Following a series of consecutive gains, the sales of non-fungible tokens (NFTs) have suffered a significant decline of 20.44% this week compared to the previous week. The decline comes after several weeks of upward momentum, during which NFTs based on Bitcoin (BTC) gained notable popularity. Within the past seven days, NFT sales amounted to $152.96 million, and the number of NFT buyers decreased by 63.59%. Sales originating from the Ethereum blockchain accounted for $84 million, representing 54.91% of the market share across 21 different blockchains.
NFT Sales Plummet Over
Ethereum-based NFT sales experienced a sharp 34% drop compared to the previous week. Nevertheless, Bitcoin-centric NFTs maintained their position as the second highest in terms of sales, with a recorded total of $29.41 million. Bitcoin-based NFT sales increased by approximately 25.9% compared to the previous week. Apart from Ethereum and Bitcoin, other blockchain platforms with notable NFT sales include Solana ($8.48 million), Mythos ($8.12 million), and Polygon ($6.32 million).
While Bitcoin NFTs dominated the top five spots last week, this week’s statistics tell a different story. Two of the five highest-priced NFTs sold this week were Ethereum-based, with the remaining three being Bitcoin-based. The most expensive NFT sale originated from the Bitcoin-centric Derps collection, which ranks as the eighth-largest collection in terms of overall sales this week. However, the collection with the highest sales was uncategorized ordinals.
Following uncategorized ordinals, the leading collections in terms of sales were Dmarket, Bored Ape Yacht Club (BAYC), Gods Unchained, Mutant Ape Yacht Club (MAYC), and Azuki. While NFT sales were lower in April compared to March, the sales in May surpassed the total sales of April. In May alone, NFT sales reached a value of over $739 million, and as of June, sales amounting to $263.86 million have been recorded.
In conclusion, the NFT market experienced a significant decline of over 20% in sales this week following a period of consecutive gains. Despite the popularity of Bitcoin-based NFTs in previous weeks, the overall sales of NFTs dropped across various blockchain platforms. Ethereum-based NFTs witnessed a substantial decrease of 34% compared to the previous week. While Bitcoin-centric NFTs still held the second position in terms of sales, the top spots were shared by both Ethereum and Bitcoin-based NFTs. The most expensive NFT sale originated from the Derps collection, while the collection with the highest overall sales remained uncategorized ordinals. Although NFT sales were lower in April compared to March, May showed a surge in sales, with June continuing to record significant sales. The market’s performance indicates a volatile and evolving landscape for NFTs, with different crypto payment platforms vying for market share and various collections gaining prominence.
Follow for more: