NFT Sales Decline by 5.4% to $79 Million, Pudgy Penguins Face 36% Drop

NFT sales have seen a notable decrease of 5.4%, dropping to $79.31 million compared to the previous week. This decline coincides with a downturn in both Bitcoin and Ethereum prices. Among the collections, Algebra Positions NFT-V2 experienced a significant surge, while Pudgy Penguins faced a sharp decline in sales.

Key Takeaways

Total NFT sales dropped by 5.4% to $79.31 million.
The number of NFT buyers surged by nearly 990% to 222,294.
Sales for Pudgy Penguins decreased by 36.87% to $2.79 million.
Algebra Positions NFT-V2 recorded an impressive sales rise of 807,352.81%.
Ethereum sales maintained a leading position despite market fluctuations.

NFT sales drop this week, Pudgy Penguins slump

NFT Market Overview

The overall volume of NFT sales has decreased by 5.41%, landing at $79.31 million, down from last week's figure of $84.44 million. While the sales figures fell, the interest in NFTs surged significantly, with buyers increasing by a staggering 989.62% to reach 222,294. Sellers also grew by 714.77%, totaling 189,963. However, the number of NFT transactions fell by 20.92%, totaling 1,097,565.

This decrease in NFT sales is occurring as the price of Bitcoin Bitcoin has dropped to around $96,000 amid growing selling pressure. Furthermore, Ethereum has also seen a downturn, losing the $3,200 mark and contributing to a decline in the global crypto market capitalization, which shrank to $3.26 trillion from $3.48 trillion in the prior week.

Notable Performances: Algebra Positions NFT-V2 vs. Pudgy Penguins

Algebra Positions NFT-V2 has emerged as a leading collection, achieving $7.81 million in sales and marking an extraordinary surge of 807,352.81%. The collection recorded 742 transactions with 199 buyers and 90 sellers.

Following Algebra Positions, DMarket on the Mythos blockchain secured second place with sales of $6.67 million, representing a slight decline of 3.77% from last week's $6.88 million. This collection had a total of 241,552 transactions, featuring 16,047 buyers and 13,590 sellers.

Unfortunately, the Pudgy Penguins collection plummeted to third place, with sales decreasing by 36.87% to $2.79 million, down from $4.38 million last week. The Ethereum-based collection experienced 144 transactions, with 96 buyers and 93 sellers.

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Source: Top collections by NFT Sales Volume (CryptoSlam)

Meanwhile, Guild of Guardians Heroes on Immutable-Zk took fourth place, generating $2.37 million in sales, down 6.19% from last week's $2.48 million, with 2,186 transactions processed. Courtyard on Polygon POL (ex-MATIC) rounded out the top five with sales of $2.24 million, experiencing a significant drop of 23.20% from the previous week’s $2.91 million, processing 31,205 transactions.

Panini America on the Panini blockchain surged into the sixth spot with $2.23 million in sales, which represents a whopping increase of 393.51%. The collection recorded 27,115 transactions. In seventh place, CryptoPunks saw sales fall to $1.95 million, down 40.95% from last week, completing just 17 transactions with 12 buyers and 15 sellers.

Blockchain Performance Insights

Ethereum remains a strong contender in the NFT sales space, achieving sales of $33.71 million, up 4.68% from the previous week's $32.97 million. Notably, it observed $2.67 million in wash trading, making the overall total $36.37 million. The number of buyers increased by 69.86%, reaching 21,514.

BNB Chain BNB climbed to the second position with $8.66 million in sales, reflecting a 28.21% increase from last week's $6.15 million, while wash trading accounted for $174,526, bringing its total to $8.83 million. Buyer numbers remained stable at 13,940.

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Source: Blockchains by NFT Sales Volume (CryptoSlam)

Bitcoin dropped to third place, with sales totaling $8.18 million, down 15.56% from $9.15 million the prior week, with 6,486 buyers. The Mythos chain secured fourth place at $6.84 million, a decrease of 3.49% from last week, attracting 20,798 buyers. Solana Solana came in fifth with $5.50 million in sales, marking a 12.27% increase from $5.12 million, resulting in 15,651 buyers. Immutable landed in sixth place with $4.19 million, slightly down 2.98% from $4.26 million, garnering 2,596 buyers. Lastly, Polygon placed seventh, with $3.26 million in sales, a significant decrease of 28.77% from $4.50 million.

Top NFT Sales of the Week

The top sale of the week was Autoglyphs #141, which sold for an impressive $199,135.19 (56 WETH) just three days ago. Following closely were two V1 CryptoPunks Wrapped #7139 NFTs. The rankings rounded out with two additional CryptoPunks featured in the top five list.

As the NFT market continues to evolve, these trends can offer valuable insights for both buyers and sellers looking to navigate the ever-changing landscape of digital collectibles.