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After three consecutive weeks of improvement, the non-fungible token market experienced a drop in sales volume mitigated by a notable increase in buyer activity.
The past seven days have been eventful in the nft landscape, marked by mixed signals across a variety of metrics. While overall sales volume has declined, the number of buyers has increased, suggesting a potential shift in market dynamics.
CryptoSlam Data sample This week, there was a 12.61% decrease in nft sales volume, totaling $90.98 million. In addition, the number of nft transactions fell significantly by 26%, reaching just over 2.14 million.
That decline could suggest a cooling period following previous weeks of high activity, possibly influenced by volatility in the broader cryptocurrency market.
Growing interest among buyers
Despite the drop in sales and transaction volumes, the number of buyers increased by an impressive 25%, reaching a total of 875,892.
This increase in buyer activity, accompanied by a 21.02% increase in sellers (311,910), can be taken as an indication of an increasingly broad base of market participants.
The growing interest among buyers, even amid declining sales, could also signal the start of a maturation phase in the nft ecosystem, where more people are exploring and experimenting with digital assets.
ethereum and Solana lead the blockchain pack
As has been the case in recent weeks, ethereum (eth) maintained its position as the top blockchain by nft sales volume, generating $34.41 million, marked by a 9.65% decrease in wash trading.
It is worth noting that the platform's sales volume fell by 20.42%, reflecting the overall market slowdown. However, the buyer base on ethereum expanded by 35.40%, reaching 62,384, suggesting that there is still strong demand for nfts on the platform.
Solana (SOL) followed with $17.51 million in sales, a significant drop of 32.41%. Despite this, the network recorded a 129.18% increase in laundering transactions, indicating a mixed signal in the market performance. Moreover, its number of buyers stood at 388,834, reflecting a healthy growth of 34.53%.
Meanwhile, bitcoin (btc) and Polygon (MATIC) also saw notable activity, with Polygon’s notable 540.41% surge in wash trading standing out as a key development.
Featured nft Collections and Sales
As for nft collections, Sorare on ethereum topped the charts with $3.83 million in sales, up 41.30% from the previous week.
This surge is evidence of the growing popularity of sports-related nfts, especially as the fantasy sports season progresses, with popular football leagues across Europe expected to return to action in the coming weeks.
The DogeZuki collection on Solana and Guild of Guardians Heroes on Immutable-Zk also made headlines, with sales reaching $3.51 million and $3.38 million, respectively.
However, the most eye-catching performance came from the Bored Ape Yacht Club (BAYC), which recorded a staggering 150.21% increase in sales, totaling $3.23 million.
The surge in activity on BAYC appears to have been instigated by Ape Finance’s launch of a Bored Ape meme coin, as suggested by the official CryptoSlam x account.
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That jump, accompanied by a 132.56% increase in transactions, pushed BAYC back into the top 5 collections by sales volume after falling behind in the previous two weeks.
Top sales and market highlights
Among the top sellers of the week, CryptoPunks #2601 led with a sale price of $212,568, demonstrating the enduring appeal of iconic nft collections.
A locked deposit of gUSDC on Arbitrum (ARB) sold for $183,348 while a LockDealNFT on BNB (BNB) sold for $149,035.
Other notable sales included a bitcoin Ordinal Maxi Biz item, which fetched $82,720, and a Polygon Stead #1 that changed hands for $70,227.
As the nft market navigates its ever-changing landscape, these fluctuations in sales and buyer behavior highlight the complexity and dynamism of the space.
While overall sales volume may have declined, the growing number of buyers indicates a growing interest in digital collectibles, potentially setting the stage for future growth and innovation.
