NFT Sales Tumble 18.57% in 7 Days Amid Broad Crypto Market Retreat

This week’s non-fungible token (NFT) sales have taken another nosedive, intensifying the downtrend that began with a 16.55% decline from March 9 to March 16, 2024. The last seven days have witnessed an even steeper drop, with NFT sales plummeting by 18.57%.

Cryptopunk #7,804 Shines in a Week of Falling NFT Sales

In line with the broader cryptocurrency landscape, NFT transactions have experienced a dip, plunging 18.57% to a total of $290.51 million. The leading five blockchains, gauged by the week’s total sales, all reported declines.

Ethereum was at the forefront with NFT sales amounting to $107.21 million, albeit a 17.10% fall from the previous week’s numbers. Bitcoin secured the runner-up position, yet BTC-centric NFT transactions dropped 25.19% from the preceding week.

Similarly, Solana witnessed a 7.77% reduction, BNB Chain’s sales dwindled by 17.34%, and Mythos encountered a 4.23% decrease. Collectively, these five blockchains accounted for $268.98 million or 92.58% of the week’s $290.51 million total sales.

The Uncategorized Ordinals (UO) compilation emerged as the frontrunner in weekly sales, although its sales dwindled by 27.7%, totaling around $39.01 million. Cryptopunks, with a $21.14 million turnover in a week, saw its figures significantly bolstered by the sale of Cryptopunk #7,804, which alone fetched $16.38 million, marking a 186.54% increase for the collection.

Node Monkes, Mad Lads, and Bored Ape Yacht Club (BAYC) completed the top five rankings as per cryptoslam.io data. The week’s priciest NFT accolade went to Cryptopunk #7,804, closely followed by Thick Liquidity, a Fantom-issued NFT, snagging $538,207.

An Uncategorized Ordinal inscription netted $493,162, and an Axie Infinity or Ronin-based NFT fetched $186,407. Although sales took a dip last week, the roster of NFT buyers swelled by 55.69%, and sellers saw a 47.47% hike over the course of seven days.

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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