NFT Market Suffers a Downturn, Highlighted by a Nearly 50% Drop in Sales Volume to $152.7 Million Over the Past Week

The non-fungible token (NFT) market has experienced a significant downturn, highlighted by a nearly 50% drop in sales volume to $152.7 million over the past week.

Non-fungible token (NFT) sales experienced a steep decline last week, with a nearly 50% drop in sales volume to $152.7 million, according to data from NFT market tracking service Cryptoslam. This downturn comes amidst a broader cryptocurrency market slump, with Bitcoin prices falling by 4% to $94,000 and Ethereum prices declining to $3,300.

Despite the decrease in trade volume, new and existing trader interest appeared robust, with a 50.97% increase in NFT buyers reaching 531,208 and a 47.14% rise in sellers to 308,666. However, the number of NFT transactions fell by 13.26% to 1,477,340, with a marked drop in total sales from the previous week’s $302.2 million.

Ethereum’s NFT sales suffered a sharp 62% decline, valued now at $75.3 million, alongside an increase in buyer numbers by 42.91%, totaling 63,054. Notably, wash trading saw a substantial drop of 80.04% to $21.6 million. Bitcoin’s NFT sales also mirrored this downturn with a 30% drop to $28.0 million, yet the network recorded a strong 52.13% growth in user acquisition with 59,311 buyers.

Solana maintained its third position with sales of $13.9 million, down by 58.71%, but saw a increase of 68.43% in sales to 180,111 buyers. In contrast, Mythos Chain and ImmutableX exhibited resilience, with sales slightly rising by 4.38% to $11.4 million and 15.93% to $8.1 million, respectively.

Among the top NFT collections, Pudgy Penguins led the market downturn with a dramatic sales plummet of 76.65% to $12.6 million, accompanied by significant declines in transaction volume and buyer participation. Azuki and BRC-20 NFTs followed, with Azuki’s sales at $9.3 million despite a 41.94% drop, while BRC-20 NFTs fell to $6.5 million, down by 30.68%.

On the other hand, DMarket and the Guild of Guardians Heroes showed positive sales growth of 8.96% and 22.23%, respectively. In the realm of individual NFT transactions, Azuki #3535 sold for a noteworthy sum of $427,000, while several CryptoPunks also fetched significant prices ranging from $155,949 to $159,792.

Collectively, the global cryptocurrency market capitalization declined from $3.41 trillion to $3.29 trillion, signaling a broader bearish trend affecting multiple facets of the digital assets market.