NFT Sales Down 3% This Week – Now that the Bitcoin NFT craze has died down, what’s next?

The non-fungible token market recorded negative growth this week, possibly after Bitcoin NFTs lost their initial market hype. Bitcoin NFTs surged in November last year, with transaction sales in the global NFT market exceeding $1 billion. In this article, we will evaluate what the next steps are now that the Bitcoin NFT craze appears to have died down.

NFTs are down 3% over the past seven days.

Data compiled by on-chain data aggregator cryptoslam.io shows a slight decline in NFT transaction sales this week. Over the past seven days, the trading volume of the global NFT market was $302 million, an increase of 3.38% compared to the previous week.

Nonetheless, the number of investors purchasing NFTs increased by 95% this week. Over the past seven days, the NFT market has recorded $459,559 worth of NFT buyers. Meanwhile, the number of investors selling NFTs increased by 86%, reaching $331,764.

Non-fungible tokens, hosted on leading blockchain network Ethereum, are the most traded NFTs this week. Over the past seven days, Ethereum-based NFTs have recorded $104 million in transaction sales, a 34% jump from the previous week.

Digital collectibles hosted on Bitcoin, the same blockchain network that powers the flagship cryptocurrency, Bitcoin (BTC), were the second most traded NFTs this week. Over the past seven days, Bitcoin-based NFTs have recorded a trading volume of $77 million. Bitcoin NFT sales plummeted 34% from last week.

Non-fungible tokens, hosted on the Solana and Polygon blockchain networks, were the third and fourth most traded NFT collections this week. In the past seven days, Solana-based NFTs recorded $52 million in transaction volume, while Polygon-based NFTs recorded $30 million in sales volume. Solana-based NFT sales surged 20%, while Polygon NFT sales decreased 32%.

Top selling NFTs this week

1. Bitcoin Ordinal ‘Unclassified’ NFT

Bitcoin Ordinals, a collection of non-fungible tokens created on the Bitcoin blockchain network using the Satoshi Ordinal protocol, are the best-selling NFT collection of the week. Over the past seven days, Bitcoin Ordinal has recorded a trading volume of $14 million. Bitcoin ordinal sales plummeted 48% from last week.

2. Gas Hero Common NFT Collection

Gas Hero Common, a collection of non-fungible tokens hosted on Polygon, the Ethereum scaling network, is the second best-selling NFT collection of the week. Over the past seven days, the Gas Hero Common NFT collection has recorded $12 million in transaction sales. However, this week’s Gas Hero Common plunged 29% compared to last week.

3. $LIGO BRC-20 NFT Collection

$LIGO, an NFT collection created on the Bitcoin blockchain network using the BRC-20 protocol, is the third NFT collection to sell this week. Over the past seven days, the $LIGO BRC-20 NFT collection has recorded $10.9 million in transaction sales. $LIGO NFT sales surged +10,000 this week compared to last week.

4. CryptoUndeads NFT Collection

CryptoUndeads, an NFT collection hosted on the Solana blockchain network, is the fourth best-selling NFT collection this week. In the past seven days, CryptoUndeads recorded $10.6 million in trading volume. The NFT collection entered the NFT market earlier this week.

5. Tokyo NFT Collection

Dokyo, an NFT collection on the Avalanche blockchain consisting of 5,555 limited edition NFTs, is the fifth best-selling NFT collection this week. Over the past seven days, the Dokyo NFT collection has recorded $10.4 million in transaction sales. Dokyo NFT sales surged 43% this week compared to the previous week.

6. Pudgy Penguins NFT Collection

Pudgy Penguins, an NFT collection containing 8,888 limited edition cute penguins hosted on the Ethereum network, is the sixth best-selling NFT collection this week. Over the past seven days, transactional sales of NFT collections reached $9.3 million. Pudgy Penguins NFT sales surged 447% from last week.

7. Solmap NFT collection opens

Open Solmap, an NFT collection on the Solana blockchain network, is the seventh best-selling NFT collection this week. Over the past seven days, the Open Sol Map NFT collection recorded a trading volume of $8.2 million. Open Sol Map NFT sales surged 462% compared to last week.

8. TinFin NFT Collection

TinFin, a collection of NFTs on the Ethereum blockchain network, is the eighth best-selling NFT collection this week. Over the past seven days, transactional sales of the TinFin NFT collection reached $7.2 million. The TinFin NFT collection came into the spotlight earlier this week.

9. Boring Monkey Yacht Club NFT Collection

Bored Ape Yacht Club, an NFT collection from digital asset company Yuga Labs featuring a fixed supply of 10,000 NFTs hosted on the Ethereum blockchain network, is the ninth best-selling NFT collection this week. Over the past seven days, the Bored Ape Yacht Club NFT collection has generated $5.8 million in transaction sales. Bored Ape NFT sales surged 10.95% compared to last week.

10. CryptoPunks NFT Collection

CryptoPunks, a previous NFT collection from digital asset company Larva Labs featuring a limited edition of 10,000 NFTs hosted on the Ethereum blockchain network, is the 10th NFT collection to sell this week, rounding out the top 10 NFTs list. In the past seven days, CryptoPunks recorded $5.7 million in trading volume. CryptoPunks NFT sales surged 28% compared to last week.

The most expensive NFT collections sold this week

LIF3 V3 Position #9 is the most expensive NFT collection sold this week, selling three days ago for $698,247. LIF3 V3 Position #15 is the second most expensive NFT collection sold this week, selling for $245,549 three days ago. Boogle #047 is the third most expensive NFT sold this week, selling for $219,998 two days ago.

NFT Market Forecast: What’s Next?

The non-fungible token market is rebounding, with a collection of Ethereum-based NFTs leading the short-term market rally. According to predictions from industry experts, the NFT and cryptocurrency markets are expected to see rapid growth in the coming weeks and months, possibly following the much-awaited Bitcoin (BTC) halving.

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