In the nft market, bitcoin continues to lead. Despite a notable drop in sales, this remains the case. Over the past week, total nft sales fell by 9%. Sales were set at $145 million. This drop is part of an ongoing trend in the nft market. The crash has been affecting several blockchain platforms.
Online collections also saw a significant decline, with sales figures falling by more than 11%, followed by another substantial drop of 9.68%. The total sales figure stood at $145.01 million during the week.
bitcoin's dominance in nft sales
Despite the overall decline, bitcoin maintained its lead in nft sales during the week. bitcoin achieved the highest volume, with nft sales totaling approximately $44.1 million. However, this also marked an 11% drop from the previous week's performance.
ethereum followed bitcoin, with nft sales reaching $38.4 million. This represented a minor drop of 1.59%. Interestingly, ethereum laundering operations amounted to about $34.2 million. By combining real and fake trading figures, ethereum's total would exceed $72 million.
Performance of other blockchains
After ethereum, Blast recorded $15.943 million in nft sales, a decrease of 8.48%. Solana came in fourth place, with total sales of $14.26 million, a significant drop of 44.73%.
With sales of $15.943 million, Blast trailed ethereum by a margin of 8.48%. Solana's sales of $14.26 million place it in fourth place, with a notable decrease of 44.73%. Sales volumes of other blockchains, such as Fantom (FTM), Tezos (XTZ), and Arbitrum (ARB), fell by 62.09%, 69.21%, and 51.71%, respectively.
Polygon (MATIC) took fifth place, reporting $12.14 million in sales. Unlike others, Polygon saw a positive change with a 20.37% increase in sales volume.
The week also saw some high-value nft sales. Cryptopunk #741 was the most expensive, reaching $792,046. Ordinal registration stood at $681,497 and Earthnode #184 sold for $56,026.
Best Selling nfts
Ordinals without category led the sales volume with 16.4 million dollars. Blast's Fantasy Top followed closely with $15.93 million. Mythos' Dmarket and bitcoin's Nodemonkes recorded $5.58 million and $4.74 million, respectively. The highest-priced nft sale involved Cryptopunk #741, which sold for $792,046, followed by an ordinal listing at $681,497 and Earthnode #184 at $56,026.
A class action lawsuit has been filed against UNXD, an online asset platform, and Italian fashion house Dolce & Gabbana. Bloomberg reports that the lawsuit is due to alleged delays in the delivery of nft products. This development adds a layer of complexity to the already volatile nft market.
Final thoughts
Despite an overall drop in nft sales, bitcoin remains the leader in this space, demonstrating its resilience. ethereum and other blockchains are also important players, although they face challenges such as wash trading. Polygon stands out for its sales growth, while some nfts continue to have high prices. Legal issues, such as the lawsuit involving UNXD and Dolce & Gabbana, highlight the current challenges in the nft market.
