Bitcoin
Weekly NFT Sales Drop to $145 Million, Bitcoin Leads in Recession
Over the past seven days, the non-fungible token (NFT) market has seen sales reach $145 million, reflecting a decline of more than 9% from the previous week.
This slowdown continues the trend of declining sales in recent weeks, with four of the top five blockchains by sales volume recording declines during this period.
Last week, as reported per crypto.news, digital collectibles sales fell more than 11%, and this week they fell another 9.68%, totaling $145.01 million, according to data from CryptoSlam.
Bitcoin leading the pack
As seen in previous weeks, Bitcoin (Bitcoin) continued to lead the weekly NFT sales, consistently staying ahead of major Ethereum rivals (ETH) and Solana (SUN).
Last week, the Bitcoin network had the highest volume of NFT sales among blockchains, managing to raise around US$44.1 million, according to CryptoSlam.
However, despite the impressive numbers, it still marked an 11% drop from the previous week.
Top 5 Blockchains by NFT Sales Volume | Source: CryptoSlam
Ethereum followed with sales of US$38.4 million, down 1.59%. Interestingly, the blockchain also recorded around $34.2 million in wash trading, a practice where buyers and sellers in a transaction are the same person or individuals conspiring to create an impression of high demand for a particular NFT.
If the real and wash trading numbers on Ethereum were combined, the network would have the highest NFT sales volume for the week at over $72 million.
In third place in terms of NFT sales was Blast, a newcomer to the top five, which recorded $15.943 million, marking an 8.48% decline.
In fourth place was Solana, which reported sales of $14.26 million over the past seven days. The number marked a sharp drop of 44.73% from the previous week, a percentage loss only surpassed by Arbitrum (BRA), Tezos (XTZ) and Ghost (FTM), whose sales volumes decreased by 51.71%, 62.09% and 69.21%, respectively.
Sitting at #5, Polygon (MATIC) bucked the negative trend with sales of US$12.14 million, an increase of 20.37% compared to the previous week.
Uncategorized Ordinals records highest weekly sales volume
Among NFT collections, Uncategorized Ordinals continued to lead in sales volume with $16.4 million in sales despite a 26.73% weekly drop. Blast’s Fantasy Top came in second with $15.93 million.
Mythos’ Dmarket came in third place with $5.58 million, followed by Bitcoin’s Nodemonkes with $4.74 million. Immutable-Zk’s Guardians Guild surpassed Core’s BRC20s and came in fifth place with nearly $4.4 million in sales.
Top 5 NFT Collections by Sales Volume | Source: CryptoSlam
CryptoPunk NFT Reaches $792,000
The most expensive NFT sale of the week was Cryptopunk #741, which raised $792,046. Interestingly, an Ordinal entry was the second highest at $681,497.
Other notable sales included Earthnode #184 from Cardano, which raised $56,026, a PepperMints NFT from Solana, which raised $40,384, and a Blast Chain NFT that sold for just under $40,000.
Overall, there has been a significant increase in the number of buyers and sellers. According to CryptoSlam, the number of NFT buyers increased by more than 166% last week, while the number of NFT sellers increased by 139%. Still, the 1,583,262 NFT transactions represented a 27.58 drop from the previous week.
Meanwhile, Italian fashion designer Dolce & Gabbana and digital asset platform UNXD face a class action lawsuit following alleged delays in the delivery of NFT products, according to for Bloomberg.
The company’s digital assets plummeted 97% in value.