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Despite the broader crypto market’s upward movement, the NFT market continues to face challenges, with sales volume dropping by 6.15% to $89.4 million over the past week. This decline highlights the ongoing volatility in the sector, even as major cryptocurrencies like Bitcoin and Ethereum show signs of stability.

Crypto Market at a Glance

At the time of writing, Bitcoin (BTC) is trading just above the $94,000 mark, reflecting a slight 0.6% dip. Meanwhile, Ethereum (ETH) has shown modest growth, rising by 0.4% to hover just below the $1,800 level. The global cryptocurrency market capitalization has seen a notable increase, climbing to $2.97 trillion from last week’s $2.69 trillion.

Mixed Signals in the NFT Market

While overall NFT sales volume has decreased, the number of buyers and sellers has grown significantly. According to recent data, the NFT buyer count has surged by 54.33% to 391,498, and the seller count has risen by 45.06% to 223,311. However, the total number of NFT transactions has dropped by 10.25%, totaling 1,404,451 transactions for the week.

Ethereum Leads NFT Sales

Ethereum remains the leading blockchain for NFT sales, recording $25.1 million in sales—a 22.07% increase from the previous week. Notably, Ethereum’s wash trading activity has also jumped by 57.01%, reaching $3.4 million.

Shifts in Blockchain Rankings

Other blockchains have seen mixed performance:

  • Mythos Chain: Climbed to second place with $15.1 million in sales, up 1.21%.
  • Bitcoin: Dropped to third place with $14.7 million in sales, marking a 14.18% decrease.
  • Polygon: Fell to fourth place with $9.9 million in sales, experiencing a steep 53.63% decline.
  • Solana: Rounded out the top five with $9.2 million, rebounding with a 40.70% increase in sales.

Buyer activity has increased across most blockchains, with Solana leading the growth at 83.66%, followed by Polygon (57.77%) and Bitcoin (52.82%).

Notable Collection Rankings

The NFT collection rankings have seen significant shifts this week. DMarket reclaimed the top spot with $9.9 million in sales, while Courtyard on Polygon fell to second place with $8.8 million, reflecting a sharp 55.39% drop.

One of the standout performers is CryptoPunks, which has made an impressive comeback to third place with $3.6 million in sales—a remarkable 106.19% increase. The collection has experienced growth across all metrics, including a 90% rise in transactions, a 107.14% increase in buyers, and a doubling of sellers.

Other Top Collections

  • Guild of Guardians Heroes: Fourth place with $3.6 million in sales, down 7.05%.
  • Bitcoin’s BRC-20 NFTs: Fifth place with $2.9 million, marking a 21.87% decline.
  • New Entrants: Guild of Guardians Avatars and Pudgy Penguins entered the rankings, both recording $1.5 million in sales and securing sixth and seventh places, respectively.

High-Value NFT Sales of the Week

Several high-value NFT sales have captured attention this week, showcasing the ongoing interest in premium digital assets:

  • Uncategorized Ordinals NFT: Sold for 6 BTC ($558,754).
  • CryptoPunks #741: Sold for 317 ETH ($500,944).
  • CryptoPunks #2301: Sold for 134 ETH ($233,817).
  • SuperRare #10093: Sold for 173,700 USDC ($173,700).
  • Bored Ape Yacht Club #6669: Sold for 99 ETH ($162,584).

The NFT market continues to evolve, with shifting trends and emerging collections shaping the landscape. As buyer activity grows and high-value sales persist, the sector remains a key area of interest for crypto enthusiasts and investors alike.

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