NFT Market Has Fallen Alongside a Broader Crypto Selloff, Bitcoin Tumbles to $85,000

The NFT market has fallen alongside a broader crypto selloff, with Bitcoin tumbling to $85,000 and Ethereum dropping to $2,200.

The NFT market has taken a hit alongside a broader crypto selloff, with Bitcoin tumbling to $85,000 and Ethereum dropping to $2,200.

According to CryptoSlam data, NFT markets saw total sales volume decrease to $107.1 million, marking a 28.93% decline from the previous week. However, despite the pullback in sales value, trader participation continued to grow.

The weekly metrics tell a mixed story:

Ethereum sales plunge

Ethereum (ETH) sales plummeted 67.86% to $25.3 million, although buyer numbers saw a smaller decrease of 20.27% to 50,056. Wash trading also decreased significantly by 92.83% to $2.7 million.

Bitcoin (BTC) sales, on the other hand, moved against the trend with a 16.73% increase to $24.3 million. The number of buyers also grew by 30.71% to 30,203.

Mythos Chain saw a smaller decrease of 4.79% to $14.7 million, securing third place. Polygon (POL) surged to fourth place with $14.2 million, a 45.35% increment, while Solana (SOL) took fifth place with $12.1 million, showcasing a 12.41% increase.

Top collections see drop in sales

Courtyard claimed the top spot with $12.1 million in sales, showcasing a 39.55% rise. The Polygon-based project saw 139,249 transactions.

Ordinal Maxi Biz (OMB) surged to second place with $12.0 million, boasting a massive 450.88% increase. The project also saw an addition of over 2,000 buyers.

DMarket dropped to third place with $9.5 million, showing a smaller decrease of 6.30%. A newcomer, f(x) wstETH position, took fourth place with $6.1 million, showcasing a 173.91% increase, and Guild of Guardians Heroes rounded out the top five with $3.1 million, showing a 7.38% growth.

Pudgy Penguins, previously a market leader, dropped to tenth place with sales of $1.6 million, showcasing an 80.69% decrease. The project also saw a steep decline in all other metrics.

Notable sales this week

The overall crypto market cap has dropped to $2.84 trillion from last week’s $3.18 trillion. Ethereum is down over 20% in the past seven days. See below.