NFT sales have seen a decline in the past week, with a 7.03% decrease compared to the previous week, totaling $122.3 million in sales. Ethereum-based NFTs continue to lead the market, with the highest-priced NFT sold being an Azuki collection piece for $393,112. Bitcoin and Solana-based NFT sales also made significant contributions, with Bitcoin NFT sales totaling $28.54 million and Solana-based NFTs recording just over $19 million in sales. Polygon emerged as the top performer among the top five chains, with a 29.04% increase in sales over the previous week.
Among the top five NFT collections, Uncategorized Ordinals took first place with $8,619,161 in sales, followed by Guild of Guardians, Nodemonkes, Bored Ape Yacht Club (BAYC), and Dmarket. Despite the strong performance of these collections, overall NFT sales have been declining week after week, with blue-chip NFT prices dropping 80-90% from their peaks. This trend has raised concerns about the future of the NFT market, as other crypto sectors are experiencing significant growth while NFT sales remain lackluster.
The consistent weekly decline in NFT sales over the past few months suggests that growth in the NFT market has significantly slowed compared to previous years. This trend has left many investors and collectors wondering if the NFT market will rebound in the future. While some believe that the market will eventually recover, others are more skeptical about the long-term viability of NFTs as an investment. Share your thoughts and opinions on the NFT sales trend in the comments section below.
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