NFT Sales Drop 18% to $116.9 Million, Polygon Overtakes Ethereum

The NFT market has seen a significant decline, with total sales dropping by 18.43% to $116.9 million in the latest reports. Despite the downturn, certain metrics highlight interesting trends in market participation. Polygon has notably outperformed Ethereum in sales, while Immutable remains the top blockchain for NFTs.

Key Takeaways

NFT sales decreased by 18.43% to $116.9 million.
Bitcoin's value fell to $103,000; Ethereum's dropped by 4%.
Immutable remains the top blockchain, though sales fell 32.23% to $28.3 million.
Polygon sales increased by 24.98%, surpassing Ethereum.
The number of NFT buyers maintains growth, while sellers have increased.

NFT sales plunge 18% to $116.9m, Polygon beats Ethereum

Main Content

The NFT market is currently facing a significant downturn, as sales volume has plunged by 18.43% to reach $116.9 million, according to data from CryptoSlam. This drop marks a notable shift from the strong performance seen just a week prior.

In terms of cryptocurrency valuations, Bitcoin's price has reached $103,000, while Ethereum has seen a 4% decline over the last week. As a result, the total global crypto market cap has decreased from $3.29 trillion to $3.21 trillion.

Despite the drop in overall sales, some market participation indicators show mixed results. The number of NFT buyers has remained stable at 1,061,348, reflecting 50.56% growth. Conversely, the number of NFT sellers has risen by 8.09% to 38,494, while NFT transactions have seen a minor decrease of 0.63% to 1,709,086.

Immutable (IMX) retains its leading position in sales, although it experienced a decline of 32.23%, totaling $28.3 million. The wash trading activity on this blockchain has drastically reduced, falling by 81.19% to just $3.

On the other hand, Polygon (POL) has surged to second place with $23.3 million in sales, marking a growth of 24.98% and overtaking Ethereum. Ethereum now ranks third with sales of $20.4 million, representing a decline of 32.06%. The wash trading on Ethereum has also declined by 18.29%, now standing at $1.8 million.

Mythos Chain holds onto the fourth spot with $14.1 million, showing a slight decline of 0.03%, while Solana has jumped into fifth place, reporting sales of $8.7 million, a considerable increase of 42.74%.

The buyer count has shown growth across various blockchains, with Polygon leading the way at 35.63%, followed by Solana at 27.41% and Mythos Chain at 19.32%.

In terms of collection rankings, the Courtyard collection on Polygon has regained the top position with sales of $17.4 million, showing a minimal growth of just 0.56%. Notably, this collection has seen a substantial increase in sellers by 1,264.81%.

The Guild of Guardians Heroes has dropped to second place, generating $16.5 million and experiencing a decline of 33.60%. This gaming collection has posted decreases across multiple metrics, including transaction volume (35.26%), number of buyers (41.99%), and sellers (42.33%).

DMarket maintains its spot in third place with sales of $9 million, up by 0.99%. Guild of Guardians Avatars remains in fourth place with $7 million, despite a notable decrease of 31.19%.

Finally, Gods Unchained Cards has entered the top five collections with sales of $4.7 million, down 28.60%. In a notable shift, the Uncategorized Ordinals on Bitcoin have disappeared from the list of top collections.

Noteworthy high-value sales from this week include:
(Details about noteworthy high-value sales for the week would typically follow in this section.)