NFT Market Witnesses 20% Drop In Weekly Sales Amidst Prior Weeks of Growth
The non-fungible token (NFT) market, which had been enjoying a streak of consistent gains, faced a significant setback this week. Recent statistics reveal a noteworthy 20.44% decline in NFT sales compared to the previous weeks.
By Anna B Kiwanuka
The market for non-fungible tokens (NFTs) has experienced a sharp decline, with sales plunging by more than 20% in the past seven days compared to the previous week. This significant downturn follows a series of weeks marked by consistent growth, particularly in the realm of Bitcoin (BTC)-based NFTs, which had gained notable prominence.
Within the last seven days, the total volume of NFT sales reached $152.96 million, accompanied by a striking 63.59% decrease in the number of NFT buyers. Among the 21 different blockchains, Ethereum-based NFT sales accounted for $84 million, capturing a substantial 54.91% market share.
Notably, Ethereum-based non-fungible token (NFT) sales have experienced a sharp decline of 34% when compared to the previous week. Despite this setback, Bitcoin-centric NFTs remain in the second position in terms of sales, with a recorded sales figure of $29.41 million. Surprisingly, Bitcoin-based NFT sales have increased by approximately 25.9% when compared to the total sales of the previous week.
Beyond Ethereum and Bitcoin, other blockchains have also made their mark in the NFT market. Solana takes the lead among them, with NFT sales amounting to $8.48 million, followed closely by Mythos with $8.12 million, and Polygon with $6.32 million in sales.
Recent statistics from cryptoslam.io reveal a change in the NFT landscape compared to the previous week. While Bitcoin NFTs dominated the top five spots in the prior week, the current data showcases a more balanced distribution. Two of the five highest-priced NFTs sold this week were Ethereum-based, while the remaining three were Bitcoin-based.
The most expensive NFT sale emerged from the Bitcoin-centric Derps collection, which also holds the eighth position in terms of overall sales this week. Interestingly, the largest collection in terms of sales does not fall under a specific category but belongs to the uncategorized ordinals.
Following the uncategorized ordinals, notable collections in terms of sales include Dmarket, Bored Ape Yacht Club (BAYC), Gods Unchained, Mutant Ape Yacht Club (MAYC), and Azuki. While NFT sales experienced a decline in April compared to March, May witnessed a rebound, surpassing the total NFT sales of April. The month of May recorded NFT sales exceeding $739 million, and as of the current month of June, sales have already reached $263.86 million.