CryptoSlam data shows that the NFT market experienced a significant correction in the past week, with total trading volume plummeting by 49.77% to $152.7 million. Despite the sharp decline in trading volume, market participation indicators show sustained interest from both new and existing traders.

The number of NFT buyers increased by 50.97% to 531,208, while the number of NFT sellers grew by 47.14% to 308,666.

Ethereum network NFT trading volume fell by 62% to $75.3 million. Despite the decrease in trading volume, the network still has 63,054 buyers, an increase of 42.91%. Bitcoin network NFTs also showed a similar trend, with trading volume down 30% to $28 million.

However, the network experienced strong user growth, reaching 59,311 buyers, an increase of 52.13% compared to the previous period.

Solana network NFTs, despite a 58.71% drop in trading volume to $13.9 million, maintained its third position, continuing to show strong user engagement with 180,111 buyers, an increase of 68.43%.

Pudgy Penguins saw its trading volume plummet by 76.65% to $12.6 million, with buyer participation down by 69.92%.

Despite a trading volume decrease of 41.94%, Azuki surged to second place with a trading volume of $9.3 million. BRC-20 NFTs saw a 30.68% decline in trading volume to $6.5 million, landing in third place.

Notable transactions this week include:

Azuki #3535 sold for $427,000 (125 ETH)

CryptoPunks #6797 sold for $159,792 (49 ETH)

CryptoPunks #3017 sold for $156,815 (47 ETH)

CryptoPunks #704 sold for $156,488 (46 ETH)

CryptoPunks #5792 sold for $155,949 (45.9849 ETH)