In the NFT market, Bitcoin continues to lead. Despite a discernible drop in sales, this is still the case. Over the past week, total NFT sales fell by 9%. The sales settled at $145 million.This drop is part of a continuing trend in the NFT market. The decline has been affecting various blockchain platforms.
Online collections also experienced a significant decline, with sales figures dropping by over 11%, followed by another substantial fall of 9.68%. The total sales figure settled at $145.01 million for the week.
Bitcoin’s Dominance in NFT Sales
Despite the overall decline, Bitcoin maintained its lead in NFT sales for the week. Bitcoin achieved the highest volume, with NFT sales totaling approximately $44.1 million. However, this also marked an 11% drop from the previous week’s performance.
Ethereum trailed Bitcoin, with NFT sales reaching $38.4 million. This represented a smaller decline of 1.59%. Interestingly, Ethereum’s wash trading amounted to about $34.2 million. When combining real and wash trading figures, Ethereum’s total would exceed $72 million.
Other Blockchains’ Performance
Following Ethereum, Blast recorded $15.943 million in NFT sales, showing an 8.48% decrease. Solana came in fourth, with sales totaling $14.26 million, a significant fall of 44.73%.
With sales of $15.943 million, Blast trailed Ethereum by an 8.48% margin. Solana’s sales of $14.26 million placed them in fourth place, a notable decrease of 44.73%. The sales volumes of other blockchains, such as Fantom (FTM), Tezos (XTZ) and Arbitrum (ARB), fell by 62.09%, 69.21%, and 51.71%, respectively.
Polygon (MATIC) claimed the fifth position, reporting $12.14 million in sales. Unlike others, Polygon saw a positive change with a 20.37% increase in sales volume.
The week also saw some high-value NFT sales. Cryptopunk #741 was the most expensive, fetching $792,046. The ordinal inscription stood at $681,497, and Earthnode #184 sold for $56,026.
Top-Selling NFTs
Uncategorized ordinals led the sales volume with $16.4 million. Blast’s Fantasy Top followed closely with $15.93 million. Mythos’ Dmarket and Bitcoin’s Nodemonkes recorded $5.58 million and $4.74 million, respectively. The highest-priced NFT sale involved Cryptopunk #741, which sold for $792,046, followed by an ordinal inscription at $681,497, and Earthnode #184 at $56,026.
A class-action lawsuit has been filed against UNXD, an online assets platform, and Italian fashion house Dolce & Gabbana. Bloomberg reports the lawsuit is over alleged delays in delivering NFT products. This development adds a layer of complexity to the already volatile NFT market.
Final Thoughts
Despite a general decline in NFT sales, Bitcoin remains the leader in the space, showcasing its resilience. Ethereum and other blockchains are also significant players, though they face challenges like wash trading. Polygon stands out with its sales growth, while some NFTs continue to command high prices. Legal issues, such as the lawsuit involving UNXD and Dolce & Gabbana, highlight ongoing challenges in the NFT market.
