NFT Market Sees Significant Decline Amidst Crypto Price Drop

The non-fungible token (NFT) market has experienced a substantial downturn, with total sales volume plummeting 49.77% to $152.7 million over the past week. This decline comes as Bitcoin and Ethereum prices have fallen, with Bitcoin dropping 4% to $94,000 and Ethereum retreating to $3,300.

NFT Market Participation Metrics Remain Positive

Despite the sharp decline in trading volume, market participation metrics show continued interest from new and existing traders. Key statistics include:

  • NFT buyers have increased by 50.97% to 531,208
  • NFT sellers have grown by 47.14% to 308,666
  • NFT transactions have decreased by 13.26% to 1,477,340

Blockchain NFT Sales Volume

The Ethereum NFT blockchain has seen its sales fall 62% to $75.3 million, despite a 42.91% increase in buyers to 63,054. Wash trading has also decreased significantly by 80.04% to $21.6 million.

The Bitcoin NFT ecosystem follows a similar pattern with a 30% decrease in sales to $28.0 million. However, the network shows strong user growth with 59,311 buyers, marking a 52.13% increase from the previous period.

Solana maintained its third position despite a 58.71% decline to $13.9 million in sales. The network continues to show strong user engagement with 180,111 buyers, which is a 68.43% increase.

Resilient Performers in the NFT Market

Mythos Chain and ImmutableX have shown resilience, with Mythos Chain posting a modest 4.38% increase to $11.4 million and Immutable growing by 15.93% to $8.1 million in sales.

Top NFT Projects

Pudgy Penguins has seen a major reversal, with sales plummeting 76.65% to $12.6 million. The project has experienced decreases across all metrics, with transactions down 71.82% and buyer participation falling 69.92%.

Azuki jumped to second place with $9.3 million in sales, despite a 41.94% decrease. BRC-20 NFTs fell to third position with $6.5 million in sales, showing a 30.68% decline.

Notable NFT Sales

Notable individual sales this week include:

  • Azuki #3535 sold for $427,000 (125 ETH)
  • CryptoPunks #6797 sold for $159,792 (49 ETH)
  • CryptoPunks #3017 sold for $156,815 (47 ETH)
  • CryptoPunks #704 sold for $156,488 (46 ETH)
  • CryptoPunks #5792 sold for $155,949 (45.9849 ETH)

Global Cryptocurrency Market Capitalization

The global cryptocurrency market capitalization has declined to $3.29 trillion from $3.41 trillion last week, highlighting a prevailing bearish trend across the market.

For more news and updates on the cryptocurrency and NFT market, visit Global Crypto News.

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