Over the past seven days, the non-fungible token (NFT) market saw $145 million in sales, reflecting a decline of more than 9% from the previous week.
This downturn continues the trend of declining sales in recent weeks, with four of the five largest blockchains by sales volume seeing a decline during this period.
Last week, as reported by crypto.news, sales of digital collectibles fell by more than 11%, and this week they dropped another 9.68%, for a total of $145.01 million, according to data from CryptoSlam .
Bitcoin leads the pack
As we saw in previous weeks, Bitcoin (BTC) continued to lead the weekly NFT sales, consistently ahead of major rivals Ethereum (ETH) and Solana (SOL).
Over the past week, the Bitcoin network had the largest NFT sales volume among blockchains, raking in around $44.1 million, according to CryptoSlam.
However, despite the impressive figures, there was still an 11% decline from the previous week.
Top 5 Blockchains by NFT Sales Volume | Source: CryptoSlam
Ethereum followed with $38.4 million in revenue, down 1.59%. Interestingly, the blockchain also recorded approximately $34.2 million in wash trading, a practice where buyers and sellers in a transaction are the same person or individuals who conspire to create the appearance of high demand for a particular NFT.
If both actual and wash trading numbers on Ethereum were combined, the network would have the highest NFT sales volume of the week, at over $72 million.
Coming in at third place in terms of NFT sales was Blast, a newcomer to the top five, which registered $15.943 million, down 8.48%.
In fourth place was Solana, which reported $14.26 million in revenue over the past seven days. The figure marked a steep decline of 44.73% from the previous week, a percentage loss surpassed only by Arbitrum (ARB), Tezos (XTZ) and Fantom (FTM), whose sales volumes fell by 51.71%, 62 .09% and 69.21%. respectively.
Polygon (MATIC) was at number 5, breaking the negative trend with revenue of $12.14 million, which was up 20.37% from the previous week.
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Uncategorized Ordinals records the highest weekly sales volume
Among NFT collections, Uncategorized Ordinals continued to lead in sales volume, with $16.4 million in revenue, despite a weekly decline of 26.73%. Blast’s Fantasy Top took second place with $15.93 million.
Mythos’ Dmarket came in third with $5.58 million, followed by Bitcoin’s Nodemonkes with $4.74 million. Immutable-Zk’s Guild of Guardians overtook Core’s BRC20s to take fifth place with sales of almost $4.4 million.
Top 5 NFT Collections by Sales Volume | Source: CryptoSlam
CryptoPunk NFT raises $792,000
The most expensive NFT sale of the week was Cryptopunk #741, which went for a whopping $792,046. Interestingly, an ordinal inscription was the second highest, at $681,497.
Other notable sales included Earthnode #184 from Cardano, which raised $56,026, a PepperMints NFT from Solana, which raised $40,384, and a Blast Chain NFT which sold for just under $40,000.
Overall, there was a significant increase in the number of buyers and sellers. According to CryptoSlam, the number of NFT buyers increased by more than 166% last week, while that of NFT sellers increased by 139%. Still, the 1,583,262 NFT transactions represented a decrease of 27.58 from the previous week.
Meanwhile, Italian fashion designer Dolce & Gabbana and digital asset platform UNXD are facing a class action lawsuit after alleged delays in delivering NFT products, according to Bloomberg.
The company’s digital assets fell by 97% in value.
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