The NFT market continues to experience a decline, with sales dropping 12% last week. Sales had already plunged 16% during the previous week. Total sales for the last seven days stood at just below $100 million, involving over 785,000 buyers and sellers in 1.4 million transactions.

Ethereum Leads NFT Sales

Ethereum (ETH) remains the most active blockchain for NFT sales, leading with $38.4 million worth of transactions. Notably, Ethereum saw a surge in wash trading last week, with money earned from this activity increasing by nearly 9.5% to $37.69 million.

Polygon (MATIC) was one of the biggest winners last week. Sales jumped 11.2%, pushing it past the Bitcoin (BTC) network into second place. Interestingly, wash trading on the platform has continued to rise. During the prior week, Polygon registered a 37.58% increase in wash trading. This past week, it went up 46% to $14.9 million, almost double the previous amount.

Dropping to third place in terms of sales volume, Bitcoin was one of the biggest losers of the week. Its 40% drop in sales was only better than Fantom (FTM) and Blast (BLAST), which registered dips of 87% and 74%, respectively. Wash trading on Bitcoin also went up nearly 200%, although the $63,072 from this activity is negligible compared to Ethereum and Polygon.

Solana (SOL) maintained its position with the fourth-highest sales volume of the week. Last week’s fifth-placed network, Immutable (IMX), dropped to #6 after Mythos Chain (MYTH) overtook it with nearly $4.5 million in sales.

Notable performances came from Zora, BNB Chain, and Panini. Sales volume on Zora went up more than 50%, while Panini, known for NFT sports trading cards, recorded a 22% jump to earn $135,000.

Leading NFT Collections

Among NFT collections, CryptoPunks made a significant comeback, registering a 155% jump in sales volume to make $5.26 million, becoming the top-selling NFT collection of the week. DMarket, despite a 9.21% dip in sales, still managed to earn over $4 million.

Bored Ape Yacht Club (BAYC), another popular Ethereum-based NFT collection, took the #3 spot after concluding 113 transactions that yielded nearly $3.5 million. This represented a 73.66% growth over the previous week’s sales.

Other collections that performed well over the last week include Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection, which raked in $3.69 million and $2.43 million, respectively.

Top-Selling NFTs of the Week

In terms of individual pieces, the most expensive NFT of the week came from Ethereum, with a price tag of $204,066. However, this pales in comparison to the previous week’s winner, which changed hands for $587,194.

In second place was a Bitcoin Ordinal that sold for $113,465, only $2,548 more than Mad Lads #4575 from Solana, which came in third.

Fan Tokens Surge

With two major international soccer tournaments taking place in Europe and the Americas, fan token sales surged significantly last week. The Galatasaray (GAL) fan token recorded the highest sales volume, jumping an incredible 70,149% to $280.5 million as Turkey overcame Georgia in their first match of Euro 2024. The token price is also up 2,542% and is currently priced at $2.87 per unit.

Sales of FC Barcelona, PSG, and Juventus fan tokens also saw significant increases, ranging from 22,903% to 8,670%, as Spain, France, and Italy started their Euro 2024 campaigns successfully.

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