NFT Sales Volume Drops 7% to $89.1M as Crypto Market Shows Signs of Recovery

The non-fungible token sales volume over the last week has dropped by 7%, and stands at $89.1 million.

Non-fungible token (NFT) sales have taken a hit this week, with a 7% decrease in volume compared to the previous week. According to the latest data from NFT market tracker CryptoSlam, NFT sales over the last seven days now stand at $89.1 million.

This marks a slight downturn from the $93 million in NFT sales recorded last week. However, the crypto market at large has shown signs of recovery, with the global crypto market cap increasing by over 2% in 24 hours.

Breaking down the sales by blockchain, Ethereum still leads the way with $31.1 million in NFT sales this week. This is down slightly from the $33.4 million in Ethereum NFT sales recorded last week.

Out of the total sales volume on Ethereum, CryptoSlam’s data shows that nearly 21% of the volume can be attributed to wash trading.

Meanwhile, Bitcoin’s NFT sales have dropped by around 30% this week, with CryptoSlam data showing that NFT sales on the Bitcoin network now stand at $14.8 million.

On the other hand, Solana’s NFT sales have risen by 12% this week, with NFT sales on the Solana network now at $18.3 million. This is up from the $16.6 million in Solana NFT sales recorded last week.

Solana also saw a 56% increase in the number of buyers this week. Last week, the number of NFT buyers on the Solana network stood at 192,543. This week, that number has increased to 301,523.

Rounding out the top five NFT blockchains by sales volume this week are Mythos Chain (MYTH) and ImmutableX (IMX), with $10 million and $3.8 million in sales, respectively.

When it comes to the top NFT collections by sales, DMarket has held the number one ranking for four consecutive weeks now, leading the sales with an NFT collection that brought in $4.918 million in sales.

This marks a 6% decrease from the $5.2 million in sales recorded by the DMarket collection last week. Coming in at a close second is the Froganas on Solana NFT collection, which saw a massive 118% increase in sales this week, bringing in a total of $4.917 million in sales.