As a seasoned crypto investor with a particular interest in NFTs, I’ve witnessed the volatile nature of this market firsthand. The recent decline in sales, with Ethereum leading the pack despite a surge in wash trading, is a cause for concern. However, I remain optimistic about the potential of NFTs and keep a close eye on developments in this space.
The NFT market continues to experience a decline, with sales dropping 12% last week.
Recall sales plunged 16% during the previous week.
Based on data from CryptoSlam, approximately $100 million worth of cryptocurrency was sold during the past week, with around 785,000 unique participants engaging in about 1.4 million separate transactions.
Ethereum leads the pack
In terms of NFT sales volume, Ethereum (ETH) stood out as the busiest blockchain once more, recording a impressive total of $38.4 million in transactions.
Last week, there was a significant increase in wash trades on Ethereum, resulting in approximately $37.69 million in earnings.
Last week, Polygon (MATIC) recorded significant growth, with sales increasing by 11.2%. As a result, it surpassed the Bitcoin (BTC) network and took the second position in terms of market capitalization.
As a crypto investor, I’ve noticed an alarming trend: the prevalence of wash trades on the Polygon platform has been steadily increasing. In the past week alone, there was a 37.58% rise in such trades. To put it into perspective, this equated to around $10.6 million worth of transactions. Unfortunately, that figure skyrocketed during the current week, reaching an astounding $14.9 million – nearly double the previous amount. This concerning development underscores the importance of staying informed and vigilant in the ever-evolving crypto market.
As a crypto investor, I’ve observed a significant setback for Bitcoin this week. It slipped to third place in terms of sales volume with a disappointing 40% decrease. Surprisingly, even amidst Bitcoin’s decline, Fantom (FTM) and Blast (BLAST) experienced more substantial losses. Fantom plummeted by an astonishing 87%, while Blast registered a 74% drop.
As a researcher studying trading activities on the platform, I’ve observed a significant increase of approximately 200% in wash trading transactions. However, the revenue generated from these trades, totaling $63,072, is relatively insignificant when compared to the markets of Ethereum and Polygon.
As a crypto investor, I’ve observed that Solana (SOL) held its ground as the fourth busiest network in terms of sales volume during the past week. However, Immutable (IMX), which was previously fifth, experienced a setback and slipped to sixth place. This shift occurred due to Mythos Chain (MYTH) surging ahead with approximately $4.5 million in weekly sales.
As a researcher studying the dynamic world of Non-Fungible Tokens (NFTs), I’ve observed significant growth in various platforms. Among them are Zora, BNB Chain, and Panini. The sales volume on Zora saw a remarkable surge, increasing by more than 50%. This substantial rise translated to impressive earnings.
Leading NFT collection
In the past week, with the exception of Mythos’ DMarket, collections leading the NFT sales chart disappeared from the scene. Surprisingly, CryptoPunks reemerged, recording a substantial 155% increase in sales volume and generating $5.26 million to secure the title as the most popular NFT collection of the week.
I analyzed the data and found that DMarket experienced a decrease of 9.21% in sales, but nevertheless, it generated revenue exceeding $4 million.
The Bored Ape Yacht Club (BAYC), a well-known Ethereum-based NFT collection, ranked third in sales volume after completing 113 deals worth approximately $3.5 million. This substantial increase of 73.66% surpassed the previous week’s earnings.
In the previous seven days, Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection were among the top-performing NFT collections. These collections generated approximately $3.69 million and $2.43 million in sales, respectively.
Top-selling NFTs of the week
As a crypto investor, I’ve noticed that the priciest NFT from Ethereum this week cost me a considerable sum of $204,066. But when I compare it to the previous week’s acquisition, I realize that I had spent nearly three times as much for the winning NFT, which went for an impressive $587,194.
A Bitcoin Ordinal finished in second position with a selling price of $113,465. This was a mere $2,548 more than the third-place finisher, Mad Lads #4575 from Solana, which was sold for $110,917.
Last week saw a significant increase in fan token sales as two prominent international soccer tournaments unfurled in Europe and the Americas.
In the table presented, it is evident that Galatasaray (GAL) fan tokens saw the greatest sales volume with a staggering increase of 70,149% to reach an astounding $280.5 million during Turkey’s triumph over Georgia in the initial match of Euro 2024.
As an analyst, I’ve observed significant price surges in various fan tokens, including those for FC Barcelona, PSG, and Juventus. The token prices have increased by impressive percentages: FC Barcelona’s token is up by approximately 22,903%, now priced at around $15.47; PSG’s token has risen by about 8,670%, currently valued at $0.92 per unit; and Juventus’ token has experienced a growth of over 2,542%, now costing $2.87 per token. These price jumps can be attributed to the successful start of Euro 2024 campaigns for Spain, France, and Italy.
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2024-06-23 17:52