Is NFT Excitement Dying Down? 9% Drop in Weekly Sales
In the last seven days, the non-fungible token (NFT) market generated sales of $145 million, representing a decline of more than 9% from the previous week. This decline continues the downward trend in sales volume in recent weeks. According to KriptoSlam data, four of the top five blockchains with the highest volume saw a decrease in this period.
Last week, digital collectible sales fell more than 11%, as crypto.news reported, and this week they fell another 9.68% to a total of $145.01 million. As in previous weeks, Bitcoin (BTC) continued to lead weekly NFT sales and remained ahead of rivals Ethereum (ETH) and Solana (SOL).
According to CryptoSlam, the Bitcoin network had the highest NFT sales volume among blockchains in the last week, bringing in approximately $44.1 million.
But despite the impressive numbers, this still represents an 11% drop compared to the previous week. Ethereum followed with $38.4 million in sales, down 1.59%. Interestingly, the blockchain recorded approximately $34.2 million in fraudulent trades. Fake trading is when the buyers and sellers in a transaction are the same person or people conspiring to create the impression of high demand for a particular NFT.
If real and fake trading volumes on Ethereum were combined, the network would have the highest NFT sales volume of the week, exceeding $72 million.
Blast, which ranks 3rd in terms of NFT sales, is a new name in the top five and achieved sales of $ 15,943 million, with a decrease of 8.48%.
In fourth place was Solana, which reported sales of $14.26 million in the last seven days. This figure represents a decrease of 44.73% compared to the previous week. This percentage loss was surpassed only by Arbitrum (ARB), Tezos (XTZ), and Fantom (FTM), whose sales volumes fell 51.71%, 62.09%, and 69.21%, respectively.
Polygon (MATIC), which ranked 5th, reversed the negative trend and achieved sales of $12.14 million, an increase of 20.37% compared to the previous week. Among NFT collectibles, Uncategorized Sequences continued to lead in sales volume with $16.4 million in sales despite a 26.73% weekly decline. Blast’s Fantasy Top came in second with $15.93 million.
Mythos’ Dmarket ranked third with $5.58 million, followed by Bitcoin’s Nodemonkes with $4.74 million. Immutable-Zk’s Guild of Guardians surpassed Core’s BRC20s to take fifth place with sales of approximately $4.4 million. The most expensive NFT sale of the week was Cryptopunk #741, which sold for a high price of $792,046. Interestingly, an Ordinal recording was the second highest sale at $681,497.
Other notable sales included Earthnode #184 from Cardano ($56,026), a PepperMints NFT from Solana ($40,384), and a Blast Chain NFT that sold for nearly $40,000.
Overall, there was a significant increase in the number of buyers and sellers. According to CryptoSlam, the number of NFT buyers increased by more than 166% last week, while the number of NFT sellers increased by 139%. Still, the 1,583,262 NFT transactions executed represent a 27.58% decrease from the previous week.
Meanwhile, Italian fashion designer Dolce & Gabbana and digital asset platform UNXD are facing a class-action lawsuit after alleged delays in the delivery of NFT products, according to Bloomberg.