The NFT market continues its downward trend, even as the broader cryptocurrency market shows slight signs of recovery. Bitcoin has edged up to $84,000, while Ethereum remains steady at $1,900. Meanwhile, the global crypto market cap has grown marginally, rising to $2.77 trillion from last week’s $2.73 trillion.

Decline in NFT Sales Volume

Recent data shows that NFT sales volume has dropped to $100.9 million, representing a 5.34% decline from the previous week. Despite this setback, the market has seen notable growth in participation metrics, with increases in both buyers and sellers.

Key Weekly NFT Market Metrics:

  • NFT sales volume: Fell to $100.9 million from $99.1 million
  • NFT buyers: Increased by 70.97% to 350,146
  • NFT sellers: Rose by 68.57% to 225,465
  • NFT transactions: Increased by 16.90% to 1,696,996

Ethereum and Bitcoin NFT Performance

Ethereum-based NFTs continue to face challenges, with sales falling 13.03% to $27.7 million. However, the number of buyers has grown significantly, increasing 42.17% to 44,850. Additionally, wash trading on Ethereum declined slightly, dropping 6.53% to $2.8 million.

Bitcoin NFT sales experienced a sharper decline, dropping 30.69% to $16.3 million. Despite this, Bitcoin maintained its position as the second-largest blockchain for NFT sales. Buyer participation on the Bitcoin network also showed substantial growth, rising 63.67% to 31,251.

Top Blockchains by NFT Sales Volume

While Ethereum and Bitcoin struggled, other blockchains showed mixed results:

  • Mythos Chain: Sales increased by 3.12% to $15.6 million, securing third place.
  • Polygon: Sales dropped by 5.81% to $13.3 million, ranking fourth.
  • Solana: Sales fell 5.25% to $9.4 million, rounding out the top five.

Project-Specific Highlights

Among individual NFT projects, Courtyard retained its top position with $11.5 million in sales, despite a 6.95% decline. Transaction volumes for Courtyard rose slightly, increasing by 4.76% to 100,285.

DMarket climbed to second place, with sales reaching $10.4 million, up 4.44%. The project also saw strong activity, recording 333,211 transactions. Guild of Guardians Heroes held steady in third place, with sales of $5.6 million, reflecting impressive growth of 159.46%.

Good Vibes Club experienced remarkable growth, rising to fourth place with $4.0 million in sales, up 264.67%. On the other hand, BRC-20 NFTs continued to decline, finishing fifth with $3.2 million in sales, down 43.57%. CryptoPunks dropped to sixth place, with sales falling 15.52% to $2.6 million.

Notable NFT Sales This Week:

  • CryptoPunks #6634: Sold for $431,243 (222.5 ETH)
  • Azuki #641: Sold for $209,021 (110 WETH)
  • Autoglyphs #166: Sold for $198,308 (103 ETH)
  • Autoglyphs #275: Sold for $189,198 (100 WETH)
  • Autoglyphs #402: Sold for $188,475 (99.9 ETH)

While the NFT market faces challenges, the increase in buyer and seller participation signals optimism for future growth. Investors and enthusiasts should continue to monitor market trends closely to make informed decisions.

Post Views: 4