The NFT market has seen a decline of 5.3% in sales, with overall volume dropping to $100.9 million, according to recent data from CryptoSlam. Despite the minimal recovery in cryptocurrency prices, the NFT market continues its downward trajectory, with Bitcoin rising to $84,000 and Ethereum maintaining a steady price of $1,900. The global crypto market cap has increased slightly from $2.73 trillion to $2.77 trillion, but NFT sales remain under pressure.
Sales figures for the week reveal a decrease in overall NFT sales, but growth in market participation. NFT buyers surged by 70.97%, reaching 350,146, while NFT sellers rose by 68.57%, bringing their number to 225,465. The total number of transactions also increased by 16.90%, totaling 1,696,996.
Bitcoin NFT sales were hit hardest, plummeting 30.69% to $16.3 million. Despite this drop, Bitcoin held the second place in the market. On the other hand, Ethereum saw a 13.03% drop in NFT sales, down to $27.7 million, while the number of buyers rose by 42.17%, reaching 44,850. Wash trading decreased by 6.53% to $2.8 million, signaling a healthier market.
In contrast, Mythos Chain experienced a modest increase, rising by 3.12% to $15.6 million, securing third place in NFT sales. Polygon, Solana, and other chains showed slight declines. CryptoPunks, once a top performer, dropped to sixth place, with sales down 15.52% to $2.6 million.
Noteworthy sales during the week included high-value NFTs like CryptoPunks #6634, which fetched $431,243 (222.5 ETH), and Azuki #641, which sold for $209,021 (110 WETH). Despite a decline in sales overall, certain NFT collections like Guild of Guardians Heroes and Good Vibes Club posted impressive growth.
With NFT market fluctuations continuing, the rise in the number of buyers and sellers suggests a shift towards more active participation. However, the overall sales dip indicates ongoing challenges for both Ethereum and Bitcoin NFTs.
