NFT Sales Dip Again: Ethereum Leads as Market Declines by 7.03%

Over the past week, non-fungible token (NFT) sales have declined again, slipping 7.03% compared to the previous week. During this period, $122.3 million in sales were recorded, with Ethereum-based NFTs taking the lead.

7-Day NFT Sales Slide 7.03%

This week witnessed another seven days of subdued NFT sales, with Ethereum maintaining the lead and Bitcoin following in second place. Sales dropped 7.03% compared to the previous week, totaling $122.3 million between May 25 and June 1, 2024. The highest-priced NFT sold this week was from the Ethereum blockchain’s Azuki collection. Azuki #3,374 fetched $393,112 five days ago, claiming the top spot.

The second-highest sale came from the Bitcoin blockchain, with an Ordinal inscription purchased for $305,258 two days ago. The third priciest NFT sold was a Solana Boogle #061, which sold for $206,936 five days prior. Ethereum was the top blockchain in overall seven-day sales, capturing $37.06 million this week. However, ETH-based NFT sales are down 11.66% from the previous week.

Bitcoin NFT sales amounted to $28.54 million, a 10.83% decrease from the previous week. Meanwhile, Solana-based NFTs recorded just over $19 million, marking a modest 1.72% reduction. Polygon emerged as the top performer among the top five chains by NFT sales, with a 29.04% increase over the previous week, totaling around $15.54 million. Immutable X secured the fifth position, with sales up 14.69% to $8.54 million.

Among the week’s top five NFT collections, Uncategorized Ordinals took first place with $8,619,161 in sales, although this was a 16.25% decrease from the previous week. Guild of Guardians from Immutable X had the second-highest sales volume at $5.73 million, up 23.27%. They were followed by Nodemonkes, Bored Ape Yacht Club (BAYC), and Dmarket.

Digital collectible sales have been declining week after week, showing little signs of recovery. While other crypto sectors are experiencing substantial growth, NFT sales have been lackluster, with blue-chip NFT prices dropping 80-90% from their peaks. Only time will tell if the NFT trend will rebound, but for now, the consistent weekly sales decline over the past few months indicates that growth has significantly slowed compared to previous years.

What do you think about the NFT sales trend? Share your thoughts and opinions about this subject in the comments section below.

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