Buyers Return to NFT While Spending Power Fades

• NFT buyers jumped by 24% in the past week, even as total sales volume fell nearly 8% to around $99.9 million.
  
• Ethereum NFTs saw a 21% sales drop, while Solana and Mythos posted modest gains, defying the overall trend.
  
• Top collections like Courtyard and DMarket led sales, while others like CryptoPunks saw sharp declines in market performance.
  

Renewed interest in the NFT markets has emerged even as the overall purchasing power weakens. Recent data provided by CryptoSlam indicates that buyers in the non-fungible token sphere grew by more than 24% over the past week. Even with this increase in participation, the total volume of sales for non-fungible tokens declined by almost 8% as it settled at around $99.9 million.

This pattern of lowered sales and increased buyers shows that there is interest from newly interested participants or from previously active collectors, but with carefully controlled expenditures.

More Buyers Join NFT Space While Total Sales Volume Declines

NFT buyers and sellers increased over the last week, signifying growing interest in the market. In the last week, the number of buyers reached 560,845, marking an increase of 24.38%, and the number of sellers reached 327,295, marking a 15.66% increase. Yet these numbers come with a caveat: the overall number of transactions experienced a decline of 9.12%, to roughly 1.44 million, indicating that there is less spending per transaction.

Ethereum was also reported to have a 21% decline in sales with earnings slowly trickling to $25 million until other competitors catch up. Polygon follows with $16.9 million in volume, which is also a 6% decrease from the previous week. Bitcoin NFTs also suffered a 12% decline, landing at $16 million.

Buyers Return to NFT While Spending Power Fades 3

Nonetheless, some chains went against the trend. While Solana Chain gained $1 million and Mythos Chain $2 million, Solana’s value reached $9.9 million while Mythos hit $13.8 million, resulting in a 16% and 1% gain, respectively. 

Top NFT Collections: Winners and Losers

Some collections stood out despite the general market pullback. Polygon’s Courtyard came in first with $15 million in sales, followed in order by DMarket at $8.6 million and bitcoin’s Taproot Wizards with $3.9 million. 

Not all were as lucky, however. Longstanding market favorites speedily dropped in rank, and CryptoPunks and Guild of Guardians Heroes fell 44% and 48%, respectively, demonstrating the volatility of blue-chip NFT collections. 

The sudden increase in buyer activity across several collections incentivizes hope, especially after the skeptic NFT drought in March. After all, those with buyer incentive had prior suspicion regarding the future of NFTs. The new challenge lies in having that suspicion transformed into a valuable, long-term commitment.