The NFT market experienced a sharp decline in sales volume over the past week, mirroring the broader cryptocurrency selloff. As Bitcoin tumbled to $85,000 and Ethereum dropped to $2,200, NFT sales plummeted by 28.93%, falling to $107.1 million from the previous $152.9 million. Despite the drop in total sales, trader participation showed growth, signaling continued market interest.
Key NFT Market Metrics
- Sales Volume: Fell 28.93% to $107.1 million
- NFT Buyers: Increased 36.02% to 456,874
- NFT Sellers: Grew 32.81% to 314,871
- Total Transactions: Remained stable, rising 0.86% to 1,566,183
Ethereum NFT Sales Take a Major Hit
Ethereum-based NFT sales took a 67.86% nosedive, dropping to $25.3 million, even as buyer numbers rose 20.27% to 50,056. Wash trading also plummeted by 92.83% to $2.7 million, indicating a reduction in artificial trading activity.
Bitcoin NFTs Defy the Trend
Unlike Ethereum, Bitcoin NFTs bucked the overall market decline:
- Bitcoin NFT Sales: Increased 16.73% to $24.3 million
- Bitcoin NFT Buyers: Grew 30.71% to 30,203
Top Blockchains by NFT Sales Volume
- Ethereum – $25.3M (▼67.86%)
- Bitcoin – $24.3M (▲16.73%)
- Mythos Chain – $14.7M (▼4.79%)
- Polygon (POL) – $14.2M (▲45.35%)
- Solana – $12.1M (▲12.41%)
Top NFT Collections: Mixed Performance
While some collections saw gains, many market leaders experienced significant drops.
Top Gainers:
- Courtyard ($12.1M, ▲39.55%)
- Ordinal Maxi Biz (OMB) ($12.0M, ▲450.88%, buyer growth over 2,000%)
- f(x) wstETH Position ($6.1M, ▲173.91%)
Major Declines:
- DMarket fell to third place ($9.5M, ▼6.30%)
- Pudgy Penguins dropped to 10th place, with sales plunging 80.69% to $1.6M
Notable NFT Sales This Week
- Book.io – Dr. Jekyll and Mr. Hyde: $390,410 (600,000 ADA)
- CryptoPunks #1062: $177,517 (80 ETH)
- CryptoPunks #2948: $139,250 (52.5 ETH)
- Ordinal Maxi Biz (OMB): $110,374 (1.1442 BTC)
Crypto Market Decline Impacting NFTs
The overall crypto market cap fell to $2.84 trillion, down from $3.18 trillion the previous week. Ethereum has dropped over 20% in the past seven days, further pressuring NFT valuations.
The NFT market is facing significant headwinds, with a 28.9% decline in sales and major collections like Pudgy Penguins seeing an 80% drop. While Bitcoin NFTs showed resilience, Ethereum-based collections suffered sharp declines. Increased participation from buyers and sellers suggests continued market engagement, but volatility in crypto prices could keep NFT valuations under pressure in the near term.
