The non-fungible token (NFT) market has been experiencing a consistent downturn for the past seven weeks. Despite the broader cryptocurrency market showing signs of recovery, NFT sales have been on a different trajectory. In the most recent week, the total NFT transactions amounted to $66.11 million, which is an 11.65% drop from the week prior.
The decline in NFT sales, however, does not tell the entire story. While the weekly sales volume has been decreasing, the number of NFT buyers has seen a significant increase of 17.77%. Similarly, the number of sellers has also risen by 15.82%. Data from cryptoslam.io indicates that Ethereum-based NFTs dominated the market, accounting for $38.10 million of the total sales, which is 57.63% of all NFTs sold during the week. Yet, even within this dominant category, sales saw a minor dip of 0.84%.
Other platforms also made their mark. Mythos NFT transactions secured the second spot with sales of $8.79 million, marking a 12.29% increase from the previous week. Solana wasn’t far behind, with sales amounting to $6.86 million, an 8.87% increase week-over-week. The Mythos-linked Dmarket collection led the sales charts, bringing in $8.72 million, a 12.32% rise. Following closely were the Bored Ape Yacht Club (BAYC) with $4.13 million, a 25.18% increase, and Polygon’s Draftkings with $3.28 million, despite an 18.24% decrease.
One of the most notable sales of the week was Cryptopunk #2367, which was sold for a whopping $143,062. Meanwhile, blue-chip NFT collectibles, which are typically considered premium assets, have seen a decline in their floor prices. For instance, Cryptopunks’ value has decreased to 45 ether, and BAYC NFTs have dropped to 26.30 ether, reflecting a broader downtrend in the value of high-end digital collectibles.
The continuous decline in NFT sales, juxtaposed with the rise in the number of buyers and sellers, paints a complex picture of the current state of the NFT market. While sales volumes are decreasing, interest in the market remains, suggesting that the NFT space is undergoing a period of adjustment and consolidation. Only time will tell how these dynamics will evolve in the coming weeks and months.