Between May 10 and May 17, sales of non-fungible tokens (NFTs) amounted to $150.56 million, showing a decrease of 8.97% compared to the previous week.
This decline continues a trend of weekly decreases in NFT sales. During this period, four out of the top five blockchains in terms of sales volume also saw reductions in activity.
Declining NFT Sales Persist Despite Cryptocurrency Market Recovery
In February, from Feb. 17 to Feb. 24, non-fungible token (NFT) sales surged to a record $306 million. However, despite a subsequent climb in cryptocurrency prices through March, NFT sales began to decline, continuing into April with underwhelming figures. The trend has persisted into May, where recent reports show a 13% drop in digital collectible sales last week, followed by an additional 8.97% decrease this week, totaling $150.56 million.
This weekly decline represents a significant drop from February’s peak, highlighting a shift in market dynamics. Notably, Bitcoin has consistently outpaced Ethereum in weekly NFT sales, leading again with $48.32 million despite a 4.42% decrease. Ethereum followed with $37.6 million, marking an 8% decline from the previous week. Solana recorded $18.82 million in NFT sales, down by 26.71%, while Blast, a newcomer, reported $14.87 million, reflecting a 25.67% decrease. Polygon secured the fifth position with $11.95 million in sales, showing a 16.94% increase compared to the previous week.
These figures underscore a continuing trend of fluctuating NFT sales amid broader shifts in the cryptocurrency market.
Top NFT Collections and High-Value Sales Highlights
This week, NFT collections showed varied performance, with Uncategorized Ordinals leading in sales despite a 24.66% weekly decrease, generating $17.79 million. Following closely was Blast’s Fantasy Top, ranking second with $14.85 million in sales. Mythos Dmarket secured the third position with $5.8 million, while Bitcoin’s Nodemonkes claimed fourth place with $5.58 million. Core BRC20s rounded out the top five collections, achieving $3.43 million in sales.
In terms of high-value transactions, the most expensive NFT sold this week was Cryptopunk #741, fetching an impressive $792,046. The second-highest sale was an Ordinal inscription, which sold for $681,497. Mad Lads #3919 from an undisclosed collection went for $73,368, followed by Earthnode #184 from Cardano, which sold for $56,026. Rounding off the top five was an NFT from the Blast chain, selling for just over $39,000.
These sales figures highlight both the diversity in NFT collections and the ongoing high-value transactions within the digital collectibles market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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