NFT Sales Down 2% This Week – Here’s What to Expect This Week:

The non-fungible token market and the overall cryptocurrency ecosystem are showing signs of recovery after a prolonged bear market. Over the past few months, the NFT market has experienced a severe downturn, which has left many NFTs nearly worthless. In this article, we will evaluate the NFT market situation over the past seven days.

Bitcoin ordinal, sales volume leader

Data retrieved from on-chain market aggregator CryptoSlam.io indicates that the global NFT market is showing signs of recovery after a prolonged bear market. Over the past seven days, the global NFT market has recorded a trading volume of $250 million. However, in the NFT market, sales this week only decreased by 2% compared to last week.

The global NFT market has seen a brief surge in the number of collectors selling and purchasing NFTs. Over the past seven days, 274,286 collectors have sold NFTs and 348,687 people have purchased NFTs. NFT buyers increased by 49% and NFT sellers increased by 40%. Interaction in the NFT ecosystem led to a 9% increase in NFT transactions, reaching nearly 2 million.

Non-fungible tokens, hosted on the Bitcoin blockchain network “Bitcoin Ordinals”, are the most traded collection of NFTs this week, recording $122 million in transaction sales over the past seven days. However, this week Bitcoin Ordinal plunged 8.90% compared to last week.

Ethereum-based NFTs, which have dominated the NFT market for the past few years, are the second most traded collection of NFTs this week. Ethereum-based NFTs recorded $77 million in transaction sales over the past seven days. Ethereum NFTs fell 1.64% this week compared to last week.

Source: CryptoSlam.io, selling NFTs via blockchain

The digital collectible, hosted on Solana, a blockchain network that uses a proof-of-stake mechanism to provide smart contract functionality, is the third most traded NFT collection this week. Solana-powered NFT collections have recorded $22 million in transaction sales over the past seven days. This week Solana NFTs are up 19.19% from last week.

This week, non-fungible tokens hosted on Ethereum scaling network Polygon are the fourth most traded collection of NFTs. Over the past seven days, the Polygon-powered NFT collection has generated $6.3 million in sales. However, Polygon NFTs saw a 22% drop in sales this week compared to last week.

Immutable -X NFTs are the fifth most traded collection of NFTs this week. Over the past seven days, Immutable -X-based NFTs have recorded $5.5 million in transaction sales, topping the list of most traded NFTs on blockchain networks this week. The Immutable-x NFT collection is up 22% in sales this week.

Most sold NFTs in the last 7 days

Source: CryptoSlam.io, Top selling NFTs in the last 7 days

1. $RAT BRC-20 NFT

$Rats are animal tokens created on the Bitcoin blockchain network using the BRC-20 protocol. $RAT BRC-20 is the most traded NFT collection this week, with $14 million in transaction sales over the past seven days. However, the $RAT BRC-20 NFT collection is down 17.21% from last week.

2. $SAT BRC-20 NFT

$SAT, another crypto token created on the Bitcoin blockchain network using the BRC-20 protocol, was the second best-selling NFT collection this week. Over the past seven days, the $SAT BRC-20 NFT collection has recorded $14.6 million in transaction sales. $SAT BRC-20 NFTs are down 53% this week compared to last week.

3. Bored Ape Yacht Club NFT

Bored Ape Yacht Club, an NFT collection from digital asset company Yuga Labs featuring a fixed set of 10,000 NFTs hosted on the Ethereum network, was the third most traded NFT collection this week. The Bored Ape Yacht Club NFT collection has raised $8 million in the past seven days. The Bored Ape Yacht Club NFT saw sales this week down 17% from last week.

4. Bitcoin Ordinal ‘Unclassified’ NFT

Bitcoin Ordinals, a collection of non-fungible tokens inscribed on the Bitcoin blockchain network using Satoshi Nakamoto’s ordinal theory, is the fourth best-selling NFT collection this week. Over the past seven days, Bitcoin Ordinals recorded $7.2 million in transaction volume.

5. $CAT BRC-20 NFT

$CAT is an animal token created on the Bitcoin blockchain network using the BRC-20 protocol. The NFT collection became the fifth best-selling NFT collection, with trading volume of $7.2 million. During this period, $CAT BRC-20 NFTs are up 99% since last week.

Source: CryptoSlam.io, Top selling NFTs in the last 7 days

6. AOI Engine NFT Collection

AOI Engine is a collection of generative art for digital artist Jack Butcher’s Art Blocks Engine. The NFT collection has been launched to determine Oracle Red Bull Racing’s cumulative fastest lap time for the 2023 season, giving collectors a limited opportunity to own a rare piece that reflects the team’s peak performances. AOI Engine is the 6th most traded NFT collection, with $6 million in sales.

7. $? BRC-20 NFT

Question mark ‘$?’ It is another crypto token created on the Bitcoin blockchain network using the BRC-20 protocol. $? The BRC-20 NFT is the 7th best-selling NFT collection, with $5.5 million in sales over the past 7 days. $? BRC-20 NFT sales increased 871% this week compared to last week.

8. Gods Unchained NFT Collection

Gods Unchained is a non-fungible token hosted on Immutable X, Ethereum’s first zero-knowledge rollup (zk-rollup) for NFTs. Gods Unchained was the 8th most traded NFT collection this week. Over the past seven days, the NFT collection has sold $5.2 million. Gods Unchained NFTs are up 24% this week compared to last week.

9. Mutant Monkey Yacht Club NFT

Mutant Ape Yacht Club, an NFT collection from digital asset incubation studio Yuga Labs featuring a limited set of 20,000 NFTs hosted on Ethereum, was the ninth best-selling NFT collection this week. Over the past seven days, Mutant Ape Yacht Club has recorded a volume of $5.1 million. The Mutant Ape Yacht Club NFT saw a 75% increase in sales this week compared to last week.

10. $MMSS BRC-20 NFT

$MMSS is another crypto token created on the Bitcoin blockchain network using the BRC-20 protocol. This week, $MMSS was the 10th most traded NFT collection, with sales of $4.7 million. $MMSS BRC-20 tops the list of 10 best-selling NFTs over the past seven days.

NFT Market Forecast

The global non-fungible token market continues to demonstrate strong market potential for further growth in the coming weeks. According to on-chain analytics firm Statista, the global non-fungible token market size is expected to grow at a compound annual growth rate (CAGR) of 34.2% from 2023 to 2030, reaching $211.72 billion by 2030.

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