NFT Sales Plummet 28.93% Amidst Crypto Selloff

The NFT market has experienced a significant downturn, with total sales volume plummeting by 28.93% to $107.1 million, according to data from CryptoSlam. This decline comes amidst a broader crypto selloff, with Bitcoin tumbling to $85,000 and Ethereum dropping to $2,200.

Despite the decrease in sales value, trader participation continued to grow. The weekly metrics show a mixed picture: while NFT sales volume fell to $107.1 million from $152.9 million, NFT buyers increased by 36.02% to 456,874, and NFT sellers grew by 32.81% to 314,871. NFT transactions remained stable, with a 0.86% rise to 1,566,183.

Ethereum sales plummeted by 67.86% to $25.3 million, though buyer numbers rose by 20.27% to 50,056. Wash trading fell by 92.83% to $2.7 million. In contrast, Bitcoin sales moved against the trend, increasing by 16.73% to $24.3 million, with buyer numbers growing by 30.71% to 30,203.

Among the top blockchains, Mythos Chain fell by 4.79% to $14.7 million but maintained third place. Polygon (POL) jumped to fourth with $14.2 million, rising by 45.35%, while Solana (SOL) took fifth with $12.1 million, up by 12.41%.

In the top collections, Courtyard claimed the top spot with $12.1 million in sales, up by 39.55%. The Polygon-based project saw 139,249 transactions though buyer numbers fell by 24.05%. Ordinal Maxi Biz (OMB) surged to second place with $12.0 million, posting a 450.88% increase with buyer growth of over 2,000%.

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