NFT Market Plummets 25.48% as Bitcoin Retains Dominance

In the past week, the NFT market has experienced a downturn, with sales decreasing by 25.48% compared to the previous week. Bitcoin remains the dominant blockchain in the NFT market, followed by Ethereum and Solana, though all three have witnessed a decline in NFT revenues. Ordinals on Bitcoin emerged as the best-selling NFT collection, accounting for $33.56 million in sales despite a 40% drop from the prior week.

NFT Market Plunges by 25.48% with Bitcoin Reigning Supreme

The NFT market has experienced a significant downturn in the past week, facing a 25.48% drop in sales compared to the previous week. Bitcoin remains the dominant force in the blockchain landscape, accounting for the majority of NFT revenues despite also reporting a decline.

Bitcoin Dominates NFT Market with $108 Million in Sales

According to data from cryptoslam.io, Bitcoin's blockchain continues to dominate the NFT market, generating $108.02 million in sales. However, this figure represents a 38.41% decrease compared to last week.

Ethereum and Solana Witness NFT Revenue Declines

Ethereum and Solana, other prominent blockchain platforms, have also seen their NFT revenues diminish. Ethereum recorded sales of $49.63 million, down by 20.53%, while Solana managed sales of $33.72 million, a drop of 22.9%.

Polygon, Flow, and Cardano Buck the Trend

A few blockchains have defied the overall trend and experienced increases in NFT sales. Polygon surged to fourth place with sales of $14.85 million, representing an 18.52% increase. Flow and Cardano also posted gains of 19% and 94%, respectively.

Uncategorized Ordinals on Bitcoin Top Selling Collection

In terms of NFT collections, Uncategorized Ordinals on Bitcoin maintained its dominance, generating $33.56 million in sales. However, its weekly revenue declined by 40% compared to the previous week.

WZRD BRC20 and PUPS BRC20 See Significant Sales Fluctuations

WZRD BRC20 emerged as the second-best-selling collection with $19.88 million in sales, a staggering 105% increase. PUPS BRC20 followed closely behind with sales of $13.91 million but faced a 68% decrease.

BitBoy One Web3 Game Sells Out in Two Minutes

The NFT market also witnessed the launch of a notable Web3 game, BitBoy One, by Ordz Games. On April 17th, the entire stock of 1,000 units sold out within two minutes.

Inspired by the classic Nintendo Game Boy, BitBoy One blends gaming and blockchain technology, allowing players to earn BTC through gameplay. Each unit is also a collectible, featuring a digital NFT rendering that enhances its value.

Conclusion

The NFT market is experiencing a period of decline, with sales dropping significantly across the board. Bitcoin remains the leading blockchain for NFT transactions, while Ethereum and Solana have faced revenue decreases. However, certain blockchains and collections have managed to defy the trend, highlighting the evolving nature of the NFT market. The success of BitBoy One further demonstrates the growing intersection of gaming and Web3 technology.