The non-fungible token market has seen a major drop, with bitcoin falling 4% over the past week to $94,000 and ethereum falling back to $3,300.
According to the latest data from CryptoSlamThe nft market has seen a substantial correction: total sales volume plummeted 49.77% last week to $152.7 million.
Despite the sharp drop in trading volume, market share metrics show continued interest from new and existing traders.
- nft buyers are up 50.97% to 531,208
- nft sellers have grown by 47.14% to 308,666
- nft transactions have decreased by 13.26% to 1,477,340
- nft sales have fallen from $302.2 million in total sales last week.
ethereum and bitcoin experience sharp declines
The ethereum (eth) nft blockchain has seen its sales drop 62% to $75.3 million. Despite the drop in volume, the network has seen 63,054 buyers, an increase of 42.91%. Laundering trade has also decreased significantly by 80.04% to $21.6 million.
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The bitcoin (btc) nft ecosystem is following a similar pattern with a 30% decline in sales to $28.0 million. However, the network shows strong growth in users with 59,311 buyers, which represents an increase of 52.13% compared to the previous period.
Solana (SOL) maintained its third position despite a 58.71% drop to $13.9 million in sales. The network continues to show strong user participation with 180,111 buyers, which represents an increase of 68.43%.
Mythos Chain and ImmutableX (IMX) have shown resilience, with Mythos Chain posting a modest 4.38% increase to $11.4 million and Immutable growing 15.93% to $8.1 million in sales.
Chubby penguins lead market decline
Pudgy Penguins has experienced a major setback, with sales falling 76.65% to $12.6 million. The project has seen declines across all metrics, with transactions down 71.82% and buyer engagement down 69.92%.
Azuki jumped to second place with $9.3 million in sales, despite a 41.94% decline. BRC-20 nfts fell to third position with $6.5 million in sales, a drop of 30.68%.
DMarket and Guild of Guardians Heroes round out the top five, with DMarket showing 8.96% growth and Guild of Guardians Heroes rising 22.23%.
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Notable individual sales this week include:
- Azuki #3535 sold for $427,000 (125 eth)
- CryptoPunks #6797 sold for $159,792 (49 eth)
- CryptoPunks #3017 sold for $156,815 (47 eth)
- CryptoPunks #704 sold for $156,488 (46 eth)
- CryptoPunks #5792 sold for $155,949 (45.9849 eth)
The global cryptocurrency market capitalization has declined to $3.29 trillion from $3.41 trillion last week, highlighting a prevailing bearish trend across the market.
