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NFT sales drop 16% to less than $122 million: what happened?
This week marked a significant decline for the non-fungible token (NFTs), which saw sales decline nearly 16% compared to a 17% increase in the previous week.
For CryptoSlamTotal sales reached $121.7 million, with more than 519,000 buyers and sellers actively trading.
Blockchain NFT Sales Breakdown
Blockchain by NFT Sales Volume | Source: CryptoSlam
Ethereum (ET) network led the chart with $39.28 million in sales, a notable 14.48% increase from the previous week.
This surge was accompanied by a marked increase in the number of active buyers on That of Ethereum NFT space, with the number rising nearly 48% to reach 23,586. The network also saw an increase in wash trading, up 35.49% to over $34 million.
Bitcoin (Bitcoin), which had been the busiest network in terms of sales in the previous week, fell to second place this week, with approximately $26.5 million in sales, representing a decline of $45.60. Bitcoin recorded over 18,000 active buyers, a whopping 804% increase over last week. Wash trading on the network fell by approximately 53% to $20,030.
After a 22% sales increase in the previous week, this week saw Polygon (MATIC) reduced its weekly sales volume by nearly 5.5% to $18.43 million. Solana (SOL) remained in fourth place with $14.631 million in sales, a decline of 18.18%. From him, ImmutableIMX) saw a surge, with sales increasing by 9.40%.
Best NFT Sales
The highest sale of the week was that of the Ethereum blockchain, with an NFT selling for $587,194. A Bitcoin Ordinal, Protoshroom #6, changed hands for $237,373, while a Polygon TTAvatars #128003 fetched $100,500.
Solana’s DeezNode #052 sold for $77,839, topping a BNB NFT, Ape Treasury Bill V2 V3 #12668, which sold for $31,516.
Among collections, Immutable’s Guild of Guardians Avatars had the highest sales volume over the past seven days, grossing over $8.1 million across 1,614 transactions.
Bitcoin PIZZA NFTs followed, generating $7.3 million, a dramatic 60% reduction from the previous week’s numbers.
A newcomer to the top five collections ranked by sales volume was the Ethereum Name Service (ENS), which secured third place with over $5.3 million worth of NFTs sold. The figure represented a staggering 1022% jump, with the money coming from just 295 buyers.
The DMarket collection on Mythos earned $4.6 million from nearly 190,000 transactions, while the Bitcoin network’s Bitcoin Puppets earned fifth place with approximately $2.7 million in sales.