Investor Interest in NFTs Declines as Solana Surpasses Ethereum
Investor interest in non-fungible tokens (NFTs) has experienced a significant decline for the first time since early November. Despite this market downturn, Solana (SOL) has emerged as the second-largest network for NFTs.
NFT Sales Volume Plunges by 42%
Data provided by CryptoSlam reveals that global NFT sales volume has dropped by 42% in the past 24 hours, reaching $64.3 million. Additionally, the total number of NFT transactions has fallen by 21% to approximately 350,000.
Wash Trades Decrease while Wash Transactions Surge
CryptoSlam data indicates that wash trades have decreased by 16.5%, amounting to $6.5 million. However, there has been a significant surge of 90.7% in the number of wash transactions, surpassing 30,000 in a day.
Solana Surpasses Ethereum in NFT Trading Volume
Traditionally, Ethereum has dominated the NFT scene. However, Solana has now surpassed Ethereum by a slight margin, becoming the second-largest blockchain for NFTs with a 24-hour trading volume of $9.58 million. Ethereum has taken the third spot with a sales volume of $9.57 million.
NFT Sales Volume Decline Tied to Broader Crypto Market Downturn
The decline in NFT sales volume may be attributed to the downward momentum of the broader crypto market. Recent reports indicate that digital investment products saw $16 million in outflows last week, marking the first time in 11 weeks.
Hot Take: NFT Sales Experience Significant Decline Amid Broader Market Downturn
Investor interest in non-fungible tokens (NFTs) has taken a hit as the market experiences a downturn. Solana emerges as the second-largest network for NFTs, surpassing Ethereum in trading volume. However, NFT sales have seen a significant decline of 42% in the past 24 hours, reaching $64.3 million. The number of transactions also dropped by 21%. Despite this decline, wash transactions have surged by 90.7%. Solana now holds the second spot for NFT trading volume with $9.58 million, while Ethereum takes third place with $9.57 million. The overall decline may be linked to the broader crypto market’s downward trend.
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