NFT sales drop to $89m, Solana overtakes Bitcoin for 2nd place

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As a seasoned crypto investor with over five years of experience navigating the digital frontier, I find myself intrigued by this week’s market trends. The slight dip in NFT sales volume is certainly noteworthy but not unexpected given the volatile nature of our beloved market.

Over the past seven days, the sales volume for non-fungible tokens has decreased by 7%. Currently, it’s approximately $89.1 million.

After showing indications of regaining strength, it appears that the cryptocurrency market has reversed direction instead. As per recent figures, the total value of the global crypto market has declined by more than 2% during the past 24 hours.

Compared to the $93 million worth of NFT sales made last week, this week has seen a relatively small decrease of about 7%.

  • NFT sales volume plunged to $89 million.
  • The Ethereum (ETH) network retains its first ranking in terms of volume.
  • Solana dethrones Bitcoin (BTC) to claim the second position.
  • NFT buyers surge by over 42% from last week’s 494,666.
  • Number of NFT sellers also rose to 385,184 from last week’s 252,401.

Ethereum retains its ranking

In the past seven days, the Ethereum network surpassed Bitcoin in terms of Non-Fungible Token (NFT) sales volume, reaching a staggering $33.4 million. Maintaining its lead, Ethereum reported another impressive $31.1 million in NFT sales this week.

Compared to the previous week, Ethereum’s NFT sales have dropped by nearly 4%, and a more detailed analysis reveals that about 21% of this decrease can be attributed to wash trading.

It’s worth noting that Solana has overtaken Bitcoin in the rankings, while Bitcoin’s NFT sales have seen a 30% decrease compared to the previous week.

According to CryptoSlam’s latest data, the Bitcoin network’s weekly sales volume amounts to approximately $14.8 million. In contrast, the Solana network has experienced a 12% increase in its weekly NFT sales volume, currently sitting at around $18.3 million.

Based on the recent data from the past week, I observed that Solana’s (SOL) trading volume reached approximately $16.6 million. Interestingly, when it comes to the count of active buyers, Solana experienced not just maintenance but also a significant increase of around 56%.

Last week, there were 192,543 individuals purchasing NFTs on the Solana network. However, this week, that number has increased to 301,523.

In a recent report, Mythos Chain (MYTH) and ImmutableX (IMX) claimed the fourth and fifth spots respectively, boasting sales of approximately $10 million and $3.8 million.

DMarket holds first ranking for over four weeks

Over the past three weeks, DMarket has demonstrated resilience by consistently maintaining the top spot for the highest sales in the NFT collection category.

Last week, DMarket’s sales totaled $5.2 million, but this week they have dropped by 6%, amounting to $4.918 million. In contrast, Froganas on Solana has experienced a significant increase of 118%, making it the second largest NFT collection with sales of approximately $4.917 million.

As per the data from CryptoSlam, these were the top sales over the past week:

  • CryptoPunks #8651 sold for $125,917.28 (50 ETH)
  • CryptoPunks #237 sold for $59,970.94 (24 ETH)
  • Claynosaurz #10222 sold for $38,422.71 (235 SOL)
  • Sorare #3209101205534761733284… sold for $36,488.51 (14.4162 ETH)
  • Bored Ape Yacht Club #2213 sold for $34,837.25 (13.7688 ETH)

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2024-10-27 12:16