NFT Weekly Market Update: Non-Fungible Token Sales Volume Dropped by 11.92% to $81.8M

This past week, the overall non-fungible token market was a mixed bag. NFT sales volume dropped by 11.92%, totaling $81.8 million, while the number of NFT buyers increased by 173.25% to 327,594.

Non-fungible token sales volume decreased by 11.92% over the past week, totaling $81.8 million, while the number of NFT buyers increased by 173.25% to 327,594.

According to data from CryptoSlam, Ethereum (ETH) continued to lead the way in terms of NFT sales volume. Despite a more than 10% drop from the previous week, the network still managed to rake in over $28 million — a figure accompanied by a notable rise in buyer activity, which went up 42.5%.

Solana (SOL) came in second after it generated more than $16 million in NFT sales. However, the figure represented a 15% drop, even though the network witnessed a staggering 245.93% increase in buyers. It also saw a nearly 6% drop in wash trading activities.

Bitcoin (BTC) maintained the third spot for a third week running, even though the $13.8 million it brought in reflected a 6.1% drop from the previous week’s numbers.

Wash trading on the Bitcoin network went up by more than 4%, although the $410,863 realized from that activity pales in comparison to other blockchains. For instance, fourth-placed Polygon (MATIC) had the highest amount of funds from wash trading at $9.1 million. The amount was markedly higher than the $6.6 million that came into Polygon from owner to owner NFT sales.

Rounding out the top five is Mythos Chain, which experienced the steepest decline in NFT sales volume, plummeting almost 30% to just north of $5 million.

Coming to NFT collections, Mythos Chain surprisingly produced the best-selling NFT collection of the week, with its DMarket collection raking in $4.99 million in sales across seven days.

However, the amount was still a nearly 30% plunge from last week’s levels, with the number of transactions recorded for the collection also dropping 33%.

Meanwhile, second-placed Sorare, hosted on Ethereum, showed resilience, with sales going up 8.3% to $3.65 million. The number of transactions for the collection also went up by almost 8%, while buyer activity increased by more than 10%.

The uptick in activity coincides with the start of popular European soccer leagues including the Premier League and La Liga, which may have caused renewed interest in the fantasy sports platform.

However, the standout performer of the week was Bitcoin’s Uncategorized Ordinals, which saw a staggering 864.66% increase in sales to $3.1 million.

In terms of sales of individual NFT pieces, one of the most notable transactions was that of an Uncategorized Ordinal on Bitcoin which sold for a whopping $2.4 million.

In contrast, Ethereum’s Bored Ape Yacht Club #2579 sold for $342,542, a pretty huge amount but dwarfed by the Ordinal sale. Other notable transactions in the week included Solana’s Froganas #4559, which fetched $82,689, and a BNB Paraluni Perpetual Bond, which sold for $134,751.

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