|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The NFT market has experienced another week of decline, with trading volume falling 18%. Bitcoin and Solana-based NFTs have been the most affected. Despite the drop in sales, the number of collectors and traders buying NFTs has increased. Ethereum, Bitcoin, and Solana were the top-traded blockchain networks for NFTs this past week. The most expensive NFT sold last week was Crypto Punks #635, which went for over $12 million. The NFT market is expected to bounce back once the current memecoin season fades out.
Non-Fungible Token Market Slumps Amidst NFT Wash Trading and Broader Market Shift
The non-fungible token (NFT) market has plunged into another week of decline, plagued by a combination of factors including wash trading and a broader market shift towards alternative digital assets like memecoins.
NFT Sales Drop 18% Over the Past Week
Data compiled by CryptoSlam.io, a multi-chain NFT explorer, reveals a significant 18% drop in global NFT sales volume over the past seven days. The total trading volume amounted to $195 million, a stark contrast to the previous week's performance.
Despite the declining sales, the number of NFT collectors and traders has surged by 37% to nearly 1 million. The number of collectors selling their NFTs has also increased by 30%.
Ethereum Leads NFT Blockchain Networks
Ethereum, the prominent blockchain powering a majority of NFTs, emerged as the top-traded blockchain network in the NFT ecosystem this past week. Ethereum-based NFT collections amassed a sales volume of $69 million, representing a 39% increase compared to the previous week.
Bitcoin, the blockchain underpinning the flagship cryptocurrency Bitcoin, ranked second with a sales volume of $58 million. However, Bitcoin-based NFT sales witnessed a 50% decline from the previous week.
Solana and Polygon Hold Market Share
Solana, a blockchain platform supporting smart contracts and NFTs, secured the third position with a sales volume of $32 million. Polygon, an Ethereum scaling blockchain, ranked fourth with sales amounting to $17 million, registering a 14.96% growth from the previous week.
Top-Selling NFT Collections
1. Bitcoin Ordinals NFT Collections:
Bitcoin Ordinals, a collection of NFTs created on the Bitcoin blockchain using the Ordinal protocol, dominated the market as the week's top-selling collection. The collection recorded a sales volume of $32 million, a 20% decline from the previous week.
2. CryptoPunk NFT Collection:
CryptoPunks, a collection of 10,000 NFTs hosted on the Ethereum blockchain, ranked second with a sales volume of $14 million, marking a remarkable 326% surge from the previous week.
3. Bored Ape Yacht Club NFT Collection:
Bored Ape Yacht Club, a collection of 10,000 NFTs hosted on Ethereum, secured third place with a sales volume of $7.9 million, representing a 79.80% increase from the previous week.
4. DMarket NFT Collection:
DMarket, an NFT collection hosted on the Mythos Chain blockchain, ranked fourth with sales totaling $5.9 million, marking a 6.46% decline from the previous week.
5. NodeMonkes NFT Collection:
NodeMonkes, a collection of 10,000 NFTs created on the Bitcoin blockchain, ranked fifth with sales amounting to $4.8 million, experiencing a 21% drop from the previous week.
NFT Market Outlook
Earlier this month, a significant shift occurred in the crypto market, with traders moving their focus away from NFTs and towards memecoins and other cryptocurrencies. This trend is expected to continue for the foreseeable future, potentially leading to a further decline in NFT sales.
However, experts believe that the NFT market is cyclical and is likely to experience a resurgence in sales once the memecoin season subsides.
Additional Notable NFT News
- Azuki NFT creator Chiru Labs is actively seeking individuals with NFT expertise.
- NFT sales volume witnessed a 70% surge following the sale of a CryptoPunk for over $12 million.
- Magic Eden, a leading NFT marketplace, is set to launch its Base marketplace on Solana.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- TRUMP Meme Coin Plunges 40.88% in 24 Hours, Market Suffers
- Jan 21, 2025 at 07:35 pm
- The TRUMP meme coin has plunged 40.88% in the last 24 hours, wiping out much of its earlier gains. Once a popular choice among investors, the token's steep decline followed Donald Trump's presidential inauguration, which initially raised hopes of a market boost.
-
- The Extraordinary Journey of Pepe the Frog: From Comic Star to Cultural Icon
- Jan 21, 2025 at 07:35 pm
- Pepe the Frog, a simple cartoon character created by artist Matt Furie in 2005 for his “Boy’s Club” comic series, has experienced an extraordinary journey from light-hearted comic panels to a symbol woven into internet culture and global movements.
-
- XRP (XRP) Price Prediction 2023: Will XRP Finally Break Its ATH?
- Jan 21, 2025 at 07:15 pm
- XRP's price has gained much momentum since President Donald Trump's victory in November. While it showed significant volatility to the downside in the daily chart this Tuesday as it settled around $3.06 at 7:30 AM UTC, the same could not be said for its long-term price actions.