The nft market falls 7.07% in sales this week
This week, nft sales slowed, according to CryptoSlama leading multi-chain nft data tracker. Global nft trade reached $88 million over the past seven days, a decrease of 7.07% from the previous week. Despite the decline in sales volume, more investors decided to purchase and approximately 700,000 collectors purchased nfts. A total of almost 1.6 million transactions occurred as some 400,000 collectors sold their nfts. However, compared to the previous week, transactions fell by 23% in total.
Source: CryptoSlam
Popular collections including Mutant Ape, Azuki, and Bored Ape Yacht Club are among the exceptional ethereum nft trading options. A total amount of $30 million worth of ethereum-based nfts were sold throughout the week, a reduction of 5.28% from the previous period. ethereum could be shifting to alternative blockchains as a result of its poor performance, despite leading the market.
Solana ranked second with respect to nft trading volume this week. nfts estimated Solana sold $19 million in the last seven days, a 24% increase from the previous week. Solana's success represents a growing need for its goods and services in the nft sector. The company is known for enabling smart contracts and decentralized applications.
Source: CryptoSlam
Drop in bitcoin-based nft sales
bitcoin, which is home to collections like Ordinals, Runes, and BRC-20, ranked third in nft trading volume this week. Sales of bitcoin-based nfts generated $13 million, although this was a significant 36% drop from last week. Despite rumors about bitcoin entering nfts, competition from more established platforms could be affecting their sales.
Mythos Chain and Immutable x ranked fourth and fifth among nft networks. Mythos, a PolkaDot parachain focused on gaming assets, raised $10 million, while Immutable x, an ethereum layer 2 scaling solution, followed closely with $3 million. Designed for gaming and instant trade execution, both networks are attracting attention, especially in the gaming-focused nft community.
The Froganas nft collection, created by digital artist Tee, led sales this week. Hosted in Solana, Froganas achieved $5.7 million in sales in just 24 hours, a 123% increase from last week. Featuring unique humanoid frog characters, Froganas has caught the attention of many nft enthusiasts. DMarket, a Mythos Chain collection, took second place with $4.94 million in sales, although it decreased by 5.41%. Guild of Guardians nfts took third place with $3 million in sales, showing a slight increase of 0.41%, underscoring the continued interest in gaming-related nfts.
ethereum's Bored Ape Yacht Club, a staple in the nft world, took fourth place with $2.9 million in sales, a small increase of 0.44%. CryptoPunks, another fan-favorite ethereum collection, followed with $2.4 million, seeing a small decline of 0.46%. These collections continue to attract buyers due to their established place in the market.
DogeZuki, Sorare, and bitcoin Puppets also made their mark this week. DogeZuki, hosted on Solana, earned $2.1 million but saw a drop of 6.12%. ethereum-based Sorare recorded $2.05 million in sales, while bitcoin Puppets on bitcoin generated $1.7 million, showing a 30% drop. Despite their lower visibility, some collections continue to attract a specialized audience.
The nft market has been slowly declining until its peak in 2022, although it was previously a rapidly developing crypto industry. While some investors have pulled out due to unclear earnings, others are hopeful of a recovery. According to Statista, the nft market is expected to contract by 11.01% annually between 2024 and 2025, with sales expected to reach $608.6 million by the end of 2025. Statista also projects that the average revenue per member would be almost $59 in 2024.
