Non-fungible token (NFT) sales took a hit this past week, decreasing by 11.16% compared to the previous week.
The total sales for this week amounted to $144.33 million, with Bitcoin-based NFTs contributing over $49 million to this sum. However, despite these impressive numbers, sales of digital collectibles on Bitcoin (BTC) fell by 14.65%.
NFTs on Ethereum (ETH) generated $41.55 million in sales, also experiencing a decrease of 11.7% from the prior week. Solana (SOL) NFTs, ranking third in sales, earned nearly $26 million, showing a modest increase of 5.73% this week.
According to cryptoslam, the Polygon (MATIC) network recorded the fourth-highest NFT sales volume over the previous seven days, totaling $9.66 million.
However, this figure represented a 14.2% decrease compared to the previous week’s sales on the blockchain.
Wrapping up the top five blockchains by sales volume was Immutable (IMX), which recorded sales of $6.49 million.
This amount marked a more than 8% increase, making Immutable the only other network among the top five whose sales volume improved over the week.
Top NFT Collections
The top seller for this week was the Uncategorized Ordinals from the Bitcoin blockchain, generating $22.9 million in sales. Sales for these collectibles decreased by nearly 30% compared to the previous week.
Mythos’ Dmarket collection claimed the second spot, earning $5.817 million, marking a 17.24% decrease.
On the positive side, the Nodemonkes collection from the Bitcoin blockchain saw a 10.56% increase in sales, reaching $4.77 million from 246 transactions.
Other notable collections this week included Mad Lads, CryptoPunks, Degods, and Solana Monkey Business. The Mad Lads collection, hosted on Solana, saw the most significant improvement in terms of sales volume, with the $4.5 million exchanged representing a 130% increase from last week.
Individual NFT Sales
The most significant and expensive sale of the week was Cryptopunk #3619, which sold for $627,991.
Additionally, Solana’s Boogle #064 changed hands for $192,124, while Mushroom #95 from the BTC network fetched $135,096.
The consistent decline in sales week after week indicates a cautious sentiment among collectors.
According to data from Cryptoslam, there were slightly more than 145,000 active buyers in the market over the week — an 86% drop from the previous week.
Summary Review: The recent dip in NFT sales, coupled with fluctuations in various blockchain platforms, reflects a shifting landscape within the digital collectibles market. Despite Bitcoin‘s dominance in the cryptocurrency sphere, its NFT sales saw a decline alongside other major platforms like Ethereum and Solana. While certain collections experienced notable increases or decreases in sales, overall market sentiment appears cautious, as evidenced by a significant drop in active buyers. As the NFT market continues to evolve, these fluctuations underscore the need for careful monitoring and adaptation to changing trends and consumer behaviors within the digital asset space.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
