NFT Market Sees Sharp Decline Amidst Crypto Selloff

The NFT market has experienced a significant downturn, mirroring the broader crypto market’s decline. This downward trend has seen Bitcoin fall to $96,000 and Ethereum tumble to $2,600. According to recent data, the overall crypto market cap has contracted to $3.13 trillion from last week’s $3.5 trillion.

NFT Market Data Reveals Ongoing Pullback

The latest data from CryptoSlam indicates that NFT markets have cooled this week, with both prices and trading activity falling. Key statistics include:

  • The total sales volume reached $119.5 million, representing a 33% drop from the previous week’s activity.
  • NFT sales volume has fallen to $119.5 million from $137.9 million.
  • Ethereum wash trading decreased 58.47% to $23.7 million.
  • Total NFT transactions declined, with most major collections seeing lower activity.

Network Activity: Mixed Results

Despite the overall decline, some networks have shown resilience. Ethereum remains the leading chain with $62.6 million in sales, despite a 38.43% drop. The network saw buyer numbers fall 71.26% to 16,852, while wash trading decreased to $23.7 million.

Other notable networks include:

  • Mythos Chain, which moved up to second place with $13.9 million in sales, growing 4.66%.
  • Solana, which held the third position with $11.0 million, falling 32.56%.
  • Polygon and Bitcoin, which rounded out the top five with $8.1 million and $6.7 million, respectively, with Bitcoin seeing a steep 71.31% decline.

Top NFT Collections

In terms of top NFT collections, Pudgy Penguins maintained its lead despite sales dropping 37.55% to $9.1 million. Other notable collections include:

  • DMarket, which took second place with $8.7 million, rising 7.98%.
  • Courtyard, which strengthened its position in third with $7.3 million, growing 25.78%.
  • CryptoPunks, which fell to fourth with $5.2 million, down 30.01%.
  • Azuki, which dropped to fifth with $5 million, seeing a 79.17% decrease in sales.

Notable Sales

Some notable sales from the past week include:

  • CryptoPunks #8868: $558,008 (206 ETH)
  • Autoglyphs #320: $309,450 (100 WETH)
  • Autoglyphs #491: $267,998 (100 WETH)
  • CryptoPunks #7585: $242,639 (85 ETH)
  • Autoglyphs #331: $235,343 (87.0107 WETH)

Stay informed about the latest developments in the world of cryptocurrencies and NFTs by visiting Global Crypto News for more updates and insights.

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