NFT sales drop 9.6% to $160.9m, Ethereum and Bitcoin network sales plunge

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As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies and NFTs, I find myself both intrigued and slightly perplexed by the latest market trends. On one hand, Bitcoin’s surge towards $100,000 is undeniably impressive, reflecting a robust confidence in the digital asset market. However, the recent drop in NFT sales volume, particularly on the Ethereum blockchain, has caught my attention.

With Bitcoin nearing $100,000 and hitting a record high of $99,655.50, it’s worth noting that the sales volume for non-fungible tokens (NFTs) has decreased by 9.6%, settling at approximately $160.9 million.

As an analyst, I’ve observed a significant growth in the global cryptocurrency market capitalization. It’s now standing at approximately $3.35 trillion, up from $3.03 trillion just last week – that’s a 2% surge over the past day. Interestingly, Bitcoin (BTC) is currently trading at around $98,620.

Over the past seven days, I’ve observed that the total sales volume in the NFT market reached an impressive figure of $178.8 million. Yet, as per the latest figures from CryptoSlam, it appears that we’re experiencing a temporary downturn in the NFT market.

  • NFT sales volume decreased to $160.9 million
  • Ethereum (ETH) blockchain leads with $51.3 million in sales (23.07% decrease)
  • Bitcoin follows with $44.6 million (25.67% decrease)
  • NFT buyers surged by 52.93% to 450,512
  • NFT sellers increased by 46.74% to 277,767
  • NFT transactions slightly decreased by 1.26% to 1,606,261

Ethereum NFT sales decline by 23.07%

This week’s sales volume on the Ethereum NFT blockchain dropped to approximately $51.3 million, representing a 23.07% decrease compared to the previous week.

The number of NFT buyers on the Ethereum blockchain grew to 42,157, showing a 31.45% increase.

Bitcoin maintained its second position despite a 25.67% decrease in the last seven days.

Based on the available figures, the total value of Non-Fungible Tokens (NFTs) traded on the Bitcoin blockchain amounted to about $44.63 million. It’s worth noting that wash trading activity, which is a form of fraudulent trading, has risen by approximately 46.05%, reaching a volume of around $1.57 million.

In the past week, Solana (SOL) has proven its strength by climbing to the third spot, boosted by a significant rise of 6.83%. This growth has culminated in an impressive accumulation of approximately $25.8 million.

In just the past week, Polygon (POL) has surged into fourth position, boasting a significant increase of 289.66%, backed by impressive investments totaling $13.5 million.

In a slight dip of 0.71%, Mythos Chain (MYTH) secured the fifth spot in terms of sales, amassing approximately $10.7 million.

BRC-20 NFTs maintain market leadership

BRC-20 NFTs continue to lead with $16.6 million in sales volume, despite a 41.39% decrease.

In the competition between MGGA Hat on Polygon and CryptoPunks, MGGA Hat clinched the runner-up spot with sales totaling $10 million, while CryptoPunks trailed closely behind with approximately $9.2 million in sales – a decrease of 60.26% compared to the leading contender.

The latest data shows that the following NFT collections topped the sales in the last week:

  • Uncategorized Ordinals #016 sold for $3,795,420 (39.0083 BTC)
  • CryptoPunks #7098 sold for $368,889 (118 ETH)
  • CryptoPunks #6285 sold for $339,618 (100 ETH)
  • CryptoPunks #3152 sold for $332,825 (98 ETH)
  • Autoglyphs #210 sold for $279,868 (90 WETH)

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2024-11-23 17:22