NFT Sales Drop 9.6/ as Bitcoin Nears $100K Milestone

While Bitcoin inches closer to an unprecedented $100,000 mark, hitting a new all-time high of $99,655.50, the NFT market has experienced a significant slowdown. Over the past week, NFT sales volume dropped by 9.6%, falling from $178.8 million to $160.9 million, according to data from CryptoSlam.

Cryptocurrency Market Soars

The global cryptocurrency market capitalization has surged, reaching $3.35 trillion—a 2% increase from last week’s $3.03 trillion. Bitcoin remains a strong leader, currently trading at $98,620.

Key Highlights From the NFT Market

• Total NFT Sales Volume: Declined to $160.9 million, down 9.6% from the previous week.

• Ethereum NFT Sales: Fell by 23.07% to $51.3 million, though the number of Ethereum NFT buyers surged 31.45% to 42,157.

• Bitcoin NFT Sales: Dropped 25.67% to $44.6 million, with wash trading rising 46.05% to $1.57 million.

• Solana's Resilience: Increased its sales by 6.83%, securing third place with $25.8 million.

• Polygon's Growth: Jumped to fourth position with $13.5 million in sales, a remarkable 289.66% increase.
• Mythos Chain: Ranked fifth with $10.7 million in sales, seeing a marginal 0.71% decline.

Despite the overall downturn, the number of NFT buyers rose by 52.93% to 450,512, while the number of sellers increased by 46.74% to 277,767. Transactions saw a minor dip of 1.26%, totaling 1,606,261.

Top-Selling Blockchains

1. Ethereum: $51.3 million (-23.07%)
2. Bitcoin: $44.6 million (-25.67%)
3. Solana: $25.8 million (+6.83%)
4. Polygon: $13.5 million (+289.66%)
5. Mythos Chain: $10.7 million (-0.71%)

BRC-20 NFTs Maintain Leadership

BRC-20 NFTs retained their market leadership with $16.6 million in sales, despite a steep 41.39% decrease. The top-selling NFT collections of the week include:

• Uncategorized Ordinals #016: Sold for $3.8 million (39.0083 BTC)
• CryptoPunks #7098: Sold for $368,889 (118 ETH)
• CryptoPunks #6285: Sold for $339,618 (100 ETH)
• CryptoPunks #3152: Sold for $332,825 (98 ETH)
• Autoglyphs #210: Sold for $279,868 (90 WETH)

Market Outlook

Despite the dip in NFT sales, the growing number of buyers and the bullish momentum in the cryptocurrency market indicate strong underlying interest. While Ethereum and Bitcoin networks experienced declines, emerging blockchains like Polygon and Solana are showing resilience and growth.

Stay tuned for more updates on the ever-evolving cryptocurrency and NFT landscape.