The recent cryptocurrency market downturn has significantly impacted the NFT market, with total sales volume plummeting 28.93% to $107.1 million. This decline is largely attributed to the broader crypto selloff, which saw Bitcoin prices drop to $85,000 and Ethereum prices fall to $2,200.

NFT Market Performance

Despite the decline in sales value, trader participation in the NFT market continued to grow. The weekly metrics reveal a mixed story:

  • NFT sales volume fell to $107.1 million from $152.9 million
  • NFT buyers increased 36.02% to 456,874
  • NFT sellers grew 32.81% to 314,871
  • NFT transactions remained stable with a 0.86% rise to 1,566,183

Among the top-performing blockchains, Ethereum sales plummeted 67.86% to $25.3 million. However, buyer numbers rose 20.27% to 50,056. On the other hand, Bitcoin moved against the trend with sales up 16.73% to $24.3 million and buyer numbers growing 30.71% to 30,203.

Other notable blockchains include:

  • Mythos Chain fell 4.79% to $14.7 million
  • Polygon jumped to fourth with $14.2 million, rising 45.35%
  • Solana took fifth with $12.1 million, up 12.41%

Top NFT Collections

The top NFT collections saw a significant drop in sales, with Courtyard claiming the top spot with $12.1 million in sales, up 39.55%. Ordinal Maxi Biz (OMB) surged to second place with $12.0 million, posting a 450.88% increase.

Other notable collections include:

  • DMarket dropped to third with $9.5 million, down 6.30%
  • f(x) wstETH position took fourth with $6.1 million, up 173.91%
  • Guild of Guardians Heroes rounded out the top five with $3.1 million, growing 7.38%

Notable Sales

Some notable sales this week included:

  • Book.io – Dr. Jekyll and Mr. Hyde: $390,410 (600,000 ADA)
  • Book.io – Dr. Jekyll and Mr. Hyde (second edition): $386,179 (600,000 ADA)
  • CryptoPunks #1062: $177,517 (80 ETH)
  • CryptoPunks #2948: $139,250 (52.5 ETH)
  • Ordinal Maxi Biz (OMB): $110,374 (1.1442 BTC)

The overall crypto market cap has dropped to $2.84 trillion from last week’s $3.18 trillion, with Ethereum down over 20% in the past seven days.

Stay up-to-date with the latest news and trends in the world of cryptocurrency and NFTs on Global Crypto News.

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