NFT Market Update: Sales Drop to $129.6 Million While Pudgy Penguins Soar by 63%

The non-fungible token (NFT) market is continuing to experience a downturn, with sales volumes decreasing by 8.53% to a total of $129.6 million.

Key Takeaways

NFT sales fell to $129.6 million, down 8.53%.
Despite the drop in sales volume, the number of NFT buyers and sellers has increased significantly.
Ethereum leads in sales despite experiencing a decrease.
Pudgy Penguins collection saw a remarkable 63% increase in sales.
Overall cryptocurrency market cap decreased to $3.75 trillion.

According to data sourced from CryptoSlam, the number of participants in the NFT market has risen again, with NFT buyers climbing 18.06% to 541,831 and NFT sellers increasing by 17.05% to 385,179. Additionally, NFT transactions have grown by 11.96% to reach 1,814,788.

This decline in sales is closely related to the broader market conditions. Currently, the price of Bitcoin has fallen to around $108,000, while Ethereum's price has dipped to $4,300. The total global cryptocurrency market capitalization has also decreased, now standing at $3.75 trillion, down from last week’s figure of $3.98 trillion.

Ethereum has continued to hold its top position with a sales volume of $54.5 million, although it marks an 8.24% decline from the previous week. Notably, the wash trading activity on Ethereum has surged by 42.68% to $20.1 million.

In the NFT rankings, Polygon has maintained its second-place position with sales of $18.9 million, experiencing a solid 16.12% growth. Meanwhile, BNB Chain occupies the third spot with sales totaling $13.4 million, a significant drop of 34.77%. Mythos Chain follows in fourth place with $10.2 million in sales, reflecting a 4.71% increase, while Bitcoin rounds out the top five with $7.7 million, showing a decline of 30.28%.

Immutable sits at the sixth spot with sales of $6.8 million, down 4.95%, and Solana enjoys the seventh position with $5.7 million, marking a 20.44% fall.

The number of buyers has increased across most blockchain platforms. According to the data, Solana has shown impressive growth at 39.47%, with Polygon and Bitcoin following at 42.66% and 31.55%, respectively.

On the collection front, Courtyard on Polygon remains at the top with sales amounting to $17.6 million, representing an increase of 19.44%. This collection has observed growth in transactions (8.58%) and sellers (14.67%), despite a 57.77% drop in buyers.

CryptoPunks has slipped to second place with sales of $7.1 million, reflecting a decrease of 17.95%. This collection has witnessed reductions in both transactions (18.92%) and sellers (25%), while the number of buyers has remained steady.

Conversely, Pudgy Penguins has leaped to third position with sales reaching $5.2 million, demonstrating a remarkable 63.39% increase. This collection has shown growth across all key metrics, including transactions (89.66%), buyers (60%), and sellers (46.81%).

DMarket holds fourth place with $5.1 million in sales, marking a 10.01% increase. Moonbirds follows in fifth with $4.4 million, reflecting a decline of 36.57%, while SpinNFTBox on BNB Chain completes the top six with $4.2 million, a decrease of 60.93%.

NFT sales plunge to $129.6m, Pudgy Penguins jump 63%

Notable High-Value Sales

This week has also featured some notable high-value NFT sales, further illustrating the dynamic nature of the current NFT market.