Over the past month, the NFT market has gone through a difficult phase with sales dropping sharply by 28.9%, resulting in a total transaction value of only about 107 million USD. This decline occurs against the backdrop of the cryptocurrency market being heavily impacted by a major sell-off, with key coins like Bitcoin falling to 85,000 USD and Ethereum dropping to 2,200 USD.
According to data provided by CryptoSlam, the decline in total NFT trading volume has marked a new focal point for investors and collectors, despite a significant increase in the number of participants in trading. Here are the highlights from the latest report:
NFT Sales Situation
The volume of NFT sales has decreased from 152.9 million USD to 107.1 million USD.
The number of NFT buyers has impressively grown, reaching 456,874, an increase of 36.02% compared to last week.
The number of NFT sellers has also seen an increase, with 314,871 individuals, up by 32.81%.
The number of transactions remains stable with a slight increase, reaching 1,566,183, up by 0.86%.
Sales Analysis by Blockchain
Ethereum: The trading volume of NFTs on the Ethereum platform has plummeted by 67.86%, down to 25.3 million USD. Nevertheless, the number of buyers increased by 20.27%, reaching 50,056. Wash trading also sharply decreased by 92.83%, totaling only 2.7 million USD.
Bitcoin: In contrast to Ethereum, NFT sales on the Bitcoin network increased by 16.73%, reaching 24.3 million USD. The number of buyers also rose by 30.71%, reaching 30,203.
Mythos Chain: This network recorded a sales decrease of 4.79%, down to 14.7 million USD but still maintained its third position on the list.
Polygon (POL): With an impressive growth of 45.35%, Polygon's sales reached 14.2 million USD, maintaining fourth place.
Solana: Ranked fifth with sales of 12.1 million USD, Solana also saw a growth of 12.41%.
Top Collections Record Sales
Among the top NFT collections, the fluctuations in sales are also noteworthy:
Courtyard: With sales reaching 12.1 million USD, an increase of 39.55%. Although the number of buyers decreased by 24.05%, the number of transactions reached 139,249.
Ordinal Maxi Biz (OMB): A new collection featuring extraordinary growth of 450.88%, with sales reaching 12.0 million USD. The increase in the number of buyers up to over 2,000% has shown great interest from the market.
DMarket: Following closely is DMarket with sales of 9.5 million USD, down by 6.30% compared to last week.
f(x) wstETH position: This newcomer has recorded sales of 6.1 million USD, an increase of 173.91% and ranks fourth.
Guild of Guardians Heroes: Ranked fifth with sales of 3.1 million USD, an increase of 7.38%.
One of the notable events is Pudgy Penguins, a previously leading collection in the market, has dropped to the tenth position with sales of only 1.6 million USD, down by 80.69% with a significant decline across all metrics.
Notable Sales
Over the past week, several notable NFT transactions have taken place, including:
Book.io – Dr. Jekyll and Mr. Hyde: 390,410 USD (600,000 ADA)
Book.io – Dr. Jekyll and Mr. Hyde (second edition): 386,179 USD (600,000 ADA)
CryptoPunks #1062: 177,517 USD (80 ETH)
CryptoPunks #2948: 139,250 USD (52.5 ETH)
Ordinal Maxi Biz (OMB): 110,374 USD (1.1442 BTC)
Crypto Market Situation
According to recent fluctuations, the total capitalization of the cryptocurrency market has experienced a severe decline, dropping to 2.84 trillion USD compared to 3.18 trillion USD last week. Ethereum, during this period, has decreased by over 20%.
The movement of these indicators shows that the NFT market is still in the process of reshaping trading patterns and attracting more investors. The increase in the number of participants reflects that despite the decline in sales, investors still maintain significant interest in the NFT sector.
With these movements, it is crucial for stakeholders to closely monitor market developments, especially as key cryptocurrencies like Bitcoin and Ethereum may continue to have a strong impact on the NFT market in the near future. Investors should carefully consider their approach strategy while the market remains unstable and needs time to recover.
Conclusion
The NFT market continues to demonstrate its volatility and unpredictability week by week. The upcoming period may reflect one of two scenarios: either a recovery from the current shocks or a continued adjustment if the flow of investment does not return. This indicates that although sales have decreased, interest in NFTs remains strong, and the market will present new opportunities for those who dare to seize them. Investors and collectors should continue to monitor to not miss important developments in this space.
