NFT Sales Drop More Than 25% as Bitcoin Takes Over Cooling Market

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According to the most recent report, nft revenue fell from the previous week: by 25.48%. Four of the five major blockchain platforms involved in nft transactions were affected by this decline. bitcoin remained the top nft seller despite this drop, even though its value fell a substantial 35.63% to $111.8 million.

<img decoding="async" class="alignnone wp-image-137054 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/04/NFT-Sales-Drop-More-Than-25-as-Bitcoin-Takes-Over.png" alt="nft revenue fell compared to the previous week: 25.48%” width=”1280″ height=”175″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/04/NFT-Sales-Drop-More-Than-25-as-Bitcoin-Takes-Over.png 1280w, https://nftevening.com/wp-content/uploads/2024/04/image2-5-300×41.png 300w, https://nftevening.com/wp-content/uploads/2024/04/image2-5-1024×140.png 1024w, https://nftevening.com/wp-content/uploads/2024/04/image2-5-768×105.png 768w, https://nftevening.com/wp-content/uploads/2024/04/image2-5-339×46.png 339w, https://nftevening.com/wp-content/uploads/2024/04/image2-5-150×21.png 150w, https://nftevening.com/wp-content/uploads/2024/04/image2-5-450×62.png 450w, https://nftevening.com/wp-content/uploads/2024/04/image2-5-1200×164.png 1200w” sizes=”(max-width: 1280px) 100vw, 1280px”/>

Performance of the main Blockchain platforms

ethereum sales also fell, falling 20.38% to $49.58 million. Known for its fast transactions and expanding nft ecosystem, Solana saw a 17.13% decline in sales to $34.82 million. Polygon bucked the trend and produced $15.4 million in sales with a staggering 33.21% increase.

Among the different collections, Mythos ranked fifth in sales this week, accumulating $6.56 million. Despite a slight drop of 8.07% from the previous week, it remained a notable contender. bitcoin Uncategorized Ordinals took first place, despite seeing a significant decline of 42.26%, with sales totaling $32.89 million. The WZRD BRC20 collection followed closely, recording a substantial increase of over 160% from the previous week, with sales reaching $21.05 million.

Information about collection performance

The third highest-grossing collection during this period was PUPS BRC20, which earned $14.96 million in sales. However, it faced a substantial drop of 64.91% from the previous week. Surprisingly, four of the top five collections originated from the bitcoin blockchain. The highest-priced nft sold during this period was a btc-based nft from the PUPS BRC20 collection, priced at $317,718, while an ethereum-based Cryptopunk #4,473 followed closely as the second most expensive, selling for $231,801. Dollars.

As the nft market experiences a cooling period, these fluctuations reflect broader trends in non-fungible token participation and technology adoption. Despite the crisis, the outlook remains volatile but intriguing. Even dominant platforms like bitcoin faced sharp declines, highlighting the dynamic nature of the market. However, innovative collections and outstanding sales continue to captivate enthusiasts, indicating persistent appeal despite market ups and downs.