🌎 NFT Sales Drop 7% as Crypto Market Takes a U-Turn

The non-fungible token (NFT) sales volume over the last week has dropped by 7%, standing at $89.1 million. The crypto market, exhibiting signs of recovery, has taken a U-turn. According to the latest data, the global crypto market cap has dropped by over 2% in the last 24 hours.

In comparison to last week’s $93 million NFT sales volume, this week has witnessed a modest 7% drop in sales:

NFT sales volume plunged to $89 million. The Ethereum network retains its first ranking in terms of volume, while Solana dethrones Bitcoin to claim the second position.

NFT Market Dynamics

The number of NFT buyers surged by over 42% from last week’s 494,666, reaching 701,523. Similarly, the number of NFT sellers rose to 385,184 from last week’s 252,401.

Ethereum Retains Its Ranking

Last week, the Ethereum network dethroned Bitcoin with its $33.4 million NFT sales volume. Ethereum has sustained this ranking this week with its $31.1 million sales. In comparison to last week, the Ethereum NFT sales volume is down by almost 4%. A closer look at Ethereum’s data shows that 21% of the volume accounted for wash trading.

Solana Surges Past Bitcoin

Interestingly, Bitcoin lost its second position to Solana. Bitcoin’s NFT sales have witnessed a 30% drop in comparison to last week. The weekly sales volume of the Bitcoin network is at $14.8 million. Solana, on the other hand, has shown a 12% rise with its weekly NFT sales volume standing at $18.3 million. Last week, Solana’s sales volume was at $16.6 million. When it comes to the number of buyers, Solana has maintained and even witnessed a 56% surge. The number of NFT buyers on the Solana network last week stood at 192,543, while this week it is at 301,523.

Other Notable Networks

Mythos Chain (MYTH) and ImmutableX earned the fourth and fifth ranking with $10 million and $3.8 million in sales, respectively.

DMarket Holds First Ranking for Over Four Weeks

DMarket has proven its sturdiness over the last three weeks by sustaining its first ranking with the highest sales when it comes to an NFT collection. DMarket sales stood at $4.918 million, which is 6% down from last week’s $5.2 million. Froganas on Solana has exhibited an 118% surge, emerging as the second largest NFT collection with $4.917 million in sales.