The past week witnessed a significant decline in the non-fungible token (NFT) market, with sales dropping by nearly 16% compared to the previous week. According to CryptoSlam, total sales amounted to $121.7 million, involving more than 519,000 active buyers and sellers.
In terms of blockchain NFT sales breakdown, the Ethereum (ETH) network emerged as the leader with $39.28 million in sales, marking a 14.48% increase from the previous week. The number of active buyers on Ethereum’s NFT space also rose by almost 48% to reach 23,586. Additionally, wash trading on the network increased by 35.49% to over $34 million.
On the other hand, Bitcoin (BTC) dropped to second place this week with sales totaling around $26.5 million, representing a 45.60% decrease from the previous week. Despite the decline, Bitcoin recorded over 18,000 active buyers, reflecting an 804% increase from the previous week. Wash trading on the network decreased by approximately 53% to $20,030.
After experiencing a 22% sales boost in the previous week, Polygon (MATIC) saw a 5.5% decrease in its weekly sales volume, settling at $18.43 million. Solana (SOL) maintained its fourth position with $14.631 million in sales, showing an 18.18% decrease. Meanwhile, Immutable X (IMX) witnessed a sales surge, with a 9.40% increase.
The highest NFT sale of the week came from the Ethereum blockchain, where an NFT was sold for $587,194. Additionally, a Bitcoin Ordinal, Protoshroom #6, changed hands for $237,373, while a Polygon TTAvatars #128003 fetched $100,500. Solana’s DeezNode #052 was sold for $77,839, surpassing a BNB NFT, Ape Treasury Bill V2 V3 #12668, which was sold for $31,516.
In terms of NFT collections, Immutable’s Guild of Guardians Avatars topped the sales volume chart for the last seven days, generating over $8.1 million in 1,614 transactions. Bitcoin’s PIZZA NFTs followed closely, with sales of $7.3 million, marking a significant 60% decrease from the previous week.
A new entry in the top five collections ranked by sales volume was the Ethereum Name Service (ENS), securing the third spot with more than $5.3 million worth of NFTs sold. This figure represented an impressive 1022% surge, with the sales coming from just 295 buyers. The DMarket collection on Mythos earned $4.6 million from nearly 190,000 transactions, while Bitcoin Puppets from the Bitcoin network claimed the fifth spot with approximately $2.7 million in sales.
Overall, the NFT market experienced fluctuations in sales volume across different blockchains and collections, indicating a dynamic and evolving landscape for digital asset trading.