This past week marked a notable downturn for the non-fungible token (NFT) market, experiencing a nearly 16% decline following a 17% surge in the preceding week.
According to data from CryptoSlam, total NFT sales amounted to $121.7 million, with a robust community of over 519,000 active traders.
Ethereum (ETH) dominated the blockchain NFT sales landscape with $39.28 million in transactions, reflecting a substantial 14.48% increase from the previous period. The Ethereum network also witnessed a significant rise in active buyers, soaring nearly 48% to reach 23,586 participants. Concurrently, wash trading on Ethereum increased by 35.49%, totaling over $34 million.
Bitcoin (BTC), which led in sales volume the previous week, slipped to second place with approximately $26.5 million in sales, marking a decline of 45.60%. Despite this, Bitcoin recorded a staggering 804% surge in active buyers, exceeding 18,000. Wash trading on the Bitcoin network decreased by 53%, settling at $20,030.
Polygon (MATIC) saw its weekly sales volume decrease by 5.5% to $18.43 million after a strong 22% growth in the preceding week. Solana (SOL) retained its position in fourth place with $14.631 million in sales, down by 18.18%. Conversely, Immutable X (IMX) experienced a notable increase of 9.40% in sales.
In terms of top NFT sales, Ethereum led with a transaction reaching $587,194, followed by a Bitcoin NFT, Protoshroom #6, which sold for $237,373. A Polygon TTAvatars #128003 fetched $100,500, while Solana’s DeezNode #052 was sold for $77,839. Additionally, a BNB NFT, Ape Treasury Bill V2 V3 #12668, was traded for $31,516.
Among collections, Immutable’s Guild of Guardians Avatars topped the charts with sales exceeding $8.1 million from 1,614 transactions. Bitcoin’s PIZZA NFTs followed with $7.3 million in sales, a notable 60% decrease from the previous week. The Ethereum Name Service (ENS) made a remarkable entry into the top collections, securing third place with over $5.3 million in sales, marking a substantial 1022% increase driven by just 295 buyers. The DMarket collection on Mythos earned $4.6 million from nearly 190,000 transactions, while Bitcoin Puppets rounded off the top five with approximately $2.7 million in sales.
The week’s developments in the NFT market reflect varied trends across different blockchain platforms, highlighting Ethereum’s resurgence and notable shifts in buyer activity and transaction volumes across major networks.