NFT Market Continues Its Downward Trend Despite Minimal Crypto Price Recovery

The NFT market has continued its downward trend despite minimal crypto price recovery, with Bitcoin nudging up to $84,000 and Ethereum holding steady at $1,900.

The NFT market saw continued downward trends this week, even as minimal crypto price recovery was seen, with Bitcoin (BTC) nudging up to $84,000 and Lumen (LUNA) holding steady at $1,900. The global crypto market cap also moved up to $2.77 trillion from last week’s $2.73 trillion.

According to CryptoSlam data, NFT sales volume fell to $100.9 million, marking a 5.34% decline from the previous week. However, despite the sales drop, market participation metrics showed strong growth in both buyers and sellers.

The weekly metrics showed that while Ethereum (ETH) NFT sales struggled with a 13.03% drop to $27.7 million, buyer numbers grew a massive 42.17% to 44,850. Also, the data showed that ‘wash trading’ decreased 6.53% to $2.8 million.

Bitcoin (BTC) faced an even steeper decline of 30.69% to $16.3 million, though it still managed to hold second place. The network saw buyer participation increase by 63.67% to 31,251.

On the other hand, Mythos Chain moved in the opposite direction with a modest 3.12% gain to $15.6 million, keeping third place. Polygon (POL) fell 5.81% to $13.3 million in fourth position, while Solana (SOL) saw a 5.25% drop to $9.4 million, rounding out the top five.

Among the top NFT collections, Courtyard maintained its leading position with $11.5 million in sales, but it was down 6.95% from the previous week. The Polygon-based project also saw transaction volume increase by 4.76% to 100,285.

DMarket climbed to second place with $10.4 million, up 4.44% from the previous week and keeping strong volume with 333,211 transactions. Guild of Guardians Heroes held steady in third with $5.6 million, posting impressive growth of 159.46%.

Good Vibes Club remained fourth with $4.0 million, showcasing a massive 264.67% surge. BRC-20 NFTs continued to lose ground in fifth place with $3.2 million, falling 43.57%. CryptoPunks dropped to sixth place with $2.6 million, decreasing by 15.52%.

Among notable sales this week, included: