The NFT market has seen a significant downturn over the past week, mirroring the broader weakness in the cryptocurrency space. As Bitcoin dipped to $83,000 and Ethereum fell to $1,900, the total crypto market cap shrank from $2.83 trillion to $2.73 trillion.
According to CryptoSlam, NFT sales volume decreased 7.84% to $109.2 million, reflecting the ongoing volatility in digital asset markets. However, despite this decline, market participation soared, with both buyers and sellers registering dramatic increases.
Key Weekly NFT Market Data
- Sales volume: $109.2 million (↓7.84% from $121.5 million)
- Buyers: 204,693 (↑697.00%)
- Sellers: 133,708 (↑419.23%)
- Transactions: 1,497,932 (↓5.46%)
These contrasting trends suggest that while total sales value has dropped, activity in the NFT space remains strong, as more traders enter the market.
Ethereum and Solana NFT Sales Decline
Several major blockchain networks experienced declines in NFT sales:
- Ethereum NFTs: $32.7 million (↓11.28%), despite a 103.27% rise in buyers to 31,517.
- Solana NFTs: $10.1 million (↓43.44%), marking a sharp drop.
- Mythos Chain: $15.0 million (↓1.78%), maintaining third place.
- Bitcoin NFTs: $22.8 million, bucking the trend with a 4.63% increase.
- Polygon NFTs: $13.8 million, showing a 1.63% rise.
Collection Rankings: CryptoPunks Take a Hit
The rankings of top NFT collections saw significant shifts:
- Courtyard retained the top spot with $12.2 million in sales (↑3.63%), despite a 33.56% drop in transactions.
- DMarket remained in second place with $9.8 million (↓2.40%), while maintaining 316,386 transactions.
- BRC-20 NFTs fell to third with $5.6 million (↓23.41%).
- Quantum Cats surged 349.19% to $3.9 million, securing the fourth position.
- CryptoPunks dropped to fifth with $3.1 million, plunging 55.55%.
- Paradise slid to sixth place with a staggering 72.58% decline to $2.7 million.
- Guild of Guardians Heroes ($2.2M, ↓32.65%) and Pudgy Penguins ($2.1M, ↓11.44%) rounded out the top collections.
Top NFT Sales of the Week
Despite the overall decline, several high-value sales took place:
- Beeple Special Edition #100020001 – $464,480 (464,480 USDC)
- Beeple Special Edition #100020001 – $441,000 (441,000 USDC)
- Known Origin #30101 – $390,000 (390,000 USDC)
- CryptoPunks #4220 – $251,307 (134.69 ETH)
- CryptoPunks #8968 – $246,449 (128 ETH)
While NFT sales volume has taken a hit, the surge in buyers and sellers signals a growing interest in the market. CryptoPunks’ sharp decline underscores the volatility in blue-chip NFT assets, but networks like Bitcoin and Polygon have managed to buck the trend with positive gains.
With crypto markets still in flux, the coming weeks will determine whether NFT sales can rebound or if further downside pressure will persist.
