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NFT Market Faces 16.55% Drop in Sales Amidst Cryptocurrency Downturn

source-logo  news.bitcoin.com 16 March 2024 16:45, UTC

In tandem with the broader downturn of the cryptocurrency market this week, the non-fungible token (NFT) sector also experienced a downturn in sales over the preceding seven days. From March 9 to March 16, 2024, the NFT market witnessed sales amounting to $358,080,260, a decline of 16.55% from the previous week.

NFT Sales Decline Across Leading Blockchain Platforms

This week, NFT sales dipped by 16.55%, with total sales reaching $358 million. Data gathered by cryptoslam.io shows that the top three blockchain platforms in terms of NFT sales volume all reported week-on-week decreases. Ethereum was at the forefront with $129 million in sales, yet sales of ETH-based NFTs fell by 20.98% compared to the week before. Bitcoin’s NFT sales also saw a decrease of 20.44%, with sales just over $124 million.

Seven-day sales according to cryptoslam.io metrics.

NFT sales on Solana decreased by approximately 5%, totaling $61.68 million last week. Polygon and BNB Chain completed the list of the top five blockchains by NFT sales volume over the seven-day span. The leading NFT collection for the week was “Uncategorized Ordinals,” capturing $57 million in sales, a 43% increase from the prior week. The “Bored Ape Yacht Club” (BAYC) collection followed, with sales just over $13 million, marking a 14% increase.

Peplicator, Nodemonkes, and Mad Lads were among the top five NFT collections by sales volume. The week’s highest-priced NFT sale was “Frxethredemptionticket #158,” which sold for $842K, and the second-highest was an ORDI NFT, fetching $493K on Mar. 15. Other significant sales were recorded on the Ronin, BNB, and Solana blockchains. Despite a 16.55% decline in overall sales this week, the number of NFT buyers surged to 370,111, a significant 245% increase from the previous week.

What do you think about this week’s NFT sales? Share your thoughts and opinions about this subject in the comments section below.