NFT Market Sees Modest Turnaround Amid Broader Crypto Decline
While the overall cryptocurrency market fell, the NFT market has seen a modest turnaround. Weekly sales rose 4.5% to $102.8 million from $100.9 million the previous week, according to CryptoSlam data.
Bitcoin has dropped below $83,000, and Ethereum has stuck at about $1,800. The overall crypto market cap has meanwhile narrowed to $2.71 trillion, showing relative buoyancy of the NFT market.
Ethereum and Polygon Lead NFT Blockchains
Ethereum remains the leading blockchain for NFT sales with $32 million—a 19.4% increase from the previous week. Polygon ranked second at $18.1 million, a 33.1% increase, pushing Solana out of the rank.
Solana recorded $8.7 million in sales, a 4.4% decline. Mythos Chain ranked third with $13.7 million despite a 12.8% decline, while Bitcoin-derived NFTs declined 40.7% to $10.1 million.
Ethereum also led wash trading at $2.6 million, albeit that figure dropped 9.9%.
Collections: CryptoPunks Glitter tops Courtyard as the best-selling collection
Courtyard, which is Polygon-based, led all collections with $15.7 million in volume.
A 33.1% increase in sales occurred. DMarket placed second at $8.5 million, down by 18.3%.
CryptoPunks presented us with the week’s biggest headline: sales 141.4% higher at $6.3 million. This was followed by the week’s biggest NFT sale—CryptoPunks #2967 for 420 ETH ($843,070).
The week’s other significant sales were:
- CryptoPunks #6935 for 135 ETH ($271,890)
- CryptoPunks #3007 for 120 ETH ($239,342)
- CryptoPunks #2301 for 115 ETH ($234,959)
- Autoglyphs #364 for 105 ETH ($210,172)
Guild of Guardians Heroes took fourth place in collections at $5.5 million in sales, with the top five to $2.7 million comprised of Bitcoin’s BRC-20 NFTs.
User Activity Up
NFT buyers increased 28.9% to 451,436, while sellers were up 26.5% to 285,272. Overall NFT transactions fell back slightly by 2.8% to 1.61 million, however, suggesting that larger trades may be behind the sales surge.
