NFT Market Overview
The recent figures from the NFT market showcase a 5.41% decline in sales, bringing total transactions down to $79.31 million from last week’s $84.44 million. Despite a drop in sales volume, the number of NFT buyers saw a remarkable increase of 989.62%, reaching 222,294, while sellers also rose significantly by 714.77% to 189,963. However, the total number of NFT transactions fell by 20.92%, totaling 1,097,565 transactions.
Market Influences
This downturn in NFT sales comes amid a substantial drop in the value of Bitcoin (BTC), now around $96,000, which has exerted additional selling pressure across the market. Concurrently, Ethereum (ETH) has slipped below the $3,200 threshold, compounding market worries. The overall cryptocurrency market capitalization has decreased to $3.26 trillion from $3.48 trillion the previous week.
Top NFT Collections
In terms of specific collections, Algebra Positions NFT-V2 on the Ethereum network dramatically catapulted to the forefront, recording an astonishing $7.81 million in sales—a staggering 807,352.81% increase. The collection boasted 742 transactions handled by 199 buyers and 90 sellers.
Following closely was DMarket on the Mythos blockchain, which fell to second place with $6.67 million in sales, a slight reduction of 3.77% compared to last week’s $6.88 million. This collection observed 241,552 transactions involving 16,047 buyers and 13,590 sellers.
Pudgy Penguins saw a significant downturn, landing in third place with sales of $2.79 million, which is a 36.87% fall from $4.38 million recorded the previous week. The Ethereum-based collection had 144 transactions with 96 buyers and 93 sellers.
In fourth place, Guild of Guardians Heroes on Immutable-Zk reported $2.37 million in sales, down 6.19% from last week’s $2.48 million, with 2,186 transactions. Meanwhile, Courtyard on Polygon (POL) captured fifth place with sales of $2.24 million, reflecting a notable decrease of 23.20% from $2.91 million a week prior and 31,205 transactions processed.
On the Panini blockchain, Panini America surged into sixth position with $2.23 million, marking an impressive increase of 393.51% and involving 27,115 transactions. CryptoPunks, however, slipped to seventh with $1.95 million, down 40.95% from $3.30 million last week, conducting a mere 17 transactions.
Blockchain Performance
Examining the blockchain performance, Ethereum still holds the top sales position, totaling $33.71 million, which is a modest rise of 4.68% from the previous week’s $32.97 million. Notably, wash trading on this network accounted for $2.67 million, contributing to an overall total of $36.37 million. The number of buyers increased by 69.86%, standing at 21,514.
Meanwhile, BNB Chain climbed to second place with sales of $8.66 million, up 28.21% from $6.15 million in the previous week, while Bitcoin’s sales fell to $8.18 million, a 15.56% decrease.
Other notable platforms included Mythos Chain at $6.84 million, a decrease of 3.49%, and Solana (SOL) at $5.50 million, which saw an increase of 12.27%. Lastly, Autoglyphs #141 achieved the highest individual sale this week at $199,135.19 (56 WETH), sold three days ago.
