Key Points
The last week has seen a 7% reduction in non-fungible token sales, now standing at $89.1 million. This comes as the cryptocurrency market shows a reversal in its recovery trend, with the global crypto market cap falling by over 2% in the last day.
Changes in NFT Sales Volume
Compared to the previous week’s NFT sales volume of $93 million, this week has seen a slight decrease. Notably, the Ethereum (ETH) network continues to lead in terms of volume, despite a nearly 4% drop in Ethereum NFT sales volume from last week.
In a surprising shift, Solana has displaced Bitcoin (BTC) to take the second spot. Bitcoin’s NFT sales have seen a 30% drop from the previous week. Meanwhile, Solana has shown a 12% increase in its weekly NFT sales volume, now standing at $18.3 million.
Interestingly, the number of NFT buyers has grown by over 42% from last week’s 494,666. Similarly, the number of NFT sellers has also increased, rising to 385,184 from last week’s 252,401.
Ethereum Maintains its Lead
Last week, the Ethereum network surpassed Bitcoin with its $33.4 million NFT sales volume. This week, Ethereum has kept this lead with its $31.1 million sales.
However, a closer examination of Ethereum’s data reveals that 21% of the volume is due to wash trading. Despite this, Ethereum remains the top network in terms of NFT sales volume.
Solana Rises to Second Place
Bitcoin has lost its second position to Solana, with Bitcoin’s NFT sales witnessing a 30% decrease compared to last week. According to data from CryptoSlam, the weekly sales volume of the Bitcoin network is currently at $14.8 million.
In contrast, Solana has shown a 12% increase, with its weekly NFT sales volume now at $18.3 million. Last week, Solana’s sales volume was $16.6 million.
Notably, Solana has not only maintained but also seen a 56% increase in the number of buyers. The number of NFT buyers on the Solana network last week was 192,543, while this week it stands at 301,523.
Other Notable Rankings
Mythos Chain (MYTH) and ImmutableX (IMX) secured the fourth and fifth rankings with $10 million and $3.8 million in sales, respectively.
DMarket has demonstrated its resilience over the past three weeks by maintaining its first ranking for the highest sales in the NFT collection category. DMarket sales were $4.918 million, a 6% decrease from last week’s $5.2 million.
Froganas on Solana has shown a significant 118% increase, becoming the second-largest NFT collection with $4.917 million in sales.