Over the past seven days, the non-fungible token (nft) market saw sales reaching $145 million, reflecting a decline of more than 9% from the previous week.
This slowdown continues a trend of declining sales in recent weeks, with four of the top five blockchains by sales volume experiencing declines during this period.
Last week, as reported by crypto.news, sales of digital collectibles fell more than 11% and this week they fell another 9.68%, totaling $145.01 million, according to data from CryptoSlam.
bitcoin in the lead
As seen in previous weeks, bitcoin (btc) continued to lead weekly nft sales, consistently staying ahead of its main rivals ethereum (eth) and Solana (SOL).
In the last week, the bitcoin network had the highest volume of nft sales among blockchains, managing to raise around $44.1 million, according to CryptoSlam.
However, despite the impressive numbers, it still marked an 11% drop from the previous week.
<img decoding="async" width="906" height="318" src="https://crypto.news/app/uploads/2024/05/image-8.png” alt=”Weekly nft Sales Drop 9% to $145 Million, bitcoin Leads Despite Recession – 1″/>
ethereum followed with $38.4 million in sales, a decline of 1.59%. Interestingly, the blockchain also recorded around $34.2 million in wash trading, a practice in which the buyers and sellers of a transaction are the same person or individuals who conspire to create an impression of high demand for a nfts in particular.
If real and fake trading figures on ethereum were combined, the network would have the highest nft sales volume of the week at over $72 million.
Blast, a newcomer to the top five, took the No. 3 spot in terms of nft sales, which recorded $15.943 million, a drop of 8.48%.
In fourth place was Solana, which reported $14.26 million in sales in the last seven days. The figure marked a sharp drop of 44.73% from the previous week, a percentage loss only surpassed by Arbitrum (ARB), Tezos (XTZ) and Fantom (ftm), whose sales volumes decreased by 51.71%, 62.09% and 69.21%, respectively.
Ranked at number 5, Polygon (MATIC) broke the negative trend with $12.14 million in sales, which was an increase of 20.37% from the previous week.
Ordinals without category registers the highest weekly sales volume
Among nft collections, Uncategorized Ordinals continued to lead sales volume, with $16.4 million in sales, despite a 26.73% weekly decline. Blast's Fantasy Top took second place with $15.93 million.
Mythos' Dmarket came in third with $5.58 million, followed by bitcoin's Nodemonkes with $4.74 million. Immutable-Zk's Guild of Guardians surpassed Core's BRC20 and took fifth place with nearly $4.4 million in sales.
<img loading="lazy" decoding="async" width="633" height="320" src="https://crypto.news/app/uploads/2024/05/Screenshot-Capture-2024-05-19-13-04-48.png” alt=”Weekly nft Sales Drop 9% to $145 Million, bitcoin Leads Despite Recession – 2″/>
CryptoPunk nft reaches $792,000
The most expensive nft sale of the week was Cryptopunk #741, which reached a hefty sum of $792,046. Interestingly, an ordinal enrollment was the second highest at $681,497.
Other notable sales included Cardano's Earthnode #184, which sold for $56,026, a Solana PepperMints nft, which sold for $40,384, and a Blast Chain nft that sold for just under $40,000.
Overall, there was a significant uptick in buyers and sellers. According to CryptoSlam, the number of nft buyers last week increased by more than 166%, while the number of nft sellers increased by 139%. Still, the 1,583,262 nft transactions represented a 27.58 drop from the previous week.
Meanwhile, Italian fashion designer Dolce & Gabbana and digital asset platform UNXD are facing a class-action lawsuit following alleged delays in the delivery of nft products, according to to Bloomberg.
The company's digital assets plummeted 97% in value.
