06% with 2,837 transactions.
Two Bitcoin BRC-20 NFT collections made it into the top seven. $ATMC BRC-20 NFTs secured fifth place with $3.21 million, up 38.3%, while $?? BRC-20 NFTs landed in sixth position with $2.9 million, an increase of 57.5%.
Ethereum Maintains Top Sales Position Despite Significant Decline
Ethereum retained its leading position in blockchain NFT sales, recording $35.04 million. This figure, however, represents a substantial decrease of 65.64% from last week’s $102.67 million. The network also registered $4.06 million in wash trading, bringing its adjusted total to $39.10 million.
💡 Despite the sales dip, the number of buyers on the Ethereum network surged by 41.05% to 47,352.
Bitcoin’s blockchain climbed to second place with $13.17 million in sales, an increase of 11.14% from last week’s $10.11 million. The Bitcoin network saw 13,462 buyers, representing a significant rise of 60.49%.
Base blockchain slipped to third place with $10.19 million in sales, a 19.8% decrease from the previous week’s $13.20 million. The blockchain reported $4.90 million in wash trading.
📊 Buyers on the Base blockchain saw an increase of 13.56%, reaching 257,187.
Mythos Chain advanced to fourth place with $9.27 million, an increase of 13.52% from last week’s $8.23 million. The blockchain attracted 33,791 buyers, up 42.9%.
Immutable (IMX) secured the fifth position with $5.73 million in sales, marking a 41.05% increase. The network saw a rise in buyers, up 40.96% to 6,012.
BNB Chain (BNB) ranked sixth with $5.33 million, a decrease of 19.62% from last week’s $6.51 million. Buyer numbers on BNB Chain saw a substantial jump of 52.26% to 32,769.
Solana (SOL) closed the top seven with $4.92 million in sales, down 6.23% from the previous week’s $5.40 million. The network recorded 30,713 buyers, an increase of 40.36%.
Notable High-Value NFT Transactions
A single Good deed NFT sale achieved a record-breaking $44.89 million (equivalent to 70,200,565.5751 ADA), transacted within the last day. This marks one of the most significant NFT sales in recent times.
📍 Separately, a Known Origin NFT, #264609, was sold for $246,984.31 (63.8 ETH) six days ago.
Three CryptoPunks NFTs were among the top five individual sales:
- CryptoPunks #7839 sold for $174,846.97 (44.99 ETH) six days ago.
- CryptoPunks #7378 sold for $173,119.61 (45 ETH) two days ago.
- CryptoPunks #7461 sold for $167,646.53 (42 ETH) five days ago.
Concluding Market Insights
The NFT market experienced a significant downturn in sales volume, decreasing by over 42%. However, this period was characterized by increased buyer and seller participation across various blockchains. While leading collections like Pudgy Penguins saw sharp declines, platforms like DMarket showed growth. Ethereum remained the top blockchain by sales, even with a substantial decrease, while Bitcoin’s network saw an uplift in sales and buyer numbers.