The nft market saw a drop this week. Sales fell almost 16%, reflecting a notable decline. Sales at the market increased 17% last week. In contrast, this makes the recent drop even more surprising. Total sales reached $121.7 million CryptoSlam. More than 519,000 traders were actively trading, demonstrating continued high levels of participation.
ethereum leads the way
The ethereum network recorded $39.28 million in sales. This showed an increase of 14.48% from the previous week. The number of active traders on ethereum nft increased. The number increased almost 48% to 23,586. In addition, laundering trade increased on the network by almost $34 million, an increase of 35.49%.
Source: CryptoSlam
bitcoin fell to second position in network sales this week. Sales reached around $26.5 million, a decrease of 45.60% from the previous week. Despite the drop in sales, bitcoin had more than 18,000 active traders. Compared to last week, this represented an increase of 804%. The bitcoin network saw a decline of approximately 53% in wash trading, which stood at $20,030.
With weekly sales of $18.43 million, Polygon saw a 5.5% decline in revenue. This came after sales increased by 22% the previous week. After a revenue drop of 18.18% to $14,631 million, Solana maintained its fourth position. Immutable x sales increased by 9.40%, making it a standout product. Despite the overall decline of the nft sector, this growth suggests that the platform is on the right path.
The ethereum blockchain had the largest nft sale of the week, with an nft sale of $587,194. Protoshroom #6, the bitcoin Ordinal, raised $237,373 in the auction, while Polygon TTAvatars #128003 raised $100,500. Ape Treasury Bill V2 V3 #12668, a BNB nft, sold for $31,516; Solana's DeezNode #052 sold for $77,839, surpassing that amount.
Top nft Collections
During the last seven days, Avatars of the Immutable Guardians Guild generated the most revenue with 1,614 transactions totaling more than $8.1 million. After $7.3 million in revenue, bitcoin PIZZA nfts saw a sharp drop of 60% from the previous week.
Source: CryptoSlam
ethereum Name Service (ENS) was included in the list of top 5 collections based on the number of sales. After selling $5.3 million worth of nfts, ENS took third place. Only 295 people contributed the funds, which is a notable increase of 1,022 percent.
From around 190,000 purchases, the DMarket collection on Mythos generated $4.6 million in revenue. With sales of approximately $2.7 million, bitcoin Puppets on the bitcoin network ranked fifth. The wide range of successful collections demonstrates the varied investment styles and levels of interest present in the nft market.
The overall drop in nft sales suggests a cooling period for the market. However, the increase in activity on certain networks such as ethereum and Immutable x shows that there are still areas for growth. The significant increase in active buyers on the ethereum network indicates sustained interest in nfts despite the overall decline in sales.
Final thoughts
This week's nft market performance shows a mix of ups and downs. While ethereum and some networks saw positive growth, the overall market faced a decline. High-value sales and new entrants to major collections indicate that interest in nfts remains strong, even as market dynamics fluctuate.
