NFT market slumps over 7%: Ethereum leads, Polygon shines with 27% surge

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As an analyst with a background in blockchain technology and a keen interest in the NFT market, I find the recent data on NFT sales volumes and top collections intriguing. The overall sales volume for the NFT market experienced a 7.5% dip last week, but Ethereum (ETH) continued to dominate as the leading blockchain with the highest sales volume of $37.43 million.

As an analyst, I’ve observed a subpar week for the non-fungible token (NFT) market. Sales have taken a hit, decreasing by approximately 7.5% in just one week, culminating in $121.4 million worth of transactions on June 1.

Top blockchains by sales volume

In the past week, Ethereum (ETH) has maintained its position as the top blockchain for non-fungible token (NFT) transactions, surpassing Bitcoin (BTC) from the previous week.

As a researcher examining the latest market trends in cryptocurrencies, I’ve discovered that CryptoSlam’s data reveals a total sale volume of $37.43 million on the blockchain during the recent week. Surprisingly, this figure marks a 11.24% decrease compared to the previous week’s sales. However, despite this decline, the blockchain managed to maintain its leading position in the market.

As a Bitcoin analysis expert, I can share that the Bitcoin blockchain, which ranks as the second busiest platform for non-fungible token (NFT) transactions, generated approximately $27.21 million in sales during the given period. This represents a decrease of around 12.88% compared to the previous period’s NFT sales figure.

Solana-based NFTs generated just over $19 million, marking a slight 0.52% decline.

It’s intriguing to note that Polygon (MATIC) registered a notable gain of around 27.10%, amounting to roughly $15.6 million in sales last week. Similarly, Immutable X (IMX) exhibited a robust performance with sales growing by 12.23% and reaching nearly $8.5 million.

Monthly sales volume

For approximately thirty business days, the top-five best-selling items maintained similar positions as compared to the weekly rankings, with Blast taking over from Immutable at number five. Ethereum recorded sales of roughly $163.7 million during May, representing a substantial decrease of around 55% when compared to the previous month’s sales figures.

In May, Bitcoin experienced a significant decline, with its monthly sales volume dropping by approximately 73.44%, resulting in around $158.5 million worth of transactions. Surprisingly, this decrease occurred even though Bitcoin recorded its strongest sales figures in at least two weeks during that month.

As a crypto investor, I’ve observed some noteworthy developments in the market recently. Solana (SOL) generated approximately $94 million in revenue over the past month, representing a significant decrease of around 45.8% compared to its April figures. On a positive note, Solana has been trending upwards for the last two weeks. However, Polygon’s NFT sales volume during May took a hit, dropping by nearly 35%.

Despite the general downward sales trend over the last month, Blast defied expectations with a striking 519.17% surge in sales volume, reaching over $49 million for NFT transactions alone.

It’s intriguing to note that Blast experienced the most significant surge in monthly wash trading volumes. An impressive $1.2 million was traded in this manner, marking a remarkable increase of 931.23% compared to the previous month.

Most expensive NFTs

The Ethereum blockchain’s Azuki #3374 fetched the biggest price tag of the week at $393,112 for an individual token.

A significant sale took place on the Bitcoin blockchain, resulting in aOrdinal inscription being bought for $305,258. Solana was also involved, with Boogle #061 being sold for $206,936.

As an analyst, I’ve examined the data from the past month, and I can confirm that CryptoPunks #741 was the most expensive NFT during this period, with a sale price of $792,046 on May 13. The second most expensive NFT was another Bitcoin Ordinal inscription, which was sold for $681,497.

The NFT with the label “CryptoPunks #3619,” sold by the Ethereum address “malcode-vault.eth” for approximately 215 Ether (ETH), equating to around $627,990 at the time, was the third most expensive NFT transaction in May. This sale was preceded by two other significant transactions: one for the NFT named “Azuki,” which fetched its owner $337,400, and another for “CryptoPunks #4926,” which earned its owner roughly $329,252.

NFT collection rankings

As an NFT market analyst, I’ve observed some intriguing developments in this week’s top collections. Uncategorized Ordinals took the front seat with a total sale of $7,810,518, but it experienced a 15.31% decline compared to the previous week. Guild of Guardians on Immutable X followed closely, recording impressive sales growth of 18.48%, resulting in a weekly sale of $5.65 million.

As a data analyst, I’ve reviewed various NFT collections, and here are some notables that stood out: In third place, we have DMarket; following closely is Nodemonkes in fourth position; and lastly, but certainly not least, Bored Ape Yacht Club (BAYC) claimed the fifth spot.

For the entire month, Bitcoin’s Uncategorized Ordinals collection held the top position with over $48.6 million in sales. Nevertheless, this amount signified a significant decrease of approximately 70.13% compared to the previous month’s sales volume.

In May, Blast’s Fantasy Top ranked as the second-best selling NFT collection, with a staggering 674.89% increase in sales revenue amounting to over $46 million.

As a crypto investor, I’ve noticed an impressive surge in the monthly sales volume of Guild of Guardians NFT collection. It grew by approximately 67%, catapulting it into the fifth position among other popular collections.

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2024-06-02 00:22