The non-fungible token (NFT) market experienced a significant setback this week, with global sales plummeting 21% compared to the previous week. Data from cryptoslam.io reveals that total NFT sales across 21 unique blockchains barely surpassed the $100 million mark over the past seven days, reflecting the broader downturn in the cryptocurrency market.
Despite the overall decline, some interesting trends emerged. Ethereum remained the leader in NFT sales, generating $38.46 million, although this represented a 2.62% decrease from the previous week. Polygon secured the second position with $19.92 million in sales, showing a 13.24% increase. Bitcoin ranked third with $17.59 million, despite a sharp 59.55% drop in BTC-centric digital collectible sales.
Interestingly, the number of buyers and sellers in the NFT market increased significantly, with a 74.62% rise in buyers and a 64.31% increase in sellers. This surge in market participants, despite the overall sales decline, suggests a shift in trading patterns or an influx of smaller transactions.
Some individual collections bucked the downward trend, with Ethereum’s Cryptopunks generating $4.98 million in sales, a remarkable 171.29% increase from the previous week. Similarly, Pudgy Penguins saw a 204.25% jump, achieving $3.67 million in sales. These success stories, along with Bitcoin’s milestone of surpassing $4.3 billion in all-time NFT sales, indicate that while the market is experiencing a downturn, there are still pockets of growth and investor interest in specific projects.
