The NFT market is experiencing significant declines amid a broader cryptocurrency selloff, as Bitcoin drops to $96,000 and Ethereum decreases to $2,600.
Recent data reveals that the total cryptocurrency market capitalization has shrunk to $3.13 trillion, down from $3.5 trillion last week.
Market analysis indicates a downturn in NFT activity this week, with prices and trading volumes both declining. The total sales volume for NFTs reached $119.5 million, marking a 33% decrease from the previous week.
Key trading metrics show:
- NFT sales volume declined from $137.9 million to $119.5 million.
- Wash trading on Ethereum fell by 58.47% to $23.7 million.
- The number of total NFT transactions also decreased, with many leading collections witnessing reduced activity.
Network Activity Shows Varied Trends
Ethereum remains the top blockchain for NFT sales, achieving $62.6 million despite a 38.43% drop in sales. Buyer participation plummeted 71.26% to 16,852, while wash trading activity decreased to $23.7 million.
Mythos Chain climbed to the second position with $13.9 million in sales, marking a 4.66% increase, while Solana secured the third spot with $11.0 million, reflecting a 32.56% decline.
Polygon and Bitcoin completed the top five with $8.1 million and $6.7 million in sales, with Bitcoin experiencing a significant 71.31% decline.
Pudgy Penguins Retain Top Spot
Pudgy Penguins continued to lead the market, recording sales of $9.1 million, although this reflects a 37.55% drop. Despite the decrease, buyer interest remained steady with 172 participants, even as transactions fell by 2.07%.
DMarket secured second place, with sales reaching $8.7 million, a 7.98% increase, supported by a robust volume of 322,241 transactions. Courtyard held strong in third place with $7.3 million, up 25.78%, attracting 10,935 buyers.
CryptoPunks slipped to fourth with sales of $5.2 million, a decline of 30.01%, while Azuki fell to fifth, realizing $5 million and a substantial 79.17% decrease in sales.
Notable NFT sales this week included:
- CryptoPunks #8868: $558,008 (206 ETH)
- Autoglyphs #320: $309,450 (100 WETH)
- Autoglyphs #491: $267,998 (100 WETH)
- CryptoPunks #7585: $242,639 (85 ETH)
- Autoglyphs #331: $235,343 (87.0107 WETH)
