NFT market slumps 50%, Pudgy Penguins lead market downturn

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As a seasoned researcher with years of experience navigating the tumultuous waters of the cryptocurrency market, I must admit that I’ve seen my fair share of ups and downs – more ups than downs, if I might add! The recent developments in the NFT sector, however, have been quite an interesting rollercoaster ride.

Over the last week, the market for unique digital assets (non-fungible tokens) has experienced a significant drop, mirroring a 4% decrease in Bitcoin‘s value, which now stands at approximately $94,000. Meanwhile, Ethereum, another key player, has retreated to around $3,300.

Based on recent figures from CryptoSlam, it appears that the NFT market has experienced a significant drop in activity. This past week, the total sales volume decreased by approximately 49.77%, amounting to roughly $152.7 million.

In spite of a significant drop in trading activity, statistics on market engagement suggest that both fresh and seasoned investors remain keen.

  • NFT buyers have increased by 50.97% to 531,208 
  • NFT sellers have grown by 47.14% to 308,666 
  • NFT transactions have decreased by 13.26% to 1,477,340 
  • NFT sales has dropped from last week’s $302.2 million in total sales

Ethereum, Bitcoin see sharp declines

The sales on the Ethereum NFT blockchain have dropped by 62%, reaching approximately $75.3 million. Yet, the number of buyers increased by a substantial 42.91% to 63,054 individuals. Importantly, the practice of wash trading has plummeted by 80.04%, amounting to just $21.6 million.

The Bitcoin (BTC) NFT ecosystem follows a similar pattern with a 30% decrease in sales to $28.0 million. However, the network shows strong user growth with 59,311 buyers, marking a 52.13% increase from the previous period.

Despite a significant drop of 58.71%, Solana (SOL) managed to retain its third position in terms of market value, currently standing at approximately $13.9 million. The network’s robust user engagement remains evident, as it has seen a substantial 68.43% increase in the number of buyers, amounting to 180,111 active users.

The Mythos Chain and ImmutableX (IMX) have demonstrated strength, as the Mythos Chain saw a small but significant rise of 4.38%, reaching approximately $11.4 million, while ImmutableX experienced a more substantial growth of 15.93%, resulting in sales of around $8.1 million.

Pudgy Penguins lead market decline

In a significant turn of events, the sales for Pudgy Penguins have dropped dramatically by approximately 76.65%, reaching $12.6 million. The project has been facing declines across all areas, with transaction numbers decreasing by 71.82% and a 69.92% drop in active buyers participating.

In the race of sales, Azuki moved up to second place with an earnings of $9.3 million, even though there was a significant drop of 41.94%. Meanwhile, BRC-20 NFTs slipped into third position with $6.5 million in sales, demonstrating a decrease of 30.68%.

1) DMarket and Guild of Guardians’ Heroes make up the top five performers, with DMarket experiencing a growth rate of 8.96% and Guild of Guardians Heroes surging ahead by an impressive 22.23%.

Notable individual sales this week include:

  • Azuki #3535 sold for $427,000 (125 ETH)
  • CryptoPunks #6797 sold for $159,792 (49 ETH)
  • CryptoPunks #3017 sold for $156,815 (47 ETH)
  • CryptoPunks #704 sold for $156,488 (46 ETH)
  • CryptoPunks #5792 sold for $155,949 (45.9849 ETH)

The total value of all cryptocurrencies has dropped from approximately $3.41 trillion to $3.29 trillion within the past week, indicating a dominant negative sentiment in the crypto market.

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2024-12-28 17:22