NFT Sales Decline for the Sixth Consecutive Week
Despite the overall growth of the crypto economy, sales of non-fungible tokens (NFTs) have continued to decline for the sixth consecutive week. The latest data shows that NFT sales from September 24 to October 1, 2023, amounted to approximately $72.76 million, which is 9.91% lower than the previous week. However, there has been an increase in the number of NFT buyers by 17.77% and NFT sellers by 15.82% during this period.
Ethereum Dominates NFT Sales
Among the various blockchains, Ethereum remains the leader in NFT sales with $37.27 million in transactions, accounting for 51.22% of the total sales for the week. Although there was a slight decrease of 1.16% compared to the previous week, Ethereum continues to be the preferred blockchain for NFT commerce.
Top Performers in NFT Sales
The top-performing NFT collection this week was Dmarket’s Mythos, generating $7.76 million in sales. Gods Unchained on Immutable X secured the second spot with $5.22 million in sales. Other notable contenders included Draftkings, Bored Ape Yacht Club (BAYC), and Sorare.
Notable High-Value NFT Purchases
In terms of high-value NFT purchases, BAYC #591 fetched $177,710 on Opensea’s marketplace, while Ordinal Maxi Biz on the Bitcoin blockchain sold for $44,217 on Magic Eden’s NFT market. Solana’s Boogle #066 and BNB’s Starcraft Planets followed closely, selling for $40,503 and $32,544 respectively. Cardano’s Earth Node #268 concluded the high-value sales race at $32,100.
Hot Take: NFT Sales Continue to Face Challenges
The decline in NFT sales for the sixth consecutive week suggests that the NFT market is currently facing challenges. While there has been an increase in the number of buyers and sellers, the overall sales figures have decreased. This could be attributed to various factors such as market saturation, changing investor sentiment, or a shift in focus towards other crypto assets. However, it is important to closely monitor the market trends to understand the future trajectory of NFT sales.
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