NFT Sales Plummet 29% Amid Crypto Downturn

The NFT market has witnessed a pullback in recent weeks, with overall sales volume dropping to $138 million, a 29.45% decrease from the previous week. This decline coincides with broader crypto market weakness, as Bitcoin fell to $101,000 and Ethereum dropped to $3,200. The overall crypto market cap has slipped to $3.5 trillion from last week’s $3.58 trillion.

Despite the drop in total NFT sales, market participation has grown, with more traders entering the space. Weekly metrics show a mixed picture: NFT sales volume fell to $137.9 million, while NFT buyers rose 31.92% to 589,960 and sellers increased 33.23% to 425,135. Transactions declined 4.35% to 1,412,615. Ethereum (ETH) NFT sales dropped 40.35% to $67.9 million, though buyer numbers grew 20.59% to 58,632. Wash trading fell 57.40% to $28.8 million. Bitcoin (BTC) NFTs saw a 32.45% decline to $17.4 million, while buyer participation rose 35.12% to 46,714. Mythos Chain jumped to third place with $13.6 million, rising 4.13%. Solana (SOL) fell to fourth with $12.4 million, down 39.21%. Polygon (POL) entered the top five with $8.1 million, posting an 85.18% increase.

NFT collections have shown mixed results. Pudgy Penguins took the lead with $13.9 million in sales, up 38.49%. Their surge brought more activity, with transactions rising 106.21% and buyers up 20.80%. DMarket held second place with $8.5 million, growing 7.30% and maintaining high volume with 307,776 transactions. Azuki dropped to third with $7.3 million, falling 74.73%. Courtyard, a new entrant on