NFT Market Sees Cooling Trend Despite Growing Crypto Market Cap
The cryptocurrency market has witnessed a significant surge, with its overall market cap swelling to $3.6 trillion from last week’s $3.42 trillion, according to CoinMarketCap data. However, the NFT (Non-Fungible Token) market tells a different story, with sales plummeting 17.54% to $132.7 million this week, as per CryptoSlam data. This decline is a considerable drop from last week’s $152 million in sales.
Mixed Signals in NFT Market Activity
Despite the decline in sales, the NFT market has seen increased participation from traders, indicating sustained interest at lower price levels. Here are some key statistics that highlight the mixed signals in the market:
* NFT sales volume dropped to $132.7 million from last week’s $152.7 million * The number of NFT buyers rose 25.54% to 667,116 * NFT sellers increased 23.96% to 382,754 * Total transactions fell 16.96% to 1,326,111
Blockchain Networks Show Varied Results
Major blockchain networks have reported mixed results in NFT sales. While Ethereum (ETH) NFT sales fell 25.72% to $56 million, buyer numbers grew 14.35% to 72,241. Wash trading on Ethereum dropped 42.38% to $13.5 million. On the other hand, Bitcoin (BTC) NFTs defied the trend, with sales rising 8.38% to $30.3 million. The network attracted 67,423 buyers, a 13.68% increase from the previous week.
Other Blockchain Networks
Mythos Chain climbed to third place with $11.8 million in sales, growing 3.63%. Solana (SOL) dropped to fourth position with sales falling 57.91% to $9.4 million, despite having the highest buyer count at 234,220. Immutable (SMEs) rounded out the top five with $8.2 million in sales, up 2.67% with 18,350 buyers.
Collection Rankings See Major Shifts
The NFT collection rankings have witnessed significant changes. Azuki has taken the top spot with $9.4 million in sales, growing 3.13% despite lower buyer numbers. DMarket follows with $6.7 million in sales, showing 7.72% growth and maintaining high transaction volume with 240,918 trades. BRC-20 NFTs hold third place at $5.8 million despite an 11.33% drop.
Top NFT Sales of the Week
The week’s top sales were dominated by CryptoPunks, with the following sales:
1. CryptoPunks #5192: $192,556 (53.69 ETH) 2. CryptoPunks #7942: $154,075 (45 ETH) 3. CryptoPunks #9208: $153,677 (45.99 ETH) 4. CryptoPunks #5203: $153,580 (44.7 ETH) 5. CryptoPunks #7210: $147,498 (42.93 ETH)
The NFT market’s cooling trend is a significant development, especially considering the growing crypto market cap. As the market continues to evolve, it will be interesting to see how NFT sales and blockchain networks adapt to changing trends and investor interests.
Source: Crypto.news
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