NFT Market Experiences Sharp Correction, Sales Volume Drops to $134 Million
The NFT market has experienced a sharp correction, with sales volume dropping by 25.78% to $134 million. This reversal follows the recovery of the previous week, according to data from Cryptoslam.
The market participation has expanded despite the decline in sales. NFT buyers have grown by 25.74% to 450,096, and NFT sellers have risen by 25.91% to 321,107. NFT transactions have increased by 6.26% to 1,652,284. This suggests that while the overall sales volume has decreased, the number of buyers and sellers has increased, indicating a more active market.
NFT Sales by Blockchain
Ethereum retained its leading position with sales of $60.7 million, although it decreased by 41.63% compared to the previous week. Ethereum’s washing trade has dropped by 55.47% to $13.5 million. The BNB chain took second place with $20.6 million and increased by 10.63%. Polygon drew back to third place with $16.1 million and increased by 37.86%.
Source: Blockchains according to NFT sales volume (Cryptoslam)
The myth chain remains fourth with $9.7 million and an increase of 3.17%. Solana is in fifth place with $7.5 million and fell by 13.63%. Immediately holds the sixth place with $7.2 million and a decrease of 10.70%. Cardano entered the top seven with $3.1 million and jumped by 48.96%.
Top NFT Collections
Courtyard on polygon has reclaimed the top position in the collection ranking with sales of $14.7 million and increased 41.01%. The collection recorded growth in buyers (186.96%) and transactions (45.28%). Spinning box on the BNB chain has second place with $10.9 million and increases by 39.83%. Cryptopunks fell to third place with $8.7 million, which has reached 59.28%.
Moonbirds is fourth with $7.4 million and an increase of 29.94%. Dmarket holds fifth place with $4.6 million and increases by 8.70%. The Guild of Guardians Heroes rounds off the top six with $4.2 million and grows by 18.72%. Notable high-quality sales from this week include:
- Cryptopunks #1082 for 80 ETH sold (350,969 USD)
- Cryptopunks #2596 for 72.99 ETH sold (315,628 USD)
- Cryptopunks #5477 sold for 66 ETH ($285,187)
- Cryptopunks #3704 sold for 63 ETH ($271,922)
- Cryptopunks #8864 sold for 56.5 ETH ($269,994)
Conclusion
The NFT market has experienced a sharp correction, with sales volume dropping by 25.78% to $134 million. Despite this decline, the number of buyers and sellers has increased, indicating a more active market. Ethereum retained its leading position, while Polygon and BNB chains posted strong profits. For more information, visit https://crypto.news/nft-sales-drop-25-to-134m-cryptopunks-plunge-59/
