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The non-fungible token market has recently experienced a sharp decline, which has left most NFT projects, including the famous Bored Ape Yacht Club and Azuki, facing a historic price drop. In this article, we shall explore the state of NFTs this week, as well as what has been fueling this downtrend.

Data compiled by CryptoSlam.io, an on-chain data aggregator, shows that the non-fungible token market has dropped slightly in sales this week. The global NFT market has recorded a trading sales volume of $73 million in the past seven days. The NFT market has fallen 9% this week from the past week.

Non-fungible tokens hosted on Ethereum, the largest blockchain for NFTs, are the most traded NFT collection this week. Ethereum-based NFTs have attracted a trading sales volume of $36 million in the past seven days. Ethereum NFTs are down 5.92% this week from the past week.

This week, digital collectibles hosted on Polygon, an Ethereum scaling network, are the second most traded NFT collections. Polygon-based NFTs have recorded a trading sales volume of $8.2 million in the past seven days. Notably, Polygon-based NFTs are up 1.89% this week from the last week.

Source: CryptoSlam.io, NFT Sales by blockchains

Non-fungible tokens hosted on the Mythos Chain network are the third most traded NFT collections this week. In the past seven days, Mythos Chain-based NFTs have recorded a sales volume of $7.5 million. During this period, Mythos Chain NFTs are up 5.39%.

This week, NFT collections hosted on Solana and Immutable X blockchain networks are the fourth and fifth most traded NFT collections. In the past seven days, Solana and Immutable X-backed NFTs have recorded a trading sales volume of $5.9 million and $4.8 million. Solana NFTs are down 27% this week, while Immutable X NFTs are down 15.05%.

Ten Top Traded NFT Collections This Week

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

1.DMarket

DMarket, an NFT collection hosted on Mythos Chain from the DMarket NFT marketplace, has been the most traded NFT collection this week. In the past seven days, DMarket NFT collection has recorded a trading sales volume of $7.5 million. DMarket NFTs are up 5.53% in sales this week from the previous week.

2. DraftKings Reign Makers NFTs

DraftKings Reign Makers is an NFT collection the sports betting company DraftKings hosted on the Polygon network. DraftKings Reign Makers have been the second most traded NFT collection this week. These NFT collections have recorded a trading sales volume of $5.2 million in the past seven days. DraftKings Reign Maker NFTs are up 1.03% this week from the past week.

3. Gods Unchained NFTs

Gods Unchained is an NFT collection from Gods Unchained, an ultimate digital trading card game that gives players actual ownership of their collection, hosted on the Immutable X network. The NFT collection has been the third most traded NFT collection this week. In the past seven days, the NFT collection has recorded a trading sales volume of $4.6 million. Gods Unchained NFTs are down 12.87% this week from the previous week.

4. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, the flagship NFT collection for digital asset firm Yuga Labs, has been the fourth most traded NFT collection this week. In the past seven days, the NFT collection, which has a limited edition of 10,000 NFTs, has recorded a sales volume of $3.1 million. Bored Ape Yacht Club NFTs are up 27.07% from the previous week.

5. Sorare NFTs

Sorare is an NFT collection from Sorare, the fantasy sport crypto-based video game hosted on the Ethereum network. Sorare NFTs have been the fifth most traded NFT collections this week. In the past seven days, Sorare NFTs have recorded a trading sales volume of $2.7 million. The NFT collection is down 7.54% this week from the past week.

6. CryptoPunks NFTs

CryptoPunks is an all-time top-selling collection previously from the digital asset incubation studio Larva Labs, but now owned by Bored Ape Yacht Club NFTs creator Yuga Labs. The NFT collection, which features a limited edition of 10,000 24×24 pixel art images, has been the sixth most traded NFT collection this week. In the past seven days, CryptoPunks have recorded a trading sales volume of $1.4 million. CryptoPunks are down 40% this week.

7. $SATS BRC-20 NFTs

$SATS BRC-20 is a token standard that operates similarly to the popular ERC-20 NFTs hosted on the Bitcoin network. This week, the $SATs BRC-20 NFT collection has been the seventh most traded collection. In the past 24 hours, the NFT collection has recorded a sales volume of $1.4 million. The NFTs collection is down 42.55% this week from the past week.

8. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club is another NFT collection from the digital asset incubation studio Yuga Labs featuring a limited edition of 20,000 NFTs hosted on the Ethereum network. Mutant Ape Yacht Club has been the eighth most traded NFT collection this week. In the past seven days, the NFT collection has attracted a trading sales volume of $1.3 million. Mutant Ape Yacht Club NFTs are down 5.97% from the previous week.

9. Art Blocks NFTs

Art Blocks is an Ethereum-based non-fungible token project that generates original digital artwork pieces on the blockchain via an algorithm. Art Blocks has been the ninth most traded NFT collection this week. Art Block NFT collection has recorded a trading sales volume of $1.2 million in the past seven days. Art Block NFTs are up 73% this week from the past week.

10. Pudgy Penguins NFTs

Pudgy Penguins is an NFT collection featuring a limited edition of 8,888 cute and chubby cartoon penguins. Pudgy Penguins NFT collection has been the tenth most traded NFTs this week. In the past 24 hours, Pudgy Penguins has recorded a trading sales volume of $1.1 million. These NFTs are up 56.6% this week from the previous week.

Bored Ape Yacht Club #591 has been the most expensive this week, selling for $177,710 four days ago. Rock #19 has been the second most expensive NFT collection this week, selling for $73,101 six days ago. BOOGLE #066 has been the third most expensive NFT, selling for $40,503 four days ago.

Source: CryptoSlam.io, top expensive NFTs past 7 days

Factors Fueling The Recent NFT Market Downturn

Crypto regulatory pressure is one of the significant factors fueling the recent NFT market downturn, which has left many NFTs shielding more than 70% of their value. Earlier this month, the United States Securities and Exchange Commission fined the NFT project Impact Theory for offering unregistered NFTs.

“🚀 Big news in the NFT world! SEC’s actions against Impact Theory and Stoner Cats signal potential future scrutiny on NFT issuers. Time for issuers to carefully assess if their assets could be subject to federal securities laws. Stay compliant and informed! 💼🔍📚” pic.twitter.com/JxptIWIqQR
— NFTs Insights (@NFTsInsights) September 28, 2023

Unfortunately, participants in the non-fungible tokens market were not prepared for the United States Securities and Exchange Commission to declare war against NFTs. The commission’s punitive action against Impact theory has shaken the NFT market. It has pushed pricey assets to record losses, and global sales hit new lows, marking the onset of a transformative era for digital collectibles.