- NFT sales volume dropped 4.38% to $93.6M in the past 7 days, along with a 75–78% decline in buyer and seller participation.
- Despite the slump, Ethereum remains the top blockchain in NFT sales, with a 42% weekly increase to $36M; Polygon and Mythos follow.
- Wash trading on Solana skyrocketed by 232%, while Ethereum saw an 8.8% drop; CryptoPunks #3100 led with a $6M+ sale.
The slump in the broader crypto market seems to also be affecting the NFT market, as sales volume for NFTs dropped by 4.38% in the last seven days to $93.6 million. Data from leading NFT analytics platform CryptoSlam showed a further decline in NFT sales volume from the previous week’s drop to $102.8 million.
Sharp Decline in NFT Buyers, Sellers, and Transactions
Apart from the drop in sales volume, there was also a drop in the number of NFT buyers and sellers. This past week, there were 85,650 sellers, indicating a 75% drop from the previous week. In addition, NFT buyers dropped to 128,263, representing an almost 78% drop from the previous week.
The CryptoSlam data further showed that there was a 6.03% drop in NFT transactions this past seven days to about 1.44 million. This decline in activities in the NFT space is happening at the same period the price of Bitcoin (BTC) continues to trade below $86,000 in the last one seven days after setting a new peak price of $108,000 earlier this year.
Within the same period, Ethereum (ETH) has failed to breach the $1,815 mark, dropping almost 10% in value to trade at less than $1,620. The overall evaluation of the entire crypto market is currently $2.66 trillion, having gained 2.25% in the last 24 hours.
Ethereum Blockchain Still Leads Other Chains in NFT Sales
After a 42% increase in sales in the last seven days to $36 million, the Ethereum blockchain maintains its dominant position as the leading blockchain in the NFT space. Polygon and Mythos Chain occupy the second and third positions with $17.42 million and $14.2 million in sales, respectively.
The former’s sales volume increased by 3.13%, while the latter’s sales volume increased by 1.93% over the past seven days. Solana and immutable round up the top five positions.
NFT sales on the Solana blockchain experienced a 34.5% drop to $6.44 million while Immutable recorded $5.22 million in sales despite a 12.2% increase from the previous week.
Blockchains by NFT sales volume in the past 7 days. Source: CryptoSlam
Meanwhile, there has been a notable change in wash trading volumes. Base’s $4.56 million in wash trading volumes (up by 91.6%) is the highest among the top eight blockchains. A notable mention is Solana’s 232.18% increase in wash NFT sales to $2,637.
In contrast, wash trading volumes on Ethereum decreased by about 8.8% to $2.55 million. In terms of collection rankings, Polygon-based Courtyard is number one with a 5% increase in sales to $15.7 million.
DMarket on the Mythos blockchain is second over $9.014 million, with sales up by 4.25%, while CryptoPunks sits in third position with a 153.1% increase in sales to $9.011 million. F(x) wstETH position (on the Ethereum blockchain) and Guild of Guardians Heroes (on the Immutable blockchain) complete the top five.
CryptoPunks #3100 recorded the digital collection with the highest value sale at 4,000 ETH or $6.042 million.
Collection rankings by sales volume in the last 7 days. Source: CryptoSlam
