NFT sales drop 38% due to weakening cryptocurrency market

The NFT market’s sales volume last week was $74.88 million, a plunge of 38.25% compared to the previous period.

The number of NFT buyers increased by 29.75% to 242,824, and the number of sellers increased by 32.02% to 217,181. Transaction volume increased by 8.29% to 726,723.

At the same time, Bitcoin (BTC) plummeted to the $83,000 level, and Ethereum (ETH) fell below the $2,700 level. The global cryptocurrency market capitalization is now $2.83 trillion, down from $3.2 trillion last week.

Ethereum maintains lead despite 38% drop

Ethereum continued to dominate all blockchains with NFT sales amounting to $46.92 million, down 38.78% over 7 days.

The network had 28,096 participating buyers, an 18.26% increase from the previous week. Ethereum wash trading during this period totaled $4.94 million.

Bitcoin had the steepest decline among major blockchains, coming in second with $6.46 million in revenue, down 71.12% from the previous week. The network attracted 10,905 buyers, up 30.87%, despite declining sales.

BNB Chain (BNB) ranked third with sales of $4.95 million, down 34.99%, while buyers increased 32.03% to 32,721.

Base ranked fourth with $4.24 million in sales, up 34.54% and attracting 78,759 buyers, up 18.90%.

Immutable (IMX) fell to fifth place with revenue down 12.05% to $3.26 million, while Solana (SOL) took the top six with $2.77 million, down 11.30% from the previous week.

Flying Tulip PUT maintains its #1 spot.

Ethereum’s Flying Tulip PUT maintained its lead in the collection rankings with $22.39 million in sales, down 56.59% from last week’s performance.

Collection processed 898 transactions from 432 buyers, with 51 sellers, up 292.31%.

Ethereum’s Moonbirds came in second with $3.89 million in sales, an explosive 108.91% during the week.

The collection completed 1,737 transactions, up 538.60% from 412 buyers, up 219.38%.

Pudgy Penguins ranked third with sales of $2.28 million, up 23.11%. Cardano’s Meld Bank Manager v came in fourth place with $2.01 million in a single transaction.

Guild of Guardians Heroes’ sales fell 16.21% to $1.93 million, while CryptoPunks rounded out the top six, plummeting 52.35% to $1.91 million after recovering 46.74% last week.

Cardano NFTs Drive High-Value Sales

The most valuable sale this week was on Cardano’s Meld Bank Manager v, which brought in $2.01 million (5,907,801.2774 ADA) in a single transaction, accounting for the entire weekly volume of the collection five days ago.

• 6 days ago, $X@AI BRC-20 NFT hit $1.36 million (15.3783 BTC) on Bitcoin.
• Known origin #88517 sold 5 days ago for $199,771 (69 ETH).

CryptoPunks took second place among the top five individual sellers.

• CryptoPunks #8804 was sold 6 days ago for $186,431 (63 ETH).
• CryptoPunks #5405 brought in $185,602 (63.99 ETH) 4 days ago.