NFT Sales Dip by Over 25% as Bitcoin Dominates a Cooling Market

Recent data over a seven-day period ending April 21, 2024, shows that non-fungible token (NFT) sales have declined by 25.48%, totaling approximately $236.96 million. Bitcoin dominated the NFT market this week, contributing $111.8 million to the overall sales since April 14.

NFT Sales Tumble

This week, NFT revenues fell 25.48% compared to the previous week. Losses affected four of the top five blockchain platforms in NFT transactions. Bitcoin maintained the lead with $111.8 million, though its sales fell by 35.63%, as reported by cryptoslam.io. Ethereum also experienced a decrease, with sales falling 20.38% to $49.58 million. Solana’s sales dropped by 17.13% to $34.82 million, whereas Polygon bucked the trend with a 33.21% increase, bringing in $15.4 million in sales.

Mythos ranked fifth in this week’s sales, bringing in $6.56 million, a decline of 8.07% from the previous week. Bitcoin’s Uncategorized Ordinals was the leading collection with $32.89 million in sales, although it saw a 42.26% decrease from the prior week. The WZRD BRC20 collection came in second, logging $21.05 million in sales, a more than 160% increase from last week.

The third-highest grossing collection was PUPS BRC20, which garnered $14.96 million in sales, marking a 64.91% decrease from last week. Four of the top five collections originated from the Bitcoin blockchain. The most expensive NFT sold this week was a BTC-based NFT from the PUPS BRC20 collection, fetching $317,718. The second priciest was an Ethereum-based Cryptopunk # 4,473, which sold for $231,801.

As the NFT market cools, its fluctuations reflect broader trends in non-fungible token engagement and NFT technology adoption. This week’s downturn underscores a volatile but intriguing landscape, where even dominant platforms like Bitcoin led but still faced sharp declines. Amid these shifts, innovative collections and standout sales continue to captivate enthusiasts, suggesting a persistent allure despite the overall market’s ebb and flow.

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

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