NFT trading volume has dropped by 17% in the past seven days

The NFT market has suffered one of the toughest weeks in NFT history, with trading sales volumes and minimum price values ​​falling to record lows. The global NFT market has fallen more than 17% in trading over the past seven days. In this article, we will explore the state of the non-fungible token market in-depth this week while exploring what went wrong in the market.

NFT sales drop 17% this week

Data collected by CryptoSlam.io, an on-chain cryptocurrency market data aggregator and multi-chain NFT explorer, indicates that the global NFT market has declined again this week. In the past seven days, the global NFT market recorded a trading turnover of $96 million, which represents a 17.91% decrease from last week.

However, the number of cryptocurrency investors purchasing non-fungible tokens increased by 68% this week. In the past seven days, the NFT market has seen nearly half a million collectors purchase digital items, bringing the number of NFT transactions to more than 1.3 million. During this time, over 250,000 collectors have sold their NFTs due to fear, doubt, and uncertainty in the NFT market.

Ethereum, the blockchain network best known for powering the majority of non-fungible token pools and the most widely adopted blockchain, was the most traded NFT blockchain network this week. In the past seven days, Ethereum-based NFT pools have amassed a trading volume of $38 million. Ethereum NFT sales volume decreased by 2.32% from last week.

Bitcoin, the blockchain network that powers the leading cryptocurrency Bitcoin and is popular in the NFT market for hosting the non-fungible token sets Ordinals, Runes, and BRC-20, 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 $16 million, which represents a 49.30% decrease from last week.

Polygon, an Ethereum scaling solution, is the third most traded NFT blockchain this week. In the past seven days, Polygon-based NFT pools have amassed a trading turnover of $16 million. Polygon NFT sales volume decreased by 0.23% from last week.

Solana, an open-source public blockchain network that supports smart contracts, including non-fungible tokens and a variety of decentralized applications, is the fourth 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 $13 million, which represents a 6.61% decrease from last week.

Best-selling NFTs in the past 7 days

1. CryptoPunks NFT Collection

CryptoPunks, a non-fungible token pool with a limited collection of 10,000 Ethereum NFTs and previously created by Larva Labs but now owned by digital asset company Yuga Labs, is the best-selling NFT pool this week. In the past seven days, the CryptoPunks NFT collection has generated a sales volume of $4.9 million. CryptoPunks NFT sales are up 130% from last week.

2. DMarket NFT Collection

DMarket, a collection of non-fungible tokens from the virtual asset market platform DMarket hosted on Mythos Chain, is the second best-selling NFT collection this week. In the past seven days, DMarket NFT Group recorded a trading volume of $4.2 million. DMarket NFT sales are down 7.45% from last week.

3. 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 edition of 10,000 NFTs hosted on the Ethereum blockchain, is the seventh best-selling NFT collection this week. In the last seven days, Bored Ape Yacht Club has generated a trading turnover of $2.8 million. Bored Ape NFT trading volume is up 68% from last week.

4. Pudgy Penguins NFT Collection

Pudgy Penguins, a non-fungible token set from popular toy and merchandise brand Pudgy Penguins that features a limited run of 8,888 cute penguins hosted on the Ethereum blockchain, is the fourth best-selling NFT set this week. In the past seven days, the Pudgy Penguins NFT collection has generated a trading volume of $3.6 million.

5. DogeZuki NFT Collection

DogeZuki, a non-fungible token set featuring a limited collection of 2,800 Shiba Inu-inspired NFT items and hosted on the Solana blockchain, was the fifth 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 13% this week compared to last week.

6. $BRC-20 NFT Pizza Set

$Pizza, a new non-fungible token pool created on the Bitcoin blockchain using the BRC-20 protocol, was the sixth best-selling NFT pool this week. In the past seven days, the $Pizza BRC-20 NFT Collection has generated a trading volume of $2.3 million. $Pizza NFT sales volume is down 81% this week compared to last week.

7. 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, was the seventh best-selling NFT pool this week. In the past seven days, the NodeMonkes NFT pool has attracted a trading turnover of $2 million. NodeMonkes NFT sales volume decreased by 21.53% from last week.

8. Bitcoin Puppets NFT Collection

Bitcoin Puppets, another non-fungible token chain created on the Bitcoin blockchain using Satoshi Nakamoto’s ordinal theory, was the eighth best-selling NFT lot this week. In the past seven days, the Bitcoin Puppets NFT group has recorded a trading volume of $1.9 million. Bitcoin Puppets NFT sales volume decreased by 31.80% this week compared to last week.

9. Guardians Guild NFT Collection

Guild of Guardians, an NFT set from Guild of Guardians, a mobile RPG in which players take teams of heroes through challenging dungeons to collect resources, is the ninth best-selling NFT set of the week. In the past seven days, the Guild of Guardians NFT group has recorded a trading volume of $1.9 million, which represents a 9.6% increase from last week.

10. Captainz NFT Collection

Captainz, a collection of non-fungible tokens from Web3-focused studio Memeland that features a limited supply of 9,999 NFTs hosted on the Ethereum blockchain, is the 10th best-selling NFT collection this week. In the past seven days, the Captainz NFT Collection has recorded a sales volume of $1.8 million, closing out our top 10 best-selling NFT collections this week. Captainz NFT sales volume decreased by 16.28% from last week.

NFT Sales Drop Again – What Went Wrong?

The NFT market has fallen in terms of sales volume and bottom price value this week, with many of the top NFTs such as Bored Apes, which commanded a minimum price of over $25 ETH, now listing at just under $9 ETH. Industry experts have listed FUD and mistrust of NFTs as major factors driving the price decline.

Fortunately, the US Securities and Exchange Commission (SEC) concluded its investigation into Ethereum 2.0 earlier this week, giving shape to the regulatory framework for cryptocurrencies. It should be noted that Ethereum is the most widely adopted blockchain network in the NFT ecosystem. In this context, the end of scrutiny of the Ethereum network upgrade will significantly boost confidence in Ethereum-based NFTs and other related NFTs.

Ethereum survives SEC.

Today, we are pleased to announce a big win for Ethereum developers, technology providers, and industry participants: the SEC Enforcement Division has informed us that it will be closing its investigation into Ethereum 2.0.

This means that the Securities and Exchange Commission…

-Consensis (@Consensis) June 19, 2024

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