NFT Market Faces Decline
The non-fungible token (NFT) market continued its downward trajectory, with sales volume dropping 8.53% to $129.6 million, according to CryptoSlam data. Despite the decline in sales, market activity rose, with buyers increasing 18.06% to 541,831 and sellers up 17.05% to 385,179. Total NFT transactions climbed 11.96% to 1,814,788.
The slump reflects the broader crypto market’s weakness. Bitcoin slipped to $108,000, while Ethereum dropped to $4,300. The total global crypto market cap stands at $3.75 trillion, down from $3.98 trillion last week.
Ethereum Leads, Polygon Surges
Ethereum maintained its dominance with $54.5 million in sales, though this marked an 8.24% weekly drop. Wash trading on Ethereum spiked 42.68% to $20.1 million.
Polygon secured second place with $18.9 million in sales, representing a 16.12% increase. BNB Chain followed with $13.4 million, suffering a 34.77% decline.
Immutable registered $6.8 million in sales, down 4.95%, while Solana posted $5.7 million, a steep 20.44% fall.
Buyers Surge Across Blockchains
Despite lower volumes, the number of buyers surged across most blockchains. Solana led with 39.47% growth, followed by Polygon at 42.66% and Bitcoin at 31.55%.
On the collection side, Courtyard on Polygon retained the top spot with $17.6 million in sales, rising 19.44%. CryptoPunks fell to second with $7.1 million, down 17.95%.
Pudgy Penguins Shine
Pudgy Penguins jumped into third place with $5.2 million in sales, a remarkable 63.39% surge. The collection showed growth across all metrics: transactions surged 89.66%, buyers rose 60%, and sellers increased 46.81%.
Other top collections included DMarket with $5.1 million, Moonbirds at $4.4 million, and SpinNFTBox on BNB Chain at $4.2 million.
Notable High-Value Sales
This week saw several large NFT sales, particularly within the CryptoPunks collection:
- CryptoPunks #4619 sold for 96 ETH ($446,764)
- CryptoPunks #2400 sold for 73.5 ETH ($324,076)
- CryptoPunks #5273 sold for 65 ETH ($283,399)
- CryptoPunks #1721 sold for 60 ETH ($274,171)
- CryptoPunks #6373 sold for 55 ETH ($261,046)
