NFT Market Volume Drops to $95.9M as Engagement Rises
The NFT market recorded a 4.7% drop in weekly sales volume to $95.9 million. This is despite a general mild recovery in the overall crypto market. Participation has surprisingly increased sharply: NFT buyers rose by 96.6% to 252,354, and sellers rose by 79.2% to 153,892. NFT transactions also increased by 10.4% week on week to 1.57 million, showing rising user activity despite declining money volume.
Modest Crypto Market Recovery
Bitcoin and Ethereum have shown upward momentum over the past week. Bitcoin (BTC) reclaimed the $85,000 level with a 0.7% gain, and Ethereum (ETH) gained 2.4%, trading at around $1,600. The worldwide cryptocurrency market capitalization rose from $2.63 trillion to $2.69 trillion.
Ethereum Leads NFT Sales Despite Volume Decline
Ethereum remains the dominant blockchain for NFT sales, but its hold is weakening. Weekly Ethereum volume fell 38.7% to $21.6 million. Wash trading also fell 23%, to $2.1 million. While falling, Ethereum still accounts for most of the highest-value NFT sales.
Polygon, Bitcoin, and Solana Exude Growth
Polygon (POL) held second position in NFT sales lists with $21.1 million—up 21.5%. Bitcoin was closely behind at $17.2 million, up a strong 42.2% weekly increase. Mythos Chain placed third with $14.9 million, up 5.4%. Solana completed the top five at $6.8 million in NFT sales, a 7% bounce-back.
Solana took the lead in buyer creation at 133.7%, followed by Bitcoin at 128.9% and Polygon at 125%, which means strong grass-roots activity on big chains.
CryptoPunks Crash Amid Top Sales Leader
CryptoPunks, among the erstwhile-blue-chip Ethereum sets, suffered an 80.5% fall in sales, down to a mere $1.7 million. Trading dropped 51.2%, buyers and sellers down by 56.6% and 59.4%, respectively. So dramatic a fall, however, could not dampen the market leader’s position in high-dollar trades:
- 3873: 165 ETH ($259,514)
- 1820: 72.69 ETH ($118,299)
- 1999: 65 ETH ($103,110)
- 7163: 62.5 ETH ($99,167)
SuperRare #10093 topped the week’s top NFT sale at 255 ETH, equivalent to $419,772.
Weekly Top NFT Collections
- Courtyard (Polygon): $19.5M (+24.6%)
- DMarket: $9.7M (+8.8%)
- Guild of Guardians Heroes: $3.8M (+3.6%)
- Bitcoin BRC-20 NFTs: $3.6M (+42.1%)
- CryptoPunks: $1.7M (–80.5%)
