NFT Market Experiences Sharp Drop

The non-fungible token (NFT) market has experienced another sharp drop, with sales volume falling by 22.65% to $104.5 million. This is one of the steepest weekly drops in recent months, despite a modest crypto market recovery.

Market Participation Continues to Surge

According to data from CryptoSlam, market participation continues to surge with NFT buyers rising by 14.89% to 622,535, and NFT sellers increasing by 16.25% to 447,821. However, NFT transactions have declined by 3.07% to 1,699,318.

Crypto Market Recovery

This is happening at a time when Bitcoin price has recovered to the $110,000 level. At the same time, Ethereum has maintained the $4,300 level. The global crypto market cap is now $3.81 trillion, up from last week’s market cap of $3.75 trillion.

Ethereum Maintains Lead in Sales

Ethereum has maintained its leading position with $37.7 million in sales, falling 29.88% from the previous week. Ethereum’s wash trading has plummeted by 68.03% to $6.4 million.

Blockchain Sales Rankings

Polygon has held second place with $15.7 million, declining 17.43%. Mythos Chain sits in third with $10.1 million, down 1.73%. BNB Chain occupies fourth position with $9.5 million, falling 23.59%. Bitcoin rounds out the top five with $7.8 million, declining 32.40%. Solana (SOL) holds sixth place with $5.1 million, down 6.81%.

Buyer Count Increases Across Blockchains

The buyer count has increased across all major blockchains, with Polygon leading at 38.34% growth, followed by BNB Chain at 23.11% and Ethereum at 21%.

Collection Rankings

Courtyard on Polygon has retained the top spot in collection rankings with $14.6 million in sales, declining 17.41%. The collection has seen massive growth in sellers (333.68%) while buyers fell by 18.39%. CryptoPunks has maintained second place with $8 million, posting modest growth of 4.73%.

Notable Collections

DMarket holds the third position with $4.8 million, down 4.81%. DKTNFT on BNB Chain sits in fourth with $3.9 million, up 7.84%. Panini America has entered the top five with $3.1 million, surging 46.16%. The sports card collection has benefited from growing interest in digital trading cards.

High-Value Sales

Guild of Guardians Heroes completes the top six with $2.8 million, declining 27.50%. The gaming collection has seen decreases across all metrics. Notable high-value sales from this week include CryptoPunks #5898 sold for 100 ETH ($445,786), CryptoPunks #843 sold for 90.1 ETH ($403,268), and CryptoPunks #9721 sold for 81 ETH ($361,995).