The non-fungible token market has suffered one of its toughest weeks in NFT history, with its trading sales volume and floor price values falling to their record low. The global NFT market has dropped more than 17% 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 while exploring what went wrong in the market.
NFT Sales Drop 17% This Week
Data compiled by CryptoSlam.io, an on-chain crypto market data 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 $96 million, representing a 17.91% drop from the past week.
Nonetheless, the number of crypto investors buying the non-fungible token dip has risen by 68% this week. In the past seven days, the NFT market has seen nearly half a million collectors purchase digital items, pushing the number of NFT transactions above 1.3 million. During this time, over 250,000 collectors have sold their NFTs over fear, doubt and uncertainty in the NFT market.
Ethereum, the blockchain network renowned for powering the majority of blue-chip non-fungible token collection and the most adopted chain, has been this week’s top-traded NFT blockchain network. In the past seven days, the Ethereum-based NFT collections have amassed a trading sales volume of $38 million. Ethereum NFT sales volume has plunged 2.32% from the past week.
Bitcoin, the blockchain network powering the flagship crypto Bitcoin and renowned in the NFT market for hosting Ordinals, Runes 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 $16 million, representing a 49.30% drop from the past week.
Polygon, an Ethereum scaling solution, has been this week’s third most-traded NFT blockchain network. In the past seven days, the Polygon-based non-fungible token collections have amassed a trading sales volume of $16 million. Polygon NFT sales volume has plunged 0.23% from the past week.
Solana, a public, open-source blockchain that supports smart contracts, including non-fungible tokens and a variety of decentralized applications, is this week’s fourth 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 $13 million, representing a 6.61% drop from the past week.
Top Selling NFTs In The Past 7 Days
1. CryptoPunks NFT Collection
CryptoPunks, a non-fungible token collection featuring a limited set of 10,000 Ethereum NFTs and previously created by Larva Labs but now owned by the digital asset firm Yuga Labs, is this week’s most-selling NFT collection. In the past seven days, the CryptoPunks NFT collection has amassed a sales volume of $4.9 million. CryptoPunks NFT sales have surged 130% from the past week.
2. DMarket NFT Collection
DMarket, a non-fungible token collection from the virtual asset market platform DMarket hosted on Mythos Chain, is this week’s second most-selling NFT collection. In the past seven days, the DMarket NFT collection has recorded a trading sales volume of $4.2 million. DMarket NFT sales have plunged 7.45% from the past week.
3. 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 edition of 10,000 NFTs hosted on the Ethereum blockchain network, is this week’s seventh most-selling NFT collection. In the past seven days, the Bored Ape Yacht Club has amassed a trading sales volume of $2.8 million. Bored Ape NFT trading sales volume has surged 68% from the past week.
4. Pudgy Penguins NFT Collection
Pudgy Penguins, a non-fungible token collection from the popular toy and merchandise brand Pudgy Penguins that features a limited set of 8,888 cute penguins bird hosted on the Ethereum blockchain network, has been this week’s fourth most-selling NFT collection. In the past seven days, the Pudgy Penguins NFT Collection has garnered a trading sales volume of $3.6 million.
5. DogeZuki NFT Collection
DogeZuki, a non-fungible token collection that features a limited set of 2,800 Shiba Inu-inspired NFT items hosted on the Solana blockchain network, has been this week’s fifth 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 13% this week from the past week.
6. $Pizza BRC-20 NFT Collection
$Pizza, a new non-fungible token collection created on the Bitcoin blockchain network using the BRC-20 protocol, has been this week’s sixth most-selling NFT collection. In the past seven days, the $Pizza BRC-20 NFT Collection has garnered a trading sales volume of $2.3 million. $Pizza NFT sales volume has plunged 81% this week from the past week.
7. 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, has been this week’s seventh most-selling NFT collection. In the past seven days, the NodeMonkes NFT collection has attracted a trading sales volume of $2 million. NodeMonkes NFT sales volume has plunged 21.53% from the past week.
8. Bitcoin Puppets NFT Collection
Bitcoin Puppets, another non-fungible token series created on the Bitcoin blockchain network using Satoshi Nakamoto’s ordinal theory, has been this week’s eighth most-selling NFT collection. In the past seven days, the Bitcoin Puppets NFT collection has recorded a trading sales volume of $1.9 million. Bitcoin Puppets NFT sales volume has dropped 31.80% this week from the past week.
9. Guild Of Guardians NFT Collection
Guild of Guardians, 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 ninth most-selling NFT collection. In the past seven days, the Guild of Guardians NFT collection has recorded a trading sales volume of $1.9 million, representing a 9.6% spike from the past week.
10. The Captainz NFT Collection
The Captainz, a non-fungible token collection from the web3-focused studio Memeland that features a limited supply of 9,999 NFTs hosted on the Ethereum blockchain network, has been this week’s tenth most-selling NFT collection. In the past seven days, the Captainz NFT collection has recorded a sales volume of $1.8 million, closing our ten top-selling NFT collections this week. The Captainz NFT sales volume has plunged 16.28 % from the past week.
NFT Sales Fall Down Again – What Went Wrong?
The non-fungible token market has fallen in sales volume and floor price value this week, with many of the top NFTs like Bored Apes, which used to command a 25+ $ETH floor, now listed for just under 9 $ETH. Industry experts have listed FUD and lack of faith in NFTs as major factors driving down prices.
Fortunately, the United States Securities and Exchange Commission (SEC) ended its investigation on Ethereum 2.0 earlier this week, giving shape to the crypto regulatory framework. It’s worth noting that Ethereum is the broadly adopted blockchain network in the NFT ecosystem. In that context, the end of the Ethereum network’s upgrade scrutiny will massively boost the faith in Ethereum-based NFTs and other pegged NFTs.
ETHEREUM SURVIVES THE SEC.
Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.
This means that the SEC…
— Consensys (@Consensys) June 19, 2024
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