NFT Market Cools Down: Sales Slide Nearly 8% Amidst Buyer Plunge

6 days ago 23

Over the past week, NFT market sales saw another drop, decreasing by 7.91% compared to the previous period. The number of buyers took a steep hit, plummeting 73.46%, while sellers also declined notably, down 61.18% from the prior week.

NFT Market Sales Down 7.91% as Buyers and Sellers Withdraw

Over the past week, NFT market sales reached $74.86 million, reflecting a 7.91% decline from the previous week, as per DappRadar data. Ethereum led in blockchain sales volume, generating $27.25 million, though sales of Ethereum-based NFTs dropped by 9.73%. Bitcoin secured the second position with $14.89 million, showing a 31.01% increase, while Solana came in third with $12.47 million, marking a 12.31% decrease.

The top performer this week was Cryptopunks, which generated $5.39 million, up 9.45%. Bitcoin BRC20 NFTs followed closely with $3.45 million, a massive 475% surge. Immutable X’s Guild of Guardians (GoG) secured third place, with $3.28 million in sales, a 4% increase. Ether-based Sorare earned $2 million, seeing a 9.99% rise, while BNB’s Luxemarathoner also earned $2 million but saw a 22% decline.

The most expensive NFT market sale this week was Cryptopunk #9368, which sold for $1.27 million five days ago. Solana’s Boogle #025 followed, fetching $143,070 three days ago, while BNB’s Paraluni Perpetual Bond sold for $129,337 five days ago. Despite declining sales and reduced activity, top-tier collections are still managing to stand out in an evolving market.

Guild of Guardians, Luxemarathoner Surge Amid Fluctuations

Over the past seven days, the NFT market has seen notable shifts in sales, with CryptoPunks leading the pack. The iconic pixelated collection, now owned by Yuga Labs tapped Coinbase strategy for ApeChain products launch, generated $5 million in sales, experiencing a slight 0.15% increase compared to the previous week.

Following close behind was the Guild of Guardians series, which brought in $3.3 million, up 1.69%. Luxemarathoner, a collection based on Binance’s BNB Chain, posted $2.6 million in sales, showing an impressive 472% surge. Meanwhile, Bored Ape Yacht Club (BAYC) saw a 7.98% increase, totaling $2.4 million in sales, while DogeZuki, despite pulling in $2 million, experienced a 23% drop in sales.

Despite these fluctuations, the overall NFT market continues to face challenges, having suffered a 36.6% decline in July and a 40.36% drop in August 2024. However, there are optimistic forecasts for a potential recovery before the year ends. According to on-chain analytics firm Statista, the NFT market is projected to reach over $683.9 million in revenue in 2024, though the annual growth rate is expected to decrease by -11.01%. This suggests that while the market remains volatile, opportunities for growth and resurgence are still on the horizon.

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