NFT Sales Dip 18% to $116.9M as Polygon Surpasses Ethereum
NFT Market Faces Significant Decline as Polygon Surpasses Ethereum
NFT Sales Experience a Sharp Drop
The NFT marketplace has hit a rough patch, witnessing a substantial downturn with sales volume plummeting by 18.43%, now totaling $116.9 million.
Data from CryptoSlam indicates this downturn marks a notable shift from the previous week’s robust activity levels.
Simultaneously, Bitcoin’s (BTC) value has declined to $103,000, while Ethereum (ETH) has seen a 4% drop over the past week. The total value of the global cryptocurrency market stands at $3.21 trillion, down from $3.29 trillion recorded last week.
Mixed Signals in Market Participation
Even though the sales figures have dropped, metrics related to market participation present a mixed picture. The number of NFT buyers remains steady at 1,061,348, reflecting a 50.56% increase. However, the number of NFT sellers has increased by 8.09%, reaching 38,494, while NFT transactions have slightly decreased by 0.63%, totaling 1,709,086.
Immutable Maintains Its Leading Position
Immutable (IMX) continues to hold the top spot among NFT platforms, despite experiencing a 32.23% decrease in sales to $28.3 million. Notably, wash trading on this blockchain has almost vanished, plunging 81.19% to just $3.
In an impressive turn, Polygon (POL) has surged into second place with sales of $23.3 million, reflecting a 24.98% increase and surpassing Ethereum. The latter has slipped to third place, recording sales of $20.4 million, a drop of 32.06%. Ethereum’s wash trading has also seen a reduction of 18.29% to $1.8 million.
Performance of Other Blockchains
Mythos Chain remains in fourth place, showing minimal change with a mere 0.03% dip, amounting to $14.1 million in sales. Meanwhile, Solana (SOL) has made a notable leap to fifth position, achieving $8.7 million in sales, marking an increase of 42.74%.
The buyer count has generally risen across various blockchains, with Polygon topping the list at 35.63% growth, followed closely by Solana at 27.41% and Mythos Chain at 19.32%.
Collection Rankings Highlight Shifts
In terms of collection rankings, Courtyard on Polygon has reclaimed the leading spot, amassing $17.4 million in sales with a modest growth rate of 0.56%. This collection has also noted a significant increase in sellers, skyrocketing by 1,264.81%.
Dropping to second place, Guild of Guardians Heroes has seen its sales fall to $16.5 million, down 33.60%. This gaming collection has recorded declines in all significant metrics, including transactions (down 35.26%), buyers (down 41.99%), and sellers (down 42.33%).
DMarket ranks third with sales of $9 million, reflecting a slight increase of 0.99%. Guild of Guardians Avatars continues in fourth place with sales of $7 million, although it has experienced a decline of 31.19%. Lastly, Gods Unchained Cards has made it to the top five with $4.7 million in sales, despite a drop of 28.60%. The once-prominent Uncategorized Ordinals collection on Bitcoin has fallen out of the top rankings.
High-Value NFT Transactions of the Week
Among the standout sales this week, several high-value NFTs have made headlines:
- CryptoPunks #1831 was sold for 150 ETH, valued at $389,846.
- CryptoPunks #9778 also fetched 150 ETH, equivalent to $377,958.
- CryptoPunks #4868 was sold for 76.5 ETH, amounting to $201,933.
- CryptoPunks #5586 went for 70.07 ETH, translating to $185,292.
- CryptoPunks #7516 was purchased for 60 ETH, valued at $158,378.
This week’s trading activity reflects ongoing fluctuations within the NFT market, marked by significant winners and losers alike.
