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The non-fungible token market has tanked again this week despite its parent crypto market retesting a short rally. The global NFT market has dropped more than 7% in trading in the past seven days. In this article, we shall explore in depth the state of the non-fungible token market this week and what went wrong in the market.

NFT Sales Tank 7.41% This Week

Data compiled by CryptoSlam.io, an on-chain crypto market aggregator and a multi-chain non-fungible token explorer, indicates that the global non-fungible token market has tanked again this week. In the past seven days, the global NFT market has recorded a trading sales volume of $127 million, representing a 7.41% drop from the past week.

Nonetheless, the number of investors buying non-fungible token collections increased 43% this week. In the past seven days, the NFT market has seen more than half a million collectors buying NFTs, pushing the number of NFT transactions above 1.6 million.

Ethereum, the blockchain network renowned for powering the majority of blue-chip non-fungible token collections, is this week’s top-traded NFT blockchain network. In the past seven days, Ethereum-based NFT collections have amassed a trading sales volume of $37 million, which plunged 7.50% from the previous week.

blockchain NFT sales in the past 7 days

Source: cryptoslam.io, NFT sales by blockchains in the past seven days

Bitcoin, the blockchain network renowned in the NFT market for powering ordinals and BRC-20 non-fungible token collections, is this week’s second most-traded blockchain network in the NFT ecosystem. In the past seven days, the Bitcoin-based NFT collections have recorded a sales volume of $32 million, representing a 14.70% drop from the past week.

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

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

Top Selling NFTs In The Past 7 Days

1. Uncategorized NFTs

Uncategorized, an ordinal collection that contains a diverse assortment of digital assets on the Bitcoin blockchain that have not yet been identified as part of an established collection, is this week’s top-selling NFT collection. The Uncategorized NFT collections have amassed a trading sales volume of $12 million in the past seven days.

2. Guild Of Guardian NFT Collection

Guild of Guardian, a non-fungible token collection from Guild of Guardians, a mobile RPG where players take teams of heroes through challenging dungeons to collect resources, is this week’s second most-selling NFT collection. In the past seven days, the NFT collection has recorded a trading sales volume of $5.9 million, representing a 48% spike from the past week.

top selling NFTs 1

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

3. DMarket NFT Collection

DMarket, a non-fungible token collection from the virtual asset market platform DMarket hosted on Mythos Chain, is this week’s third most-selling NFT collection. In the past seven days, the DMarket has recorded a trading sales volume of $5.5 million. DMarket NFT sales have plunged 2.14% from the past week.

4. NodeMonkes NFT Collection

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

5. Fantasy Top NFT Collection

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

6. CryptoPunks NFT Collection

CryptoPunks, a non-fungible token collection previously from Larva Labs but now owned by the digital asset firm Yuga Labs, is this week’s sixth most-selling NFT collection. In the past seven days, the CryptoPunks NFT collection has amassed a sales volume of $3 million. CryptoPunks NFT sales have surged 30% in the past week.

7. Bored Ape Yacht Club NFT Collection

Bored Ape Yacht Club, an all-time top-selling NFT collection from the digital asset firm Yuga Labs that features a limited supply of 10,000 NFTs hosted on the Ethereum blockchain network, is this week’s seventh most-selling NFT collection. The Bored Ape Yacht Club has amassed a trading sales volume of $2.8 million in the past seven days. Bored Ape NFT trading sales volume has surged 68% from the past week.

top selling NFTs 2

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

8. The Captainz NFT Collection

The Captainz, a non-fungible token collection from the web3-focused studio Memeland with a limited supply of 9,999 NFTs hosted on Ethereum, is this week’s eighth most-selling NFT collection. In the past seven days, the Captainz NFT collection has recorded a sales volume of $2.5 million. The Captainz NFT sales have surged 22.37% from the past week.

9. DogeZuki NFT Collection

DogeZuki, a non-fungible token collection with a limited supply of 2,800 Shiba Inu-inspired NFT items hosted on the Solana blockchain network, is this week’s ninth most-selling NFT collection. In the past 24 hours, the DogeZuki NFT collection has raised a trading sales volume of $2.4 million. DogeZuki NFT sales volume has surged 14% this week from the past week.

10. $?? BRC-20 NFT Collection

$??, a non-fungible token collection created on the Bitcoin blockchain network using the BRC-20 protocol, is this week’s tenth most-selling NFT collection. In the past seven days, the $?? BRC-20 NFT collection has recorded a trading sales volume of $2.1 million, closing our ten top-selling NFT list this week. $?? BRC-20 NFT sales volume has surged 81% from the past week.

NFTs Are Down In Sales Again – What Went Wrong?

The non-fungible token market plunged again in sales volume this week, marking more than four weeks of a downtrend. The global NFT market has lost traction despite the Ethereum ETF approval, which was anticipated to push it upwards. In March, the US Securities and Exchange Commission approved the usage of Bitcoin ETF, the move that set the NFT market on fire. The NFT market is predicted to retest hype once the current memecoin hype fades.