NFT Sales Plummet 42% to $93 Million as Pudgy Penguins Sales Drop 76%

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Recent data from CryptoSlam indicates a significant decrease in NFT sales volume, dropping 42.42% to $93.18 million from last week's $161.7 million. While participation in the NFT market has increased with more buyers and sellers, transaction numbers show a decline. Notably, sales for the Pudgy Penguins collection have seen a dramatic 76.27% drop. Meanwhile, Ethereum continues to lead in sales despite a considerable decline.

Key Takeaways

Sales Decline: NFT sales volume has fallen by 42.42% to $93.18 million.
Increased Participation: The number of NFT buyers increased by 33.09% to 509,668.
Pudgy Penguins Sales: Pudgy Penguins collection sales dropped by 76.27% to $3.8 million.
Top Players: DMarket claimed the top spot with $9.05 million in sales.
Ethereum Remains Dominant: Ethereum leads NFT sales at $35.04 million, despite a 65.64% drop.

NFT Market Overview

According to CryptoSlam data, the NFT (non-fungible token) sales market has experienced a substantial downturn, with sales volume plunging by over 42% to $93.18 million. This is a marked decrease compared to the previous week's sales of $161.7 million. Interestingly, despite this decline in sales, the number of participants in the NFT marketplace appears to be on the rise. The current count of NFT buyers has climbed by 33.09%, totaling 509,668, while the seller count increased by 21.04% to 413,225. However, overall NFT transactions have decreased by 7.63%, standing at 1,543,392.

Amidst these trends, Bitcoin has seen a recovery, rebounding to the $111,000 level after a brief period of decline. Ethereum has also managed to regain the $3,900 level, contributing to a renewed sense of strength across the overall cryptocurrency market, which now boasts a global market cap of $3.75 trillion, up from last week's $3.62 trillion. Nevertheless, the NFT sector seems to have taken a harsh hit.

DMarket Surges as Pudgy Penguins Collapse

In a surprising turn of events, DMarket on the Mythos blockchain has emerged as the leading platform with sales amounting to $9.05 million, a 12.11% increase from $8.07 million last week. The DMarket collection processed an impressive 286,645 transactions, attracting 19,577 buyers and 15,873 sellers.

DX Terminal on Base has dropped to second place with $7.56 million, reflecting a 20.58% decrease from $9.99 million last week. This collection recorded 406,415 transactions along with 100,205 buyers and 100,091 sellers.

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Source: Top collections by NFT Sales Volume (CryptoSlam)

The Pudgy Penguins collection has notably tumbled to third place with $3.8 million in sales, down a staggering 76.27% from last week's $15.61 million. This collection experienced only 128 transactions, with 73 buyers and 77 sellers. The Guild of Guardians Heroes on the Immutable-Zk network entered the top rankings this week, claiming fourth place with $3.45 million, an increase of 41.06%, across 2,837 transactions.

Two BRC-20 NFT collections on Bitcoin also made it to the top seven. The $ATMC BRC-20 NFTs placed fifth, achieving $3.21 million in sales, a rise of 38.3%, while another BRC-20 NFT collection secured sixth place with $2.9 million, marking an increase of 57.5%.

Ethereum Holds Strong Despite Decline

Ethereum continues to dominate the NFT sales landscape, securing first place with sales totaling $35.04 million, which reflects a significant decline of 65.64% from last week’s $102.67 million. The network also reported $4.06 million in wash trading, bringing its adjusted total to $39.1 million. Despite the drop in sales, the number of buyers surged by 41.05%, reaching 47,352.

Bitcoin has taken the second spot with sales of $13.17 million, which is an 11.14% increase from the previous week’s $10.11 million. The number of buyers on the Bitcoin network rose to 13,462, marking a 60.49% increase.

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Source: Blockchains by NFT Sales Volume (CryptoSlam)

Base dropped to third place with $10.19 million in sales, down 19.8% from last week. The platform accounted for $4.90 million in wash trading and saw a 13.56% increase in buyers, totaling 257,187. The Mythos Chain moved up to fourth place with $9.27 million in sales, reflecting a 13.52% increase from last week. It attracted 33,791 buyers, up by 42.9%.

Immutable secured fifth with $5.73 million in sales, a rise of 41.05%, while the number of buyers grew to 6,012, a 40.96% increase. BNB Chain took sixth place with sales of $5.33 million, down 19.62%, but the buyer count surged by 52.26% to 32,769. Solana claimed the seventh position with $4.92 million, down 6.23% from last week’s $5.40 million, although its buyer count saw a rise of 40.36%, totaling 30,713.

Record Breaking NFT Sale

A remarkable sale in the NFT market occurred when a Good deed NFT sold for an astonishing $44.89 million (70,200,565.5751 ADA) just a day ago, making it one of the highest-value NFT transactions in recent months. Additionally, a Known Origin #264609 NFT was sold six days back for $246,984.31 (63.8 ETH).

The top five sales also included three CryptoPunks, further highlighting the vibrant and fluctuating NFT market landscape.