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NFT weekly sales drop 9% to $145m, Bitcoin leads despite downturn

source-logo  crypto.news 19 May 2024 16:15, UTC

Over the last seven days, the non-fungible token (NFT) market saw sales reach $145 million, reflecting a decline of over 9% from the previous week.

This downturn continues a trend of falling sales over recent weeks, with four out of the top five blockchains by sales volume seeing decreases during this period.

Last week, as reported by crypto.news, sales of digital collectibles dropped by more than 11%, and this week, they fell by another 9.68%, totaling $145.01 million, per data from CryptoSlam.

Bitcoin leading the pack

As seen in previous weeks, Bitcoin (BTC) continued to lead the weekly NFT sales, consistently staying ahead of major rivals Ethereum (ETH) and Solana (SOL).

In the last week, the Bitcoin network had the largest NFT sales volume among blockchains, managing to rake in about $44.1 million, according to CryptoSlam.

However, despite the impressive figures, it still marked an 11% drop from the previous week.

NFT weekly sales drop 9% to $145m, Bitcoin leads despite downturn - 1
Top 5 blockchains by NFT sales volume | Source: CryptoSlam

Ethereum followed with $38.4 million in sales, which was down by 1.59%. Interestingly, the blockchain also recorded about $34.2 million in wash trading, a practice where buyers and sellers in a transaction are either the same person or individuals conspiring to create an impression of high demand for a particular NFT.

If both the actual and wash trading numbers on Ethereum were combined, the network would have the highest NFT sales volume for the week at over $72 million.

Coming in at #3 in terms of NFT sales was Blast, a newcomer to the top five, which recorded $15.943 million, marking an 8.48% decline.

In fourth place was Solana, which reported $14.26 million in sales over the last seven days. The figure marked a steep 44.73% drop from the previous week, a percentage loss only beaten by Arbitrum (ARB), Tezos (XTZ), and Fantom (FTM), whose sales volumes declined by 51.71%, 62.09%, and 69.21%, respectively.

Sitting at #5, Polygon (MATIC) bucked the negative trend with $12.14 million in sales, which was a 20.37% increase from the previous week.

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Uncategorized Ordinals records highest weekly sales volume

Among NFT collections, Uncategorized Ordinals continued to lead in sales volume, with $16.4 million in sales, despite a 26.73% weekly decrease. Blast’s Fantasy Top took second place with $15.93 million.

Mythos’ Dmarket came in third with $5.58 million, followed by Bitcoin’s Nodemonkes with $4.74 million. Immutable-Zk’s Guild of Guardians overtook Core’s BRC20s to take fifth place with nearly $4.4 million in sales.

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Top 5 NFT collections by sales volume | Source: CryptoSlam

CryptoPunk NFT fetches $792,000

The week’s most expensive NFT sale was Cryptopunk #741, which fetched a hefty $792,046. Interestingly, an Ordinal inscription was the second-highest at $681,497.

Other notable sales included Earthnode #184 from Cardano, which fetched $56,026, a PepperMints NFT from Solana, which fetched $40,384, and a Blast Chain NFT that sold for just under $40,000.

Overall, there was a significant uptick in buyers and sellers. According to CryptoSlam, the number of NFT buyers last week spiked by more than 166%, while that of NFT sellers increased by 139%. Still, the 1,583,262 NFT transactions represented a 27.58 dip from the previous week.

Meanwhile, Italian fashion designer Dolce & Gabbana and digital assets platform UNXD face a class-action lawsuit after alleged delays in delivering NFT products, according to Bloomberg.

The company’s digital assets plummeted 97% in value.

Read more: Scaramucci: Bitcoin institutional investing ‘happening now’