NFT Market Plunges 33% Amidst Crypto Selloff

The NFT market has witnessed a significant downturn this week, with a 33% decrease in sales volume to $119.5 million, according to data from CryptoSlam. This pullback aligns with a broader crypto selloff, as Bitcoin fell to $96,000 and Ethereum tumbled to $2,600. The overall crypto market cap has contracted to $3.13 trillion from last week’s $3.5 trillion.

The NFT market data reveals an ongoing pullback in trading activity. Total sales volume has fallen to $119.5 million from $137.9 million, while wash trading on Ethereum (ETH) decreased by 58.47% to $23.7 million. Total NFT transactions have declined, with most major collections seeing lower activity. Network activity shows mixed results, with Ethereum remaining the leading chain despite a 38.43% drop in sales to $62.6 million.

Pudgy Penguins maintained its lead in the NFT market, despite sales dropping 37.55% to $9.1 million. The collection saw steady buyer interest with 172 participants, though transactions fell 2.07%. DMarket took second place with $8.7 million, rising 7.98% and keeping high volume with 322,241 transactions. Courtyard strengthened its position in third with $7.3 million, growing 25.78% and attracting 10,935 buyers.

Notable sales this week included CryptoPunks #8868, which sold for $558,008 (206 ETH), and Autoglyphs #320, which sold for $309,450 (100 WETH). Other significant sales included Autoglyphs #491, CryptoPunks #7585, and Autoglyphs #331.