After a significant increase in February, non-fungible token (NFT) sales over the past seven days are 32.32% lower than last week. Out of 19 different blockchains, Ethereum accounted for $148.56 million of the total $186.20 million in NFT sales settled this week.
NFT sales decline after February spike in digital collectibles purchases
Over the past seven days, NFT sales totaled $186.20 million among 760,857 buyers. Although the number of buyers increased 55.41% last week, sales volume decreased 32.32% and NFT transactions fell 91% compared to the previous week. Ethereum dominated the market, capturing $148.56 million or 79.78% of the total. However, ETH-based NFT sales were down 37.78% compared to last week. Solana (SOL) NFT sales increased 12.93% this week, reaching $17 million, and Polygon posted just over $6 million in sales, a 17.34% decrease from the week former.
The top five NFT collections in terms of sales this week are all based on Ethereum. The best-selling collection in the last seven days was mg land, with just over $10 million in sales, an increase of 25.49% compared to last week. The second best selling NFT collection is Momoguro Holoself with $8,848,317 in sales, followed by sewer passage, which generated $7,268,598 in sales over the past seven days. The NFT collections Bored Ape Yacht Club ($6.2 million) and Otherdeed ($5.35 million) follow MG Land, Momoguro Holoself, and Sewer Pass.
Interestingly, Bitcoin-based NFTs, or ordinal signups, made their way into this week’s market data via the Emblem Vault. Data from cryptoslam.io shows that Emblem Vault version four (v4) is a collection with a significant number of ordinal entries, including collections created by Bitcoin Punks and Counterparty, such as the Rare Pepe blockchain trading cards. Emblem Vault v4 is the eighth largest collection in sales this week, up 287% compared to last week and reaching $4.25 million. The most expensive NFT sold this week was Sewer Pass #21,915, which sold six days ago for $1.63 million.
In terms of NFT markets, Blur remains the top market this week, capturing 79.7% of the market share. The Opensea NFT market recorded 14.9% of the market share over the past week. Thirty-day metrics indicate that over $2 billion worth of NFTs were sold, with Blur capturing 74.5% of the market share and Opensea garnering 22.4%. X2Y2’s market share was around 2.5% and the Looksrare market recorded a 0.7% market share last month.
What do you think about this week’s NFT sales being down 32% from the previous week? Share your thoughts on this topic in the comments section below.
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