This Week’s NFT Sales Plummet 11.66%, Leaving Experts Wondering if the Market Will Rebound
In the past week, sales of non-fungible tokens (NFTs) have experienced a substantial decline of 11.66%, totaling $81.7 million. Despite this decrease, there has been a remarkable surge in market activity. The number of NFT buyers has skyrocketed by 172.98%, while NFT sellers have also seen an impressive 120.51% rise over the same period.
However, despite the increase in buyers and sellers, they are not willing to spend exorbitant amounts of money on NFTs compared to a few months ago. Overall sales have slipped by 11.66% from the previous week, with Ethereum leading in NFT sales for the week.
ETH-based NFTs generated $28.2 million, but this reflects a 9.49% decline from the previous week. Solana followed closely with $16.37 million in NFT sales, marking a 15% decrease. Bitcoin-based NFTs secured the third spot with $13.88 million in sales, although there was a 5.7% drop.
The top NFT collection for the week was Mythos’ Dmarket, which recorded just over $5 million in sales, despite experiencing a more than 31% decrease. Sorare claimed the second spot with $3.6 million in sales, reflecting an 8.88% increase from the previous week.
Guild of Guardians came in third with $3.5 million, experiencing a slight 1.84% dip. Bitcoin’s Uncategorized Ordinals collection took the fourth spot, with sales amounting to $3.1 million, representing a staggering 790% increase.
The most expensive NFT sale of the week was an Uncategorized Ordinal, which fetched an impressive $2.4 million just 18 hours ago. Ethereum’s Bored Ape Yacht Club NFT #2,579 sold for $342,542 two days ago, while BNB’s Paraluni Perpetual Bond #841 went for $134,751 three days back.
Solana’s Frogana #4559 was the fourth most expensive, with a sale price of $82,689 approximately six days ago, as per cryptoslam.io’s NFT market data. Despite the increase in NFT buyers and sellers, NFT transactions have decreased by 10.5% compared to last week, amounting to 1,669,180 transactions.