NFT Market Sees Sharp Decline in Sales
As we entered 2024, there was a slight dip of 1.31% in NFT sales compared to the previous week. Although there was a small rise the following week, sales dropped by 5.05% last week.
This week, NFT sales experienced the biggest decline in 2024, with a plunge of over 21% compared to the previous seven days. The total sales volume reached $228,327,660, according to cryptoslam.io.
Ethereum Retakes Lead in NFT Sales
Earlier in 2023, Bitcoin blockchain-based NFT transactions drove the surge in NFT sales. However, Ethereum has now reclaimed its position as the leader in NFT sales volume. In the past seven days, Ethereum’s NFT sales amounted to $74.97 million, a decrease of 28.78% from the previous week.
On the other hand, Bitcoin experienced a 12.62% drop in sales over the same seven-day period, with $55.92 million in total. Solana secured the third spot with $53.69 million in sales, an 11.85% decrease.
Polygon and Avalanche also experienced significant declines in their NFT markets, with sales dropping by 36.40% and 41.25% respectively.
High-Ranking NFT Collections and Top Sales
The Cryptopunks series emerged as the top-selling collection this week, with $13.67 million in sales, marking a 32.23% increase from the previous week. Bitcoin’s Uncategorized Ordinals came in second with $9 million in sales, a 3.75% decline.
Solana’s Froganas secured the third spot with $7.04 million in sales, a staggering 420.77% increase. Cryptoundeads, also on Solana, saw a 58.82% decrease with $6.75 million in sales. Avalanche’s Dokyo NFT collection came in fifth with $5.85 million in sales, a 33.70% drop.
The highest-priced digital collectible of the week was Cryptopunk #6,940, which sold for $507,618. A BNB’s Lockdealnft and an Axie Infinity NFT also fetched high prices.
Challenges in NFT Sales
In 2022 and most of 2023, sales of blockchain-based digital collectibles faced difficulties. Although Bitcoin initially boosted overall sales in the NFT market, both BTC-focused NFT sales and overall sales have been declining. NFTs based on Solana and Polygon saw an increase in sales in late 2023 but have recently encountered modest falls.
It remains to be seen whether this downward trend in NFT sales will continue or if there will be a resurgence in the market.
Hot Take: NFT Sales Experience Significant Decline in 2024
Between Jan. 20 and Jan. 27, 2024, there was a noteworthy drop in NFT sales volume, with Ethereum and Bitcoin experiencing substantial decreases. This decline challenges the growth and stability of the NFT market but raises questions about the future trajectory of the industry. Whether this decline in sales continues or if there will be a recovery in the coming weeks remains uncertain. NFT enthusiasts should closely monitor the market and adapt to the evolving trends to make informed decisions.
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