NFT Sales Drop 7.41% Again This Week – What Went Wrong?

The non-fungible token market fell again this week despite the mother cryptocurrency market retesting a short rally. The global NFT market has fallen more than 7% in trading over the past seven days. In this article, we will explore in depth the state of the non-fungible token market this week and what went wrong in the market.

NFT sales were 7.41% this week

Data collected by CryptoSlam.io, an on-chain cryptocurrency market aggregator and multi-chain non-fungible token explorer, indicates that the global non-fungible token market has declined again this week. In the past seven days, the global NFT market recorded a trading turnover of $127 million, which represents a 7.41% decrease from last week.

However, the number of investors purchasing non-fungible token pools increased by 43% this week. In the past seven days, the NFT market has seen more than half a million collectors purchase NFTs, bringing the number of NFT transactions to more than 1.6 million.

Ethereum, the blockchain network best known for powering the majority of non-fungible token pools, is the most traded NFT blockchain network this week. In the past seven days, Ethereum-based NFT pools have amassed a trading turnover of $37 million, which is down 7.50% from the previous week.

Source: cryptoslam.io, NFT sales by blockchain in the past 7 days

Bitcoin, the blockchain network popular in the NFT market for powering arrangements and BRC-20 non-fungible token sets, is the second most traded blockchain network this week in the NFT ecosystem. In the past seven days, Bitcoin-based NFT collections recorded a sales volume of $32 million, which represents a 14.70% decrease from last week.

Solana, an open-source public blockchain that supports smart contracts, including non-fungible tokens and various decentralized applications, is the third most traded blockchain network this week in the NFT ecosystem. In the past seven days, Solana-based NFT collections have amassed a trading sales volume of $18 million, which represents a 6.82% decrease from last week.

Polygon, an Ethereum scaling solution, and Immutable, Ethereum’s layer 2 blockchain network, are the fourth and fifth most traded blockchains this week in the NFT ecosystem. In the past seven days, Polygon-based NFTs have amassed a trading sales volume of $14 million, while Immutable X-based NFTs have recorded a sales volume of $8.8 million.

Best-selling NFTs in the past 7 days

1. NFTs are not labeled

Unclassified, a ranked collection containing a variety of digital assets on the Bitcoin blockchain that have not yet been identified as part of an established collection, is the best-selling NFT collection this week. Uncategorized NFT collections have amassed a trading volume of $12 million in the past seven days.

2. Guild Of Guardian NFT Collection

Guild of Guardian, a non-fungible token set from Guild of Guardians, a mobile RPG in which players take teams of heroes through challenging dungeons to collect resources, is the second best-selling NFT set of the week. In the past seven days, the NFT group recorded a trading volume of $5.9 million, which represents a 48% increase from last week.

Source: cryptoslam.io, best-selling NFTs in the past 7 days

3. DMarket NFT Collection

DMarket, a collection of non-fungible tokens from the virtual asset market platform DMarket hosted on Mythos Chain, is the third best-selling NFT collection this week. In the past seven days, DMarket recorded a trading turnover of $5.5 million. DMarket NFT sales are down 2.14% from last week.

4. NodeMonkes NFT Collection

NodeMonkes, a non-fungible token pool featuring a limited edition of 10,000 NFTs created on the Bitcoin blockchain using the ordinal protocol, is the fourth best-selling NFT pool this week. In the past seven days, the NodeMonkes NFT pool has attracted a trading volume of $4.7 million. NodeMonkes NFT sales volume increased by 10.97% from last week.

5. Fantasy Top NFT Collection

Fantasy Top, a non-fungible token collection from Fantasy Top, the first SocialFi NFT trading card game built on the Ethereum Layer 2 blockchain, Blast, is the fifth best-selling NFT collection this week. The Fantasy Top NFT collection has amassed a trading turnover of $3.2 million in the past seven days. Fantasy Top NFT sales are down 58% from last week.

6. CryptoPunks NFT Collection

CryptoPunks, a non-fungible token collection formerly from Larva Labs but now owned by digital asset company Yuga Labs, is the sixth best-selling NFT collection this week. In the past seven days, the CryptoPunks NFT collection has achieved a sales volume of $3 million. CryptoPunks NFT sales have increased by 30% in the past week.

7. Bored Ape Yacht Club NFT Collection

Bored Ape Yacht Club, the best-selling NFT collection ever from digital asset company Yuga Labs that features a limited supply of 10,000 NFTs hosted on the Ethereum blockchain, is the seventh best-selling NFT collection this week. Bored Ape Yacht Club achieved a trading turnover of $2.8 million in the last seven days. Bored Ape NFT trading volume is up 68% from last week.

Source: cryptoslam.io, best-selling NFTs in the past 7 days

8. Captainz NFT Collection

The Captainz, an NFT set from Web 3-focused studio Memeland with a limited supply of 9,999 NFTs hosted on Ethereum, is the eighth best-selling NFT set this week. In the past seven days, the Captainz NFT group has recorded a sales volume of $2.5 million. Captainz NFT sales are up 22.37% from last week.

9. DogeZuki NFT Collection

DogeZuki, a non-fungible token set with a limited supply of 2,800 Shiba Inu-inspired NFT items hosted on the Solana blockchain, is the ninth best-selling NFT set this week. In the past 24 hours, the DogeZuki NFT collection has amassed a trading turnover of $2.4 million. DogeZuki NFT sales volume increased by 14% this week compared to last week.

$10?? BRC-20 NFT Collection

$??, a non-fungible token created on the Bitcoin blockchain using the BRC-20 protocol, is the 10th best-selling NFT lot this week. In the past seven days, $?? The BRC-20 NFT collection recorded a trading volume of $2.1 million, closing out our top 10 best-selling NFT list this week. $?? BRC-20 NFT sales volume is up 81% from last week.

NFT sales are down again – what went wrong?

NFT market sales volume fell again this week, marking more than four weeks of downward trend. The global NFT market has lost momentum despite the ETF approval, which was expected to push it higher. In March, the US Securities and Exchange Commission approved the use of a Bitcoin ETF, a move that set the NFT market on fire. The NFT market is expected to re-examine the hype once the current memecoin hype fades.

Related NFT news:

PlayDoge (PLAY) – The latest ICO on the BNB chain

• 2D Virtual Doge Pet
• Play to earn Meme Fusion Coin
• Staking and in-game token rewards
• SolidProof – playdoge.io has been audited