The NFT market saw a decline in sales by 12% last week, following a 16% drop the previous week. Total sales for the last seven days amounted to just under $100 million, with over 785,000 buyers and sellers engaging in 1.4 million transactions, as reported by CryptoSlam.
Ethereum emerged as the top blockchain for NFT sales, with transactions worth $38.4 million. The platform also experienced a surge in wash trading, with earnings from this activity increasing by 9.5% to $37.69 million.
Polygon (MATIC) was a significant gainer last week, with sales jumping 11.2% to surpass the Bitcoin (BTC) network and claim the second spot. Wash trading on Polygon also increased by 46% to $14.9 million.
On the other hand, Bitcoin dropped to third place in terms of sales volume, experiencing a 40% decrease in sales. Other networks like Fantom (FTM) and Blast (BLAST) saw even larger declines in sales.
Solana (SOL) maintained its position as the fourth-highest sales volume network, while Immutable (IMX) dropped to sixth place after Mythos Chain (MYTH) surpassed it in sales.
Notable performances in NFT collections included a comeback by CryptoPunks, which saw a 155% increase in sales volume to become the top-selling collection of the week. Bored Ape Yacht Club (BAYC) and collections like Pudgy Penguins and DogeZuki also performed well.
In terms of individual NFT sales, Ethereum had the most expensive piece of the week at $204,066. Fan token sales surged significantly, with Galatasaray (GAL) fan token recording the highest sales volume, jumping 70,149% to $280.5 million as Turkey won their match in Euro 2024.
The rise of fan token sales was attributed to major international soccer tournaments taking place in Europe and the Americas, with tokens from clubs like FC Barcelona, PSG, and Juventus also seeing significant increases in sales.
Overall, while the NFT market experienced a decline in sales, certain blockchains and collections showed resilience and even growth, indicating continued interest and activity in the space.