NFT sales drop 11.66% as buyer interest rises sharply

In the past week, non-fungible token (NFT) sales experienced a notable decline of 11.66%, totaling $81.7 million.

Despite this drop in overall sales, the NFT market has witnessed a significant increase in activity, with the number of buyers surging by 172.98% and sellers rising by 120.51% during the same period.

This contrasting trend highlights a growing interest in NFTs, even as average sales prices decline.

Ethereum-based NFTs led the market last week, generating $28.2 million in sales, though this represents a 9.49% decrease from the previous week.

Solana followed with $16.37 million in sales, marking a 15% drop, while Bitcoin-based NFTs secured the third spot with $13.88 million, down 5.7%.

The overall decline in sales suggests that while more people are participating in the NFT market, they are spending less than in previous weeks.

Among the top NFT collections, Mythos’ Dmarket maintained its position as the leader, recording just over $5 million in sales despite a 31% decrease.

Sorare claimed the second spot with $3.6 million in sales, reflecting an 8.88% increase, while Guild of Guardians came in third with $3.5 million, a slight dip of 1.84%.

Bitcoin’s Uncategorized Ordinals collection showed a remarkable 790% increase, bringing in $3.1 million.

The most expensive NFT sale of the last week was an Uncategorized Ordinal, which fetched $2.4 million.

Other notable sales included Ethereum’s Bored Ape Yacht Club NFT #2,579, which sold for $342,542, and BNB’s Paraluni Perpetual Bond #841, which went for $134,751.

Solana’s Frogana #4559 also made the list, selling for $82,689.

While the number of NFT transactions dropped by 10.5% to 1,669,180, the sharp rise in buyer and seller activity suggests that interest in the NFT market remains strong.

The coming weeks will be crucial in determining whether this increased participation can reverse the current downtrend in sales.