The NFT market has pulled back alongside deepening crypto weakness, with Bitcoin falling to $83,000 and Ethereum dropping to $1,900.
The overall crypto market cap has shrunk further to $2.73 trillion from last week’s $2.83 trillion.
Non-fungible token sales volume has decreased to $109.2 million, according to CryptoSlam data. That’s a 7.84% decline from the previous week. However, market participation metrics tell a very different story, with buyer and seller numbers surging dramatically.
The weekly data reveals these contrasting trends:
- Sales volume fell to $109.2 million from $121.5 million
- Buyers soared 697.00% to 204,693
- Sellers jumped 419.23% to 133,708
- Transactions decreased 5.46% to 1,497,932
Ethereum and Solana volumes fall
- Ethereum (ETH) sales dropped 11.28% to $32.7 million, though buyers more than doubled with a 103.27% rise to 31,517. Wash trading decreased 28.96% to $2.9 million.
- Bitcoin (BTC) moved against the trend with a 4.63% increase to $22.8 million.
- Mythos Chain fell slightly by 1.78% to $15.0 million, holding third place.
- Polygon (POL) grew by 1.63% to $13.8 million, taking fourth position.
- Solana (SOL) slipped 43.44% to $10.1 million.
Collection rankings see major change
Courtyard maintained its lead with $12.2 million in sales, up 3.63%. However, its transaction count fell 33.56% to 93,805.
DMarket held second place with $9.8 million, down 2.40% and keeping high volume with 316,386 transactions. BRC-20 NFTs dropped to third with $5.6 million, falling 23.41%.
Quantum Cats, a new Bitcoin collection, surged to fourth place with $3.9 million, up 349.19%. CryptoPunks fell to fifth with $3.1 million, dropping 55.55%.
Paradise slid to sixth with $2.7 million, down 72.58%. Guild of Guardians Heroes took seventh with $2.2 million, falling 32.65%, while Pudgy Penguins occupied eighth with $2.1 million, down 11.44%.
The week’s top sales included:
- Beeple Special Edition #100020001: $464,480 (464,480 USDC)
- Beeple Special Edition #100020001: $441,000 (441,000 USDC)
- Known Origin #30101: $390,000 (390,000 USDC)
- CryptoPunks #4220: $251,307 (134.69 ETH)
- CryptoPunks #8968: $246,449 (128 ETH)
Read the full article here