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The NFT market has experienced a significant decline, with sales volume dropping by 18.43% to $116.9 million. This marks a sharp reversal from the previous week’s strong performance, according to recent market data. Despite the overall downturn, key metrics such as buyer participation and blockchain activity reveal a mixed landscape for NFTs.

Cryptocurrency Market Overview

The broader cryptocurrency market has also faced challenges. Bitcoin has dropped in value, with its price now at $103,000, reflecting a 1.95% decline. Similarly, Ethereum has experienced a 4% decrease over the past seven days. The global crypto market cap currently stands at $3.21 trillion, down from last week’s $3.29 trillion.

NFT Market Participation Metrics

Despite the decline in sales, participation metrics provide a nuanced view of the market:

  • Buyers: Remain steady at 1,061,348, maintaining 50.56% growth.
  • Sellers: Increased by 8.09% to 38,494.
  • Transactions: Decreased slightly by 0.63% to 1,709,086.

Immutable Retains Top Blockchain Position

Immutable continues to dominate NFT sales with $28.3 million in volume, though this represents a 32.23% decline from the previous week. Notably, wash trading on the blockchain has dropped significantly by 81.19%, amounting to just $3.

Top Blockchains by NFT Sales Volume

Polygon has climbed to the second position with $23.3 million in sales, marking a 24.98% growth and surpassing Ethereum. Meanwhile, Ethereum has fallen to third place with $20.4 million in sales, a 32.06% decline. Ethereum’s wash trading decreased by 18.29% to $1.8 million.

Other blockchains’ performance includes:

  • Mythos Chain: Retains fourth position with $14.1 million, showing a marginal 0.03% decline.
  • Solana: Climbs to fifth place with $8.7 million in sales, a significant 42.74% increase.

Buyer Growth Across Blockchains

Buyer activity has increased across most blockchains, with notable growth rates:

  • Polygon: 35.63% growth.
  • Solana: 27.41% growth.
  • Mythos Chain: 19.32% growth.

Top NFT Collections

In terms of NFT collections, Courtyard on Polygon reclaimed the top spot with $17.4 million in sales, reflecting minimal growth of 0.56%. The collection saw a dramatic rise in seller activity, up 1,264.81%.

Other notable collections include:

  • Guild of Guardians Heroes: Dropped to second place with $16.5 million in sales, a decline of 33.60%. The collection saw decreases across transactions (-35.26%), buyers (-41.99%), and sellers (-42.33%).
  • DMarket: Holds third place with $9 million in sales, up 0.99%.
  • Guild of Guardians Avatars: Fourth place with $7 million, though sales fell by 31.19%.
  • Gods Unchained Cards: Entered the top five with $4.7 million, despite a 28.60% decline.

Interestingly, Uncategorized Ordinals on Bitcoin has dropped out of the top collections this week.

High-Value NFT Sales

Several high-value NFT sales were recorded, particularly among CryptoPunks:

  • CryptoPunks #1831: Sold for 150 ETH ($389,846).
  • CryptoPunks #9778: Sold for 150 ETH ($377,958).
  • CryptoPunks #4868: Sold for 76.5 ETH ($201,933).
  • CryptoPunks #5586: Sold for 70.07 ETH ($185,292).
  • CryptoPunks #7516: Sold for 60 ETH ($158,378).

The NFT market remains a dynamic space, with fluctuations in sales volume and blockchain activity. Investors and enthusiasts should closely monitor these trends for future opportunities.

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