NFT Sales Decline to $129.8 Million, Avalanche Sales Surge by 200%

Despite an overall rise in the cryptocurrency market, the Non-Fungible Token (NFT) sector has revealed a slight decrease, with sales volume falling by 0.05% to $129.8 million.

Key Takeaways

NFT sales dipped to $129.8 million, a slight decrease.
Over 443,000 NFT buyers and nearly 200,000 sellers participated in the market.
Ethereum remains the leader in NFT sales despite a decline of 26.22%.
Avalanche's sales have surged by almost 203%, claiming second place.
The collection rankings have shifted, with XSY Deposit on Avalanche leading in sales.

According to data compiled by CryptoSlam, the NFT market has seen an uptick in participation. The number of NFT buyers surged by 61.18% to a total of 443,548, while NFT sellers increased by 31.87% to 199,129. Additionally, NFT transactions rose by 15.39% to 1,697,343.

Within the NFT space, Ethereum continues to dominate, accounting for $29.6 million in sales. However, this figure represents a notable decline of 26.22% compared to the previous week, coupled with a significant drop in wash trading down to $2 million, a 57.18% decrease.

Avalanche has made a significant impact, moving into the second spot with $22.3 million in sales, reflecting an impressive growth of 202.92%. Polygon (formerly MATIC) is in third place, reporting $21.3 million in sales with a solid growth of 45.98%. Bitcoin's NFT sales have fallen to fourth place at $18.2 million, a decrease of 21.85% from the prior week.

Mythos Chain rounds out the top five with $13.9 million in sales, followed by Immutable (IMX) in sixth with $8.6 million, and Solana in seventh with $6.4 million, a steep decline of 26.36%.

An increase in the buyer count was observed across various blockchains, with Avalanche showcasing the highest growth rate at 79.08%. Bitcoin saw a rise of 72.98% and Solana recorded a growth of 71.09%.

Additionally, significant shifts have occurred in the rankings of collections. The XSY Deposit on Avalanche has taken the lead with $22.1 million in sales. However, it's worth noting that this collection is largely influenced by a single buyer and seller.

Following closely, Courtyard on Polygon has climbed to second place with sales of $14.4 million, rebounding with a growth of 23.23%. DMarket holds the third spot with $8.8 million, up 7.07%.

Bitcoin’s BRC-20 NFTs have dropped to fourth place, earning $6 million and seeing a decline of 15.78%. The Guild of Guardians Heroes collection stands fifth with $5.9 million in sales.

Lastly, CryptoPunks has slipped to sixth place with sales amounting to $4.8 million, which represents a 30.94% drop. This particular collection has shown declines across several metrics, including transactions (down 42.31%), buyers (down 37.84%), and sellers (down 45.24%).

For last week’s NFT performance recap, you can read more here. Noteworthy high-value sales from the current week also reflect changing trends in the market.

NFT sales drop to $129.8m, Avalanche sales surge 200%

Bitcoin recently soared to the $108,000 mark, reaching an all-time high of $111,000. Meanwhile, Ethereum experienced a gentle recovery, climbing to $2,700 over the past week, though it has since settled at around $2,500. The global crypto market capitalization is $3.42 trillion, an increase from $3.29 trillion last week.