The non-fungible token market has suffered yet another rough week, marked by a significant plunge in trading sales volume and floor price values. The global non-fungible token market sales volume has dropped again by 11% this week, the lowest trading sales volume since the beginning of the year. In this article, we shall assess the full state of the non-fungible token market in the past seven days.
NFT Trading Sales Fall 11% In The Past 7 Days
Data compiled by CryptoSlam.io, an on-chain crypto assets market aggregator and a multi-chain non-fungible token explorer backed by billionaire Mark Cuban, shows that the global non-fungible token market has tanked again this past week. In the past seven days, the global NFT market has raised just a trading sales volume of $71 million, representing an 11% drop from the previous week and the lowest since the beginning of the year.
Ethereum, the same blockchain network powering the famous Ether and renowned in the NFT market for hosting the majority of blue-chip NFT collections, has been this past weekâs top-traded blockchain network in the NFT market. In the past seven days, the Ethereum-based NFT collections have raised a trading sales volume of $23 million. Ethereum NFT sales have plunged by 13% from the previous week.
Bitcoin, the blockchain network renowned in the NFT market for powering Runes, Ordinals, and BRC-20 NFT collections, has been this past weekâs second most-traded blockchain network in the NFT ecosystem, reclaiming the market from Solana. In the past seven days, Bitcoin-based NFT collections have recorded a sales volume of $14 million, down 4% from the previous week.
Solana, an open-source blockchain network that supports smart contracts, including non-fungible tokens and various decentralized applications, has been this past weekâs third most-traded NFT blockchain network. In the past seven days, the Solana-based NFT collections have recorded a trading sales volume of $13 million. During this period, the Solana NFT sales have dropped by 14% from the previous week.
Polygon, an Ethereum scaling solution, and BNB Chain, a blockchain network from renowned crypto exchange e Binance, have been this past weekâs fourth and fifth most-traded blockchain nets in the NFT market, respectively. In the past seven days, Polygon-based NFTs have amassed a sales volume of $7.4 million, while BNB Chain-based NFTs have raised a trading sale volume of $3.7 million.
Ten Top Selling NFTs In The Past 7 Days
1. NodeMonkes NFT Collection
NodeMonkes, a non-fungible token collection that features a limited set of 10,000 digital items created on the Bitcoin blockchain network using the popular Ordinal protocol, has been this past weekâs most-selling NFT collection. In the past seven days, the NodeMonkes NFT collection has raised a sales volume of $2.9 million. During this time, the NodeMonkes NFT sales volume has surged by 77% from the previous week.
2. Guild Of Guardians NFT Collection
The Guild of Guardians, a non-fungible token collection from Guild of Guardians, a role-playing P2E game that allows players to take teams of heroes and compete through challenging dungeons to collect resources, has been this past weekâs second most-selling NFT collection. In the past seven days, the Guild of Guardians NFT collection has attracted a trading sales volume of $2.6 million. During this time, the Guild of Guardians NFT trading sales have plunged by 11% from the previous week.
3. DogeZuki NFT Collection
DogeZuki, a non-fungible token collection with a fixed edition of 2,800 Shiba Inu-inspired NFT items fusing the worlds of Doge and Azuki and hosted on the Solana blockchain network, has been this past weekâs third most-selling NFT collection. In the past seven days, the DogeZuki NFT collection has raised a trading sales volume of $2.4 million. DogeZuki NFT sales volume has surged 7.7% from the previous week.
4. Sorare NFT Collection
Sorare, a non-fungible token collection from the fantasy football game Sorare consisting of 330,277 unique digital items living on the Ethereum blockchain network, was this past weekâs fourth most-selling NFT collection. In the past seven days, the Sorare NFT collection has raised a trading sales volume of $2.4 million. During this time, the Sorare NFT trading sales volume has surged by 14% from the previous week.
5. CryptoPunks NFT Collection
CryptoPunks, a non-fungible token collection previously from Larva Labs but now managed by the Bored Ape creator Yuga Labs and features a limited supply of 10,000 NFTs, has been this past weekâs fifth most-selling NFT collection. In the past seven days, the CryptoPunks NFT series has raised a trading sales volume of $2.2 million. CryptoPunks NFT sales have tanked 57% from the previous week.
6. Mining Pass NFT Collection
Mining Pass, a non-fungible token collection created on the Polygon blockchain network, has been this past weekâs sixth most-selling NFT collection. The NFT collection was launched earlier last week, taking the NFT community by storm. In the past seven days, the Mining Pass NFT collection has amassed a trading sales volume of over $2.1 million. During this period, the Mining Pass NFT sales volume has surged +1000% from the previous week.
7. Mad Lads NFT Collection
Mad Lads, a non-fungible token collection from the Solana infrastructure development project Coral featuring a limited edition of 10,000 NFTs hosted on the Solana blockchain network, has been this past weekâs seventh most-selling NFT collection. In the past 30 days, the Mad Lads NFT collection has recorded a trading sales volume of $1.7 million. Mad Lads NFT trading sales volume has surged by 159% from the previous week.
8. Uncategorized Ordinals NFTs
Uncategorized Ordinals, non-fungible tokens created on the Bitcoin blockchain network,k but they arenât officially part of any collection, were this past weekâs eighth most-selling NFT collection. In the past seven days, the Uncategorized Ordinals have amassed a trading sales volume of $1.7 million, up 332% from the previous week. Their resurgence shows that Bitcoin NFTs are finding footing again in the global NFT market.
9. Solana Monkey Business NFT Collection
Solana Monkey Business, a non-fungible token collection of 5,000 visually stunning and unique 24Ă24 art pixels randomly generated Monkeys stored on the Solana blockchain network, has been this past weekâs ninth most-selling NFT collection in the past week. In the past seven days, the Solana Monkey Business NFT collection has recorded a trading sales volume of $1.5 million. Solana Monkey Business NFT sales volume has plunged by 3.83% from the previous week.
10. Ordinal Maxi Biz NFT Collection
Ordinal Maxi Biz, an Ordinal collection from NFT artist Tony Tafuro, consisting of a fixed supply of 5,141 unique, hand-drawn NFTs inscribed on Bitcoin, each featuring distinctive eye color traits based on the specific block they were created, was this past weekâs tenth most-selling NFT collection. In the past seven days, Ordinal Maxi Biz NFT has amassed a trading sales volume of $1.3 million.
The NFT Market Prediction: Are NFTs Staged For A Rebound?
Despite an intense meltdown, stakeholders are still hoping for signs of an NFT market rebound in 2024. Several factors suggest that 2024 could be a pivotal year for NFTs, potentially marking a phase of maturation and broader adoption. The NFT space is set to rebound, driven by innovative applications and increased mainstream adoption, and possibly retest another bull run before the end of this year.
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