The NFT market continues to cool down even as the overall cryptocurrency market cap grew to $3.6 trillion, up from $3.42 trillion last week, according to CoinMarketCap. Despite the drop in sales, growing participation from NFT traders suggests sustained interest at lower price levels.
Key NFT Market Highlights:
- Total NFT sales: Dropped 17.54% to $132.7 million, compared to $152 million last week.
- Number of buyers: Increased by 25.54% to 667,116.
- Number of sellers: Rose 23.96% to 382,754.
- Total transactions: Declined 16.96% to 1,326,111.
Performance Across Major Blockchains
Ethereum (ETH)
- NFT Sales: Fell 25.72% to $56 million.
- Buyers: Increased by 14.35% to 72,241.
- Wash Trading: Declined 42.38% to $13.5 million.
Bitcoin (BTC)
- NFT Sales: Rose 8.38% to $30.3 million.
- Buyers: Increased by 13.68% to 67,423.
Mythos Chain
- Climbed to third place with $11.8 million in sales, up 3.63%.
Solana (SOL)
- Dropped to fourth place, with sales plunging 57.91% to $9.4 million, despite leading in buyer count at 234,220.
Immutable (IMX)
- Rounded out the top five with $8.2 million in sales, growing 2.67% with 18,350 buyers.
Top Collections See Shifts in Rankings
- Azuki: Took the top spot with $9.4 million in sales, up 3.13%, despite a decrease in buyers.
- DMarket: Recorded $6.7 million in sales, growing 7.72%, with high transaction volume of 240,918 trades.
- BRC-20 NFTs: Held third place at $5.8 million, despite an 11.33% sales drop.
- Guild of Guardians Heroes: Grew 13.74% to $5.7 million.
- Pudgy Penguins: Slipped to fifth place with $5.3 million, declining 57.64% due to steep drops in buyers and transactions.
Notable NFT Sales
- CryptoPunks #5192: Sold for $192,556 (53.69 ETH).
- CryptoPunks #7942: Sold for $154,075 (45 ETH).
- CryptoPunks #9208: Sold for $153,677 (45.99 ETH).
- CryptoPunks #5203: Sold for $153,580 (44.7 ETH).
- CryptoPunks #7210: Sold for $147,498 (42.93 ETH).
Conclusion
The NFT market is navigating a cooling phase, as evidenced by declining sales volume but growing buyer and seller participation. While blockchain networks like Bitcoin and Mythos saw growth, others like Ethereum and Solana faced setbacks. Shifts in collection rankings and notable individual sales further highlight the evolving landscape of the NFT market.