The NFT Market Sees Significant Drops in Sales Volume
The market for non-fungible tokens (NFTs) is currently experiencing a decline, with a nearly 20% drop in sales volume over the past 24 hours. The total sales volume stands at $29,981,386. The number of buyers and sellers has also decreased by 17% and 6% respectively. Transactions are down over 15%, according to CryptoSlam.
Top Performers and Biggest Drops Among NFT Collections
Among the top ten largest collections per sales volume, Pudgy Penguins saw the highest increase in a day, with a 60% rise to $626,018. DMarket is up 48% to $617,815.
On the other hand, Crypto Punks, despite having the highest overall volume of $1.55 million, experienced the largest drop in a day, falling nearly 60%. It is followed by Ordinals and CryptoUndeads, both dropping around 45%.
Magic Eden Introduces Rewards Program for Solana OGs
NFT marketplace Magic Eden has unveiled a new rewards program for collectors and creators. The program aims to give back to Magic Eden’s OGs, collectors, creators, and degens. Starting on Solana, the rewards program will eventually expand to collectors and creators across different chains.
For Solana OGs, there will be a Retroactive Diamond Drop event on February 2. Magic Tickets owners will also be included in the program. The team plans to integrate the rewards into the Magic Wallet once it is released.
Weekly NFT Sales Drop with Solana Ahead of Bitcoin
In the past week, NFT sales have dropped by 13% to $268,396,450. The number of transactions has also decreased by 19% to 2.3 million. However, the number of buyers increased by 51%, while the number of sellers increased by 57%.
Solana has maintained its position ahead of Bitcoin in terms of NFT sales volume. Ethereum remains in the first spot with $9.8 million, followed closely by Solana with $7.88 million (despite a 6% drop). Bitcoin ranks third with $6.19 million, and Polygon is fourth with $1.6 million in volume (down 32%).
Endless Clouds Partners with Immutable for New Game Titles
Game studio Endless Clouds has partnered with Immutable to launch two new titles on the Immutable zkEVM blockchain. The games, Treeverse and Capsule Heroes, will eventually integrate Immutable Passport for easier management of gamer’s identities and digital assets across games.
The partnership aims to make future Web3 game integration seamless and enable tradeable NFTs in both games. Future assets earned in-game or purchased from the store will most likely reside on the Immutable zkEVM chain.
Hot Take: NFT Market Sees Decline in Sales Volume
The NFT market is currently experiencing a decline in sales volume, with a significant drop over the past 24 hours. This downward trend is reflected in the weekly numbers as well. Despite this, there are still top performers among NFT collections, such as Pudgy Penguins and DMarket.
In other NFT news, Magic Eden has introduced a rewards program for Solana OGs, while Endless Clouds has partnered with Immutable to launch two new game titles on the Immutable zkEVM blockchain. These developments indicate ongoing innovation and growth in the NFT space.
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