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The non-fungible token industry, which has been a crypto hub of innovation and growth in the past several years, appears to be fading in recent weeks. In the past several days, the NFT market has suffered a brutal comedown, leaving many NFT projects in massive losses. Below we shall dig in-depth into why some NFT floor prices and projects are crashing.

Data compiled by CryptoSlam, an on-chain data aggregator, indicates that the global non-fungible token trading sales volume has plummeted this week. In the past seven days, NFT sales volume has dropped 23.88% to just $108 million from the previous week. This is the second week the NFT market has recorded a negative gain.

Non-fungible token hosted on Ethereum, the second largest blockchain after Bitcoin, has been the most traded digital collectible this week. Ethereum NFTs have recorded a trading sales volume of $70 million in the past seven days. Ethereum NFTs sales have plunged 11% from the past week.

Digital collectibles hosted on the flagship blockchain Bitcoin have been the second most traded NFTs this week, crawling behind Ethereum NFTs. In the past seven days, Bitcoin NFTs, or Ordinals, have attracted a trading sales volume of $7 million. Ordinals have dropped by 76% in sales from the previous week.

Solana-based NFTs emerge as the third most traded NFTs this week with $6 million, followed closely by NFTs hosted on Polygon, an Ethereum Scaling network, with $5 million. However, Solana NFTs and Polygon NFTs have plunged 21% and 11% in trading sales volume this week.

The NFT market has experienced a short spike in the number of collectors and investors seeding this week. The global NFT market has recorded more than 500,000 NFT buyers in the past seven days, representing a 43% surge from the previous week.

Top Selling NFTs In The Past 7 Days:

1. Gods Unchained NFTs

Gods Unchained is an NFT collection from Gods Unchained, a turn-based, free-to-play card game launched in 2018. It’s currently one of the most extensive NFT collections in the world, with more than 13 million NFTs hosted on Immutable X and around 65K unique holders. In the past seven days, the NFT collection has recorded a sales volume of $4.7 million, becoming the most traded NFT collection this week.

2. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club is an NFT collection from a digital asset firm featuring a limited edition of 10,000 NFTs hosted on the Ethereum blockchain. In the past seven days, Bored Ape Yacht Club has recorded a sales volume of $4.6 million, becoming the second traded NFT collection this week.

3. DMarket NFTs

DMarket is digital in-game assets from DMarket, a play-to-earn blockchain game hosted on the Mythos chain. In the past seven days, DMarket has been the third most traded NFT collection, recording a sales volume of $4.5 million. DMarket NFTs have surged 17% in their trading sales this week.

4. CryptoPunks NFTs

CryptoPunks is an NFT collection previously from digital asset firm Larva Labs now owned by Yuga Labs, featuring a limited supply of 10,000 NFTs. The NFT collection has been the fourth traded NFT, recording a trading sales volume of $3.2 million this week.

5. Bitcoin NFTs

Bitcoin NFTs are collections of ordinal inscriptions fused with NFTs hosted on the Bitcoin blockchain. In the past seven days, Bitcoin ordinals have been the fifth most traded NFT collection, recording a trading sales volume of $3.1 million. Bitcoin ordinals have dropped by 51% in sales volume this week.

CryptoPunks #7641 was the most expensive NFT collection this week, selling for $345,614 eight hours ago. CryptoPunks # 5402 and CryptoPunks #512 were the second and third most expensive NFT collections this week, selling for $340,395 and $311962 five days ago.

Why Is The NFT Market Crashing?

In recent weeks, the non-fungible token market has suffered a brutal downturn, which has left most NFT projects crashing. Blue-chip Azuki, an NFT collection from digital asset firm, Chiru Labs, is a perfect example of an NFT project massively impacted by the recent bear market.

Constant Dilution:
The reason why some NFT projects are dying right now🧵👇
(1/22) pic.twitter.com/2IiyvRcpNH
— Lamboland (@LambolandNFT) July 20, 2023

Blue-chip Azuki is down over 60% since they launched their Azuki Elementals NFTs, an NFT collection featuring a limited supply of 20,000 NFTs, earlier this month. In the past several days, Azuki NFT floor price has flipped from around 14 ETH to now 5.75 ETH. What went wrong?

It’s worth noting that Azuki Elementals NFTs were surrounded by controversy since many NFTs seemed similar to the original Azuki. The Azuki Elementals saga has resulted in many people losing trust in the Azuki team and the NFT industry. Several other significant reasons for the recent NFT crash include NFT wash trading, the crypto market volatility, and macroeconomic conditions.

Top NFT News This Week

Even though the NFT market has faded recently, there has been no shortage of major developments across the NFT landscape. Below we have listed some of the noteworthy happenings in the nascent non-fungible token space this week:

1. OpenSea Launches Its NFTs Trading

Late this week, OpenSea, the digital marketplace for non-fungible tokens and crypto assets, announced its new NFT trading feature. The new “Let’s make a deal” feature is a peer-to-peer NFT swap function to help traders bolster their collections and engage with other collectors seamlessly.

Introducing Deals: offer your NFTs for theirs, securely on OpenSea.
👉 https://t.co/bTciJLUWDK pic.twitter.com/KR2MLbi7jh
— OpenSea (@opensea) July 20, 2023

2. Ferrari F40 Sold As An NFT For $2.5M

Earlier this week, the first luxury car, “Ferrari F40,” sold as a non-fungible token for $2.5 million. The NFT sale was made through Altr, a company that aspires to become a hub for buying and selling luxury items authenticated on the Polygon blockchain with NFTs.

The $2.5 Million Dollar @0xPolygon NFT
A Thread…🧵 pic.twitter.com/7rQTcEN414
— Rainy Reece ☔️ (@rainyreece_) July 20, 2023

3. Walls Street Memes Presale Raises $17M

The Wall Street Memes “$WSM” is another non-fungible token-related project making headlines this week after raising more than $17 million in just weeks. $WSM is a crypto project from the legendary crypto group “Wall St Memes.” The crypto group came into the limelight in 2021 after launching its Ethereum NFT collection, “Wall St Bulls,” which sold for 32 minutes.

The same team recently launched a new NFT collection on the Bitcoin blockchain, “Wall St Bulls Ordinals, which has also gained massive adoption among investors in recent weeks. Wall St Bull’s ordinal collection is live on the Magic Eden NFT marketplace.