NFT revenues decline by 16.7% to $105.7 million, Ethereum sales soar 30% in the mismo periodo.
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The NFT market has taken a dip, with sales plummeting by 16.76% to $105.7 million. This slide comes as Bitcoin prices plunge to $103,000 after hitting a new ATH of $111,000. Simultaneously, Ethereum has seen a minor drop to the $2,500 mark in the past seven days. The global crypto market cap now stands at $3.25 trillion, down from its previous figure of $3.42 trillion.
On a more optimistic note, despite the overall drop, NFT buyers surged by a whopping 55.35% to 699,471. NFT sellers also showed an uptick of 19.22% to 242,898. NFT transactions have skyrocketed by 34.31% to a staggering 2,233,547.
According to crypto data provider CryptoSlam, this growth in buyers and sellers occurred even as the overall market struggled.
Ethereum strengthened its position with a notable $36.5 million in sales, marking a 28.43% leap from the previous week. However, Ethereum's wash trading decreased by 23.31% to $1.6 million. Polygon follows suit with $15 million in sales, though it suffered a 25.88% drop. Mythos Chain holds third place with $13.5 million, down 3.39%.
Bitcoin is in fourth, clocking in at $13.2 million and shedding 27.10% from last week. Immutable rounds out the top five with $7.3 million, a 15.93% drop. Solana picks up the sixth spot with $7.2 million, showing growth of 17.78%.
The buyer count has increased across most blockchains. Polygon leads the pack with a significant 43.72% growth, followed by Solana at 37.39% and Bitcoin at 33.34%.
Courtyard on Polygon continues to reign at the top in collection rankings, though it saw a modest 13.91% drop. DMarket is the runner-up with $8.3 million, while Guild of Guardians Heroes takes the third spot with $5 million.
A newcomer, STRAT Option on Ethereum, has entered the top-five rankings with an impressive $4.7 million. The collection has recorded a staggering 18,945,794.34% increase in sales, boasting a 2,300% surge in transactions and a 1,900% jump in buyers.
Bitcoin's BRC-20 NFTs complete the top five with $4.6 million, dipping 24.06%. The collection has seen a drop across all metrics, with decreases in transactions (17.56%), buyers (24.93%), and sellers (33.22%).
Notable high-value sales this week include CryptoPunks #1831, which sold for 150 ETH ($389,846). Other valuable sales include CryptoPunks #4868, #5586, #308, and #9494, selling for 76.5 ETH ($201,933), 70.07 ETH ($185,292), 69 ETH ($174,683), and 66 ETH ($169,021), respectively.
Meanwhile, Texas has cleared the final hurdle for its Bitcoin reserve fund, as explained in the Lone Star ledger.
Factors behind increased NFT buyers and transactions:
- Bargain Hunters and Speculators: The prolonged decline in NFT prices could have lured in bargain hunters and speculators seeking to capitalize on assets perceived as undervalued.
- Rising Retail Participation: Many new retail participants might have entered or returned to the market during the lower seller activity, driven by opportunistic buying at lower prices or renewed interest in digital collectibles.
- Decentralized Communities: Stronger activity on major platforms like Bitcoin and Ethereum, fueled by their respective communities, helped foster confidence and participation, even without formal announcements or institutional backing.
- Despite the overall decline in the crypto market, including Bitcoin and Ethereum, the NFT market has seen a surge in buyers, sellers, and transactions, thanks to bargain hunters and speculators seeking undervalued assets.
- The rise in retail participation could also be a significant factor behind the increased NFT transactions, as many new or returning investors might have capitalized on the lower seller activity and the opportunity to buy digital collectibles at lower prices.
- Decentralized communities on platforms like Bitcoin and Ethereum have played a crucial role in fostering confidence and increasing participation in the NFT market.
- Solana has shown growth in NFT sales, placing it in the top six blockchains by sales volume, despite a general decline in the crypto market.
- One of the top five NFT collections, STRAT Option on Ethereum, has seen a massive surge in sales, transactions, and buyers, demonstrating the potential for new projects to gain traction in a market that still offers opportunities for growth.
- The global crypto market cap has decreased, but NFT buyers continue to rely on various platforms, including Solana and Polygon, to purchase digital collectibles, demonstrating the resilience of the NFT market despite market fluctuations.
In addition, Texas has successfully cleared the final hurdle for its Bitcoin reserve fund, as detailed in the Lone Star ledger. This move underscores the growing importance of blockchain technology and cryptocurrencies in the national economy.
