The non-fungible token (NFT) market has experienced a 4.2% drop in sales volume over the past week, following a previous surge of 7.68%. According to the latest data from Cryptoslam, NFT sales volume now stands at $73.75 million, down from $109 million the prior week.
Despite the decline in sales volume, the number of NFT buyers surged by an impressive 132%, reaching 521,640, compared to 270,413 sellers. However, overall NFT transactions saw a significant decline of over 26%, totaling 1,217,967 in the last seven days.
Ethereum remains the leading blockchain for NFT sales, generating $23.9 million, though this represents a 9.6% decrease from the previous week. Notably, 12.24% of these sales were attributed to wash trading. Solana claimed the second spot with $16 million in sales, followed by Bitcoin (BTC) at $13 million, Polygon (POL) at $7.5 million, and Binance Coin (BNB) at $3.3 million. Wash trading was least prevalent on the BNB network, while Solana and Bitcoin recorded wash trading rates of 6.41% and 4.54%, respectively.
Notably, sales volume increased on the Solana network by 17.89% and on Polygon by an impressive 51.3%.
Top NFT Collections This Week
In terms of collections, Guild of Guardians on the Immutable-Zk chain topped the charts with $2.86 million in sales from 5,786 transactions. Following closely, the DogeZuki Collection on Solana secured $2.4 million across 61,447 transactions, maintaining its strong position from the previous week.
Sorare, operating on the Ethereum blockchain, ranked third with $2.368 million in sales and a total of 108,690 transactions. CryptoPunks ranked fourth, recording $2.2 million in sales from just 25 transactions. Finally, DMarket on the Mythos blockchain rounded out the top five, with $2.1 million in sales and 80,713 transactions.
As the NFT market continues to navigate fluctuations in sales volume, the surge in buyers may signal underlying interest and engagement, despite the recent downturn.
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