NFT Market Sees Over 30% Decline in Weekly Sales

From April 27 to May 4, 2024, non-fungible token (NFT) sales amassed $164.4 million, reflecting a 30.16% decrease compared to the previous week. Leading the field in blockchain sales, Bitcoin-based NFT sales totaled $56.81 million, experiencing a 41.57% drop from the preceding week.

Bitcoin and Ether Lead in Volatile NFT Market; Weekly Sales Down 30%

This week, cryptoslam.io data shows NFT sales have dipped over 30%, accumulating approximately $164.4 million. Conversely, the number of NFT buyers rose by 37.17%, and sellers increased by 31.1%. Among 22 distinct blockchain networks, BTC-centric NFT transactions led with earnings of $56.81 million. Ethereum-NFT transactions reached $49 million, although ETH-based NFT sales fell by 27.14%.

Solana NFT transactions generated $25.61 million, marking a 23.85% decrease from last week, while Polygon NFT earnings totaled $11.34 million, a 27.38% decline. Mythos Chain, ranking fifth in NFT sales, garnered $7.10 million, showing a 15.39% increase. Noteworthy gains were also seen in other chains, with Immutable X and BNB Chain sales climbing by 3.53% to 13.08%, respectively.

This week’s leading NFT collection by sales volume was Uncategorized Ordinals from the Bitcoin blockchain, amassing $32.63 million, though its sales dropped 51.18%. Dmarket by Mythos secured second place with $6.94 million, up by 15.34%. Bored Ape Yacht Club (BAYC) followed, earning $4.33 million, a 41.36% decrease since Apr. 27.

The priciest NFT sold was Cryptopunk #7,846, fetching $557,803 two days ago. Following closely, an NFT from the Uncategorized Ordinals collection sold for $256,550, and a Solana Boogle claimed the third spot at $161,066. As the NFT market navigates through these ebbs and flows, stakeholders remain watchful, anticipating new trends that could redefine the trajectory of the NFT ecosystem.

What do you think about the NFT sales recorded over the past seven days? Do you expect NFT sales to pick up again this summer? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn