The non-fungible token (NFT) market experienced a significant downturn this week, with sales dropping by almost 16% following a 17% surge in the previous week. According to CryptoSlam, total NFT sales reached $121.7 million, with over 519,000 buyers and sellers actively participating in the market. The Ethereum network led the way with $39.28 million in sales, a 14.48% increase from the previous week, and a notable influx of active buyers. Bitcoin, which was the top network in terms of sales the previous week, dropped to second place with $26.5 million in sales, representing a 45.60% decrease.
Despite a 22% increase in sales the previous week, Polygon saw a 5.5% decrease in weekly sales volume to settle at $18.43 million. Solana maintained its fourth position with $14.631 million in sales, while Immutable X experienced a surge with a 9.40% increase in sales. The highest NFT sale of the week occurred on the Ethereum blockchain, with an NFT selling for $587,194. Other top sales included a Bitcoin Ordinal, Protoshroom #6, selling for $237,373, and a Polygon TTAvatars #128003 fetching $100,500.
Among collection sales, Immutable’s Guild of Guardians Avatars had the highest sales volume, bringing in over $8.1 million in 1,614 transactions. Bitcoin’s PIZZA NFTs generated $7.3 million, marking a significant reduction from the previous week. A new addition to the top five collections by sales volume was the Ethereum Name Service (ENS), which secured third place with over $5.3 million worth of NFTs sold. The DMarket collection on Mythos earned $4.6 million, while Bitcoin Puppets from the Bitcoin network ranked fifth with approximately $2.7 million in sales.
In conclusion, the NFT market experienced a downturn this week, with total sales decreasing by almost 16% compared to the previous week. Despite this decline, the Ethereum network led in sales with $39.28 million, followed by Bitcoin with $26.5 million. Top NFT sales included an NFT on the Ethereum blockchain selling for $587,194, showcasing the continued interest in digital collectibles. Collections like Immutable’s Guild of Guardians Avatars and Bitcoin’s PIZZA NFTs saw significant sales volumes, highlighting the diverse range of NFT offerings available in the market. As the NFT market continues to evolve, it will be interesting to see how sales and trends develop in the coming weeks.
