Weekly NFT sales fall 9% to $145 million, Bitcoin ahead despite recession

The past week has been a rollercoaster ride for the non-fungible token (NFT) market, with sales reaching a staggering $145 million. However, this figure also marks a slight dip of 9% from the previous week, keeping us on the edge of our seats.

Another blow to the crypto world as sales take a nosedive, following a downward trend that has plagued the market for weeks. Shockingly, four of the top five blockchains have experienced a decline in sales volume, leaving investors and enthusiasts reeling.

As reported by crypto.news, the previous week saw a staggering 11% drop in digital collectible sales, and this week, the numbers have taken another hit with a 9.68% decrease, amounting to a whopping $145.01 million, according to data from CryptoSlam.

Bitcoin leading the pack

Bitcoin reigns supreme once again in the world of NFTs, outshining its competitors Ethereum and Solana in weekly sales. With a staggering $44.1 million in NFT sales volume, the Bitcoin network solidifies its position as the top blockchain, according to data from CryptoSlam.

Breaking records and making waves in the world of NFTs, Ethereum raked in a staggering $38.4 million in sales. However, a closer look reveals a surprising twist – a 1.59% decrease in sales.

Top 5 NFT collections

As the blockchain also saw a whopping $34.2 million in wash trading. For those not in the know, this dubious practice involves shady individuals colluding to inflate demand for a specific NFT. If we were to combine the legitimate and wash trading numbers, Ethereum would reign supreme with a jaw-dropping $72 million in NFT sales for the week.

Breaking into the top five with a bang, Blast NFTs took the third spot with a whopping $15.943 million in sales. However, despite its impressive debut, the newcomer experienced a slight 8.48% decline. Not far behind, Solana claimed fourth place with $14.26 million in sales, but suffered a steep 44.73% drop from the previous week.

In fact, only three other platforms – Arbitrum, Tezos, and Fantom – saw larger percentage losses of 51.71%, 62.09%, and 69.21%, respectively. It seems the NFT market is full of surprises and unpredictable shifts.

Defying the market’s downward spiral, Polygon (MATIC) rose to #5 with a whopping $12.14 million in sales, marking a remarkable 20.37% surge from the previous week.

Uncategorized Ordinals records highest weekly sales volume

Breaking records and dominating the NFT market, the enigmatic collection of Uncategorized Ordinals reigns supreme with a staggering $16.4 million in sales. Despite a slight dip of 26.73%, they maintain their top spot.

Top 5 blockchains by NFT

But not far behind is Blast’s Fantasy Top, making a strong debut in second place with $15.93 million. And in a surprising turn of events, Mythos’ Dmarket secures third place with $5.58 million, while Bitcoin’s Nodemonkes and Immutable-Zk’s Guild of Guardians battle it out for fourth and fifth place respectively. With nearly $4.4 million in sales, Guild of Guardians makes a bold move and overtakes Core’s BRC20s.

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CryptoPunk NFT fetches $792,000

Breaking records and making headlines, the world of NFTs saw some jaw-dropping sales this week. Topping the charts was the highly coveted Cryptopunk #741, selling for a whopping $792,046. But hot on its heels was an intriguing Ordinal inscription, fetching an impressive $681,497. And the surprises didn’t stop there.

The Cardano community rejoiced as Earthnode #184 sold for a staggering $56,026, while the Solana community celebrated the sale of a rare PepperMints NFT for a cool $40,384. And last but not least, a Blast Chain NFT caused a frenzy, selling for just under $40,000. It’s safe to say, the NFT market is on fire.

The past week saw a major surge in both buyers and sellers, with CryptoSlam reporting a whopping 166% increase in NFT buyers and a 139% rise in NFT sellers.

However, despite this boom, the total number of NFT transactions dropped by 27.58% compared to the previous week, with 1,583,262 transactions recorded. But that’s not all – renowned fashion house Dolce & Gabbana and digital platform UNXD are facing legal action after customers claimed they were left waiting for their NFT purchases.

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