NFT Market Update: Sales Drop 12% Amidst Ethereum’s Dominance

From NFTevening

The NFT market continues to face challenges. Last week sales decreased 12%, after a 16% decline the week before. Sales over the last seven days have come to just under $100 million by CryptoSlam . Over 785,000 traders were involved in 1.4 million transactions.

Ethereum Leads NFT Sales

Source: CryptoSlam

Ethereum is still the leading blockchain for NFT sales. It recorded $38.4 million in transactions last week. However, Ethereum also saw a significant rise in wash trading, with earnings from this activity increasing by nearly 9.5% to $37.69 million.

Last week, Polygon produced a great performance. With an 11.2% increase in revenues, it surpassed the Bitcoin (BTC) network to take second position. Furthermore, wash trading on Polygon shot up. It increased by 46% to $14.9 million, almost twice as much as the amount reported the week before.

Bitcoin dropped to the third position in sales volume. Its revenues fell by 40%. Only Fantom (FTM) and Blast (BLAST) fared worse, with dips of 87% and 74%, respectively. Wash trading on Bitcoin also surged nearly 200%, although the $63,072 from this activity is minimal compared to Ethereum and Polygon.

With the fourth-highest sales volume of the week, Solana maintained its ranking. After ranking fifth the week before, Immutable (IMX) fell to sixth place as Mythos Chain (MYTH) surpassed it with sales of around $4.5 million. Important shows were also given by Panini, BNB Chain, and Zora. Zora had a more than 50% gain in sales volume and Panini the company best known for their NFT sports trading cards saw a 22% increase in earnings to $135,000.

Top NFT Collections

Among NFT collections, CryptoPunks made a strong comeback. It registered a 155% jump in sales volume, earning $5.26 million and becoming the top-selling NFT collection of the week. DMarket from Mythos saw a 9.21% dip in sales but still managed to earn over $4 million. With almost $3.5 million in sales, Bored Ape Yacht Club (BAYC), an Ethereum-based company, came in third place, up 73.66% from the previous week.

Source: CryptoSlam

Other collections also performed well. Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection earned $3.69 million and $2.43 million, respectively.

Top-Selling NFTs of the Week

The most expensive NFT last week came from Ethereum, selling for $204,066. However, this is significantly lower than the previous week’s top NFT, which sold for $587,194. A Bitcoin Ordinal sold for $113,465, taking second place. Mad Lads #4575 from Solana came in third, selling for $110,917.

Source: CryptoSlam

Sales of fan tokens increased last week due to important soccer competitions in Europe and the Americas. With Turkey’s first Euro 2024 victory, the Galatasaray (GAL) fan token saw the biggest increase in sales volume, rising an astounding 70,149% to $280.5 million. Also, the token’s price jumped by 2,542%, to $2.87 per unit. Sales of fan tokens for FC Barcelona, PSG, and Juventus also experienced a notable surge, with rises ranging from 22,903% to 8,670%, as Spain, France, and Italy successfully began their Euro 2024 campaigns.