The NFT market continues to experience a downward trend, with sales volume declining 35.15% to $112.7 million. However, despite lower overall values, the market has seen a notable surge in participation from new traders.

NFT Market Trends

According to market data, the total market cap has risen to $3.24 trillion from last week’s $3.13 trillion. The crypto market has seen a modest recovery, with Bitcoin edging up to $97,000 and Ethereum holding steady around $2,688.

Participation vs. Volume

Interestingly, the market data shows a contrast between volume and participation:

  • NFT sales volume dropped to $112.7 million from $119.5 million.
  • NFT buyers surged 624.41% to 203,994.
  • NFT sellers increased 519.61% to 158,805.
  • NFT transactions declined slightly by 1.41% to 1,443,007.

Blockchain Performance

Ethereum remains the market leader but saw sales fall 41.25% to $56.0 million. Other notable blockchains include:

  • Mythos Chain held second place with $13.9 million in sales, up 4.66%.
  • Solana maintained the third position with $11 million despite a 32.56% decrease.
  • Polygon showed strength in fourth place with $8.1 million, growing 10.76%.
  • Bitcoin dropped to fifth with $6.7 million, falling 71.42%.

Top NFT Sales

DMarket has taken the lead with $8.7 million in sales, up 7.98%. The top sales of the week include:

  • Uncategorized Ordinals #8912771: $7,749,449 (80.1296 BTC)
  • CryptoPunks #2550: $331,955 (125 ETH)
  • CryptoPunks #793: $146,683 (53.5 ETH)
  • CryptoPunks #9634: $128,988 (47.5 ETH)
  • CryptoPunks #9701: $122,883 (45 ETH)

Market Analysis

The initial hype-driven boom of NFTs has begun to fade, and interest in NFT trading has slowed. However, there is growing interest in NFTs with real utility, particularly those tied to the metaverse and gaming ecosystems.

Many early adopters have grown disillusioned with projects that failed to deliver long-term value, while others face the reality of unsustainable valuations. As a result, the market is shifting towards more functional assets rather than speculative collectibles.

For more coverage on NFTs and the latest crypto news, visit Global Crypto News.

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