NFT Sales Continue to Decline for Seventh Consecutive Week
Despite the recent uplift in the broader crypto market, NFT sales have been on a consistent decline for the past seven weeks. In the last week alone, NFT transactions totaled $66.11 million, marking an 11.65% decrease from the previous week.
Increased Number of Buyers and Sellers
While sales volume dropped, there was a positive development in terms of the number of NFT purchasers and sellers. The count of buyers surged by 17.77%, and the tally of sellers jumped by 15.82%. Data from cryptoslam.io shows that Ethereum-based NFT sales dominated, accounting for $38.10 million of the total turnover.
Top Performing NFT Collections
The top three NFT collections in terms of sales were Mythos NFT transactions with $8.79 million (12.29% increase), Solana with $6.86 million (8.87% increase), and Dmarket collection linked to Mythos with $8.72 million (12.32% increase). Bored Ape Yacht Club (BAYC) also performed well with sales of $4.13 million, rising by 25.18%.
Notable Sales and Price Declines
The standout sale of the week was Cryptopunk #2367, which sold for $143,062. Additionally, blue-chip NFT collectibles such as Cryptopunks and BAYC experienced significant drops in floor prices, reflecting a broader downtrend in the market.
Hot Take: NFT Sales Face Continuous Decline Amidst Market Volatility
Despite the positive momentum in the overall crypto market, the NFT sector continues to struggle. With sales declining for seven consecutive weeks, it is clear that NFTs are currently facing challenges in maintaining their previous levels of popularity and value. While there may be occasional spikes in certain collections, the overall trend remains downward. This highlights the need for innovation and adaptability within the NFT space to regain momentum and attract new buyers and sellers.
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