After three straight weeks of improvement, the non-fungible token market saw a drop in sales volume tempered by a notable increase in buyer activity.
The past seven days have been eventful in the NFT landscape, marked by mixed signals across various metrics. While overall sales volume declined, the number of buyers surged, hinting at a potential shift in market dynamics.
Data from CryptoSlam shows that this week there was a 12.61% decrease in NFT sales volume, totaling $90.98 million. Additionally, the number of NFT transactions dropped significantly by 26%, reaching just over 2.14 million.
That reduction could suggest a cooling period following previous high-activity weeks, possibly influenced by the volatility in the broader crypto market.
Growing interest among buyers
Despite the downturn in sales volume and transactions, the number of buyers rose impressively by 25%, totaling 875,892.
This uptick in buyer activity, accompanied by a 21.02% increase in sellers (311,910), may be taken as an indication of a broadening base of market participants.
The growing interest among buyers, even amid declining sales, could also signal the start of a maturation phase in the NFT ecosystem, where more individuals are exploring and experimenting with digital assets.
Ethereum, Solana lead the blockchain pack
As has been customary in the last few weeks, Ethereum (ETH) maintained its position as the top blockchain by NFT sales volume, generating $34.41 million, marked by a 9.65% decrease in wash trading.
Notably, the platform’s sales volume fell by 20.42%, reflecting the broader market slowdown. However, the buyer base on Ethereum expanded by 35.40%, reaching 62,384, suggesting continued strong demand for NFTs on the platform.
Solana (SOL) followed with $17.51 million in sales, experiencing a significant 32.41% drop. Despite this, the network saw a 129.18% increase in wash trading, indicating a mixed signal in market behavior. Additionally, its buyer count stood at 388,834, reflecting a healthy 34.53% growth.
Meanwhile, Bitcoin (BTC) and Polygon (MATIC) also saw notable activity, with Polygon’s remarkable 540.41% increase in wash trading standing out as a key development.
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Notable NFT collections and sales
Regarding NFT collections, Sorare on Ethereum topped the charts with $3.83 million in sales, a 41.30% increase from the previous week.
The surge is evidence of the growing popularity of sports-related NFTs, especially as the fantasy sports season ramps up, with popular soccer leagues across Europe due to return to action in the coming weeks.
The DogeZuki Collection on Solana and Guild of Guardians Heroes on Immutable-Zk also made headlines, with sales reaching $3.51 million and $3.38 million, respectively.
However, the most eye-catching performance came from the Bored Ape Yacht Club (BAYC), which saw a staggering 150.21% increase in sales, totaling $3.23 million.
The flurry of activity on BAYC seems to have been instigated by Ape Finance’s launch of a Bored Ape meme coin as suggested by the official CryptoSlam X account.
GM!⚡️ Driving the market yesterday was a frenzy of @BoredApeYC sales following the launch of a $BAYC memecoin by @apedotfi, and then @SeizeCTRL's n0 0rdinary kind collection cooked over on bitcoin.NFT Global Markets (24h)CryptoSlam 500 Index – 1,305.58 (-0.39%)NFT Sales -… pic.twitter.com/TseelDblb8
— CryptoSlam! (@cryptoslamio) August 1, 2024
That jump, accompanied by a 132.56% rise in transactions, pushed BAYC back among the top 5 biggest collections by sales volume after missing out in the last couple of weeks.
Top sales and market highlights
Among the week’s top sales, CryptoPunks #2601 led with a sale price of $212,568, demonstrating the enduring appeal of iconic NFT collections.
A gUSDC Locked Deposit on Arbitrum (ARB) sold for $183,348 while a LockDealNFT on BNB (BNB) went for $149,035.
Other notable sales included an item from Bitcoin’s Ordinal Maxi Biz, which fetched $82,720, and a Polygon’s Stead #1 that changed hands for $70,227.
As the NFT market navigates through its ever-changing landscape, these fluctuations in sales and buyer behavior highlight the complexity and dynamism of the space.
While overall sales volume may have dipped, the increasing number of buyers signals a growing interest in digital collectibles, potentially setting the stage for future growth and innovation.
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