Investor interest in non-fungible tokens (NFTs) has decreased significantly for the first time since early November.
Despite the market decline, Solana (SOL) became the second largest network in this asset class.
According to data provided by CryptoSlam, global nft sales volume saw a 42% drop in the last 24 hours, falling to $64.3 million. The total number of nft transactions also decreased by 21%, closing at the 350,000 mark.
<img decoding="async" width="1024" height="101" src="https://crypto.news/app/uploads/2023/12/nft-sales-volume-Dec.-18-1024×101.png” alt=”nft Sales Decline, Solana Outperforms ethereum Volume – 1″/>
The notable drops come three days after nft sales volume hit a 20-month high of $132.3 million on December 15, a level last seen in mid-May 2022.
According to CryptoSlam data, while the number of wash transactions decreased by 16.5% (currently standing at $6.5 million), the number of wash transactions saw a significant increase of 90.7% , surpassing the 30,000 mark in one day.
ethereum has been dominating the nft scene since the creation of digital collectibles until bitcoin (btc) Ordinals arrived, pushing ethereum into second place.
However, CryptoSlam data shows that Solana surpassed ethereum by a slight margin, becoming the second largest blockchain for NFTs with a 24-hour trading volume of $9.58 million. ethereum took third place with a sales volume of $9.57 million.
One of the key takeaways from the decline in nft sales volume could be the downward momentum of the broader crypto market. According to a recent report, last week digital investment products recorded total outflows of $16 million for the first time after 11 weeks.
