Ethereum
NFT sales fall 12% as Ethereum dominates and Polygon rises
The NFT market continues to experience decline, with sales down 12% last week.
Recall sales plunged 16% over the previous week.
According to CryptoSlamtotal sales over the past seven days were just under $100 million and involved more than $785,000 from buyers and sellers in 1.4 million transactions.
Ethereum leads the pack
Blockchains by NFT sales volume | Source: CryptoSlam
Ethereum (ETH) was once again the most active blockchain for NFT sales, leading the pack with $38.4 million in transactions.
Ethereum notably saw a surge in washing transactions last week, with revenue generated from this activity increasing by almost 9.5% to $37.69 million.
Polygon (MATIC) was one of the biggest gainers last week. Sales jumped 11.2% to overtake Bitcoin (BTC) network and in second place.
Interestingly, wash trading on the platform has continued to increase. Over the past week, Polygon saw a 37.58% increase in wash trades. Last week, it rose 46% to $14.9 million, nearly double the amount recorded previously.
Moving to third place in terms of sales volume, Bitcoin was one of the biggest losers of the week. Its 40% drop in sales was only better than Fantom’s (FTM) and Explosion (BLAST), which recorded declines of 87% and 74%, respectively.
Wash trading on the platform has also increased by almost 200%, although the $63,072 resulting from the activity is almost negligible compared to Ethereum and Polygon.
Solana (GROUND) maintained its position with the fourth highest sales volume of the week; However, last week’s fifth-ranked network, Immutable (IMX), had to fall to 6th place after Mythos Chain (MYTH) surpassed it with nearly $4.5 million in sales.
Remarkable performances came from Zora, BNB Channel, and Panini. Sales volume on Zora increased by more than 50%, while Panini, which hosts NFT sports trading cards, saw a 22% jump to earn $135,000.
Leading NFT collection
Among the NFT collections, except for Mythos’ DMarket, all NFT collections that topped the sales chart in the previous week were nowhere to be found. Instead, CryptoPunks made a comeback, seeing a massive 155% increase in sales volume to earn $5.26 million and become the best-selling NFT collection of the week.
Next comes the aforementioned DMarket, which, despite a 9.21% sales decline, still managed to earn over $4 million.
Bored Ape Yacht Club (BAYC), another popular NFT collection built on Ethereum, managed to take third place after completing 113 transactions that brought in almost $3.5 million. The amount was impressive as it represented a growth of 73.66% compared to the previous week’s sales.
Other collections that performed well over the past week are Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection, which raised $3.69 million and $2.43 million, respectively.
Best-selling NFTs of the week
In terms of individual coins, the most expensive NFT of the week came from Ethereum. However, its price of $204,066 pales in comparison to the previous week’s winner, which changed hands for $587,194.
In second place was a Bitcoin Ordinal that sold for $113,465, just $2,548 more than Solana’s Mad Lads #4575, which came in third.
With two major international football tournaments taking place in Europe and the Americas, fan token sales have increased significantly in the past week.
As seen in the table above, the Galatasaray fan token (GAL) recorded the highest sales volume, jumping an incredible 70.149% to $280.5 million as Turkey beat Georgia in the of his first Euro 2024 match.
The price of the token is also up by 2,542% and is currently priced at $2.87 per unit. FC Barcelona, PSG and Juventus fan token sales also increased between 22,903% and 8,670% as Spain, France and Italy successfully started their Euro 2024 campaigns.