NFT Market Dips 7.07% in Sales This Week
This week, NFT sales slowed, according to CryptoSlam, a leading multi-chain NFT data tracker. Global NFT trading reached $88 million during the past seven days, a 7.07% decrease from the week before. Despite a decline in sales volume, more investors decided to buy, and roughly 700,000 collectors bought NFTs. A total of almost 1.6 million transactions occurred when about 400,000 collectors sold their NFTs. However, compared to the previous week, transactions fell by 23% overall.
Source: CryptoSlam
Popular collections including Mutant Ape, Azuki, and Bored Ape Yacht Club are among Ethereum’s exceptional NFT trading options. An entire amount of $30 million worth of Ethereum-based NFTs were sold all through the week, a 5.28% reduction from the past period. Ethereum might be switching to alternative blockchains as a result of its poor performance, even though it leads the market.
Solana ranked second in regard to NFT volume of trading this week. NFTs estimated that Solana sold $19 million over the last seven days, a rise of 24% from the week before. Solana’s success represents a growing need for its goods and services in the NFT sector. The company is well-known for enabling smart contracts and decentralized applications.
Source: CryptoSlam
Drop in Bitcoin-Based NFT Sales
Bitcoin, hosting collections like Ordinals, Runes, and BRC-20, ranked third in NFT trading volume this week. Bitcoin-based NFT sales brought in $13 million, though this was a significant 36% drop from last week. Despite the buzz around Bitcoin’s entry into NFTs, competition from more established platforms could be impacting its sales.
Mythos Chain and Immutable X claimed fourth and fifth place among NFT networks. Mythos, a PolkaDot parachain focused on in-game assets, brought in $10 million, while Immutable X, an Ethereum Layer-2 scaling solution, followed closely with $3 million. Designed for gaming and instant trade execution, both networks are attracting attention, especially in the gaming-centered NFT community.
The Froganas NFT collection, created by digital artist Tee, led in sales this week. Hosted on Solana, Froganas saw $5.7 million in sales in just 24 hours, marking a 123% boost from last week. Featuring unique humanoid frog characters, Froganas has caught the eye of many NFT enthusiasts. DMarket, a collection on the Mythos Chain, ranked second with $4.94 million in sales, though this was down by 5.41%. Guild of Guardians NFTs ranked third with $3 million in sales, showing a slight 0.41% increase, underscoring ongoing interest in gaming-related NFTs.
Ethereum’s Bored Ape Yacht Club, a staple in the NFT world, secured fourth place with $2.9 million in sales, a minor 0.44% increase. CryptoPunks, another fan-favorite Ethereum collection, followed with $2.4 million, experiencing a small 0.46% decrease. These collections continue to attract buyers due to their established place in the market.
DogeZuki, Sorare, and Bitcoin Puppets also made a mark this week. DogeZuki, hosted on Solana, earned $2.1 million but saw a 6.12% decline. Sorare, based on Ethereum, recorded $2.05 million in sales, while Bitcoin Puppets on Bitcoin brought in $1.7 million, showing a 30% drop. Despite their lower visibility, some collections continue to appeal to specialized audiences.
The NFT market has been slowly decreasing until its peak in 2022, while formerly being a rapidly developing crypto industry. While some investors have walked out due to unclear revenue, others are hope for a recovery. According to Statista, the NFT market is expected to contract by 11.01% year between 2024 and 2025, with sales expected to reach $608.6 million by the end of 2025. It is also projected by Statista that the mean revenue per member would be nearly $59 in 2024.
