NFT Market Downfall!!!
The NFT market is suffering because of a drop in the overall crypto market, with sales volume down by 4.7 million.
According to CryptoSlam data, this is a continuation from last week's 102 million. The number of NFT buyers has fallen by 77.9% to 128,244, and the number of sellers has dropped by 75%. NFT transactions are down by 6%.
This decline is happening while Bitcoin has dropped to about 83k, and Ethereum has lost 13.5% in value over the past week, sitting around 1.5k. The total value of the global crypto market is now 2.63 trillion.
Ethereum is still the main player with 36.1 million in sales, up 41.3% from last week, but this increase isn’t enough to make up for losses in other chains. Polygon has seen 4.4 million in sales volume, showing a small increase of 4.3%. Mythos Chain is next with 14.1 million, which is a slight 2% rise. Solana and Immutable are also in the top five.
Wash trading patterns have shifted, with Polygon leading at 2, a significant 232% increase, while Ethereum’s wash trading decreased by 9%.
For top NFT collections, Courtyard on Polygon is still first with $15 million. CryptoPunks rose to second place with a 9.3% increase.
DMarket is now third with 8 million, and a new entry, f(x) wstETH on Ethereum, is fourth with 5 million. Guild of Guardians Heroes is fifth with 3 million.
Some notable sales include:
CryptoPunks #1182 for 142 ETH 209,310
Pixel Vault Founders DAO #4 for 97.08 RETH161,511
Autoglyphs #462 for 98.69 ETH 108,204
This week, OpenSea reached out to the SEC, saying they are not like traditional exchanges. In a letter, OpenSea told SEC Commissioner Hester Peirce that NFTs usually have just one seller per token, which means platforms like theirs don't work like stock exchanges.
They explained that NFT transactions happen on-chain through smart contracts, with OpenSea acting as a tool to find NFTs, not as a middleman or advisor.
See NFT Sale according to blockchain in pics
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