NFT sales fell 8% again this week. How low can NFTs go in this bear market?

adminMay 19, 2024

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The non-fungible token market continues to experience negative weekly growth even after the recent cryptocurrency market hype that fueled its resurgence has died down. The NFT market re-tested its massive market rally earlier this year following the then highly anticipated Bitcoin halving event.

NFT sales drop again this week

In March 2024, the cryptocurrency market experienced a rebound that pushed the flagship cryptocurrency, Bitcoin, to a new all-time high. The rally also fueled the resurgence of some NFT collections, including the BRC-20 NFT collection, Bitcoin Ordinals, and ERC-404 NFT collection. Unfortunately, this brief cryptocurrency and NFT bull season did not last long.

The non-fungible token market has yet to experience another week of market downturn, according to data collected by cryptoslam.io, an on-chain cryptocurrency market aggregator and multi-chain non-fungible token explorer. Over the past seven days, the global NFT market’s trading volume was $150 million, down 8.66% from the previous week.

NFT sales (2)

Nonetheless, the number of non-fungible token investors buying the dip has surged this week. The number of investors who purchased NFTs in the past seven days was 478,480, an increase of 213% compared to the previous week. The number of investors selling NFTs this week also increased by 172%.

Bitcoin is leading the way in NFT sales this week.

Bitcoin, a popular blockchain network in the non-fungible token market that supports the flagship cryptocurrency Bitcoin and the Bitcoin Ordinal and BRC-20 NFT collections, is the dominant NFT blockchain this week. Over the past seven days, Bitcoin-based NFT collections have recorded trading volume of $47 million, down 5.15% from the previous week.

Blockchain NFT sales

Source: cryptoslam.io, NFT sales on blockchain network in last 7 days

Ethereum, the blockchain network popular in the non-fungible token market for supporting the second largest crypto asset, Ether, and its extensive collection of blue-chip NFTs, is the second most traded NFT blockchain this week. Over the past seven days, the trading volume of Ethereum-based NFT collections was $37 million, down 7.35% from the previous week.

Solana, an open-source blockchain that supports smart contracts, including non-fungible tokens and a variety of decentralized applications, is the third most traded blockchain network in the NFT ecosystem this week. Over the past seven days, Solana-based NFT collections have seen $18 million in transaction sales, but Solana NFT transaction sales are down 29% from last week.

Blast, the Ethereum layer 2 blockchain network on the Blur NFT marketplace, and Polygon, the Ethereum scaling solution, were the fourth and fifth most traded NFT blockchain networks this week. In the past seven days, Blast-based NFT collections have sold $14 million, while Polygon-based NFT collections have sold $20 million.

Most sold NFTs in the last 7 days

Most Selling NFTs

Source: cryptoslam.io, Top selling NFT collections in the last 7 days

1. Bitcoin Uncategorized NFT Collection

Bitcoin Uncategorized, a collection of veteran non-fungible tokens created on the Bitcoin blockchain network using the ordinal protocol, is this week’s best-selling NFT collection. Over the past seven days, the Bitcoin Unclassified NFT series has recorded $17 million in trading volume, but sales have plummeted 24% from last week.

2. Fantasy Top NFT Collection

Currently, Fantasy Top, a non-fungible token for the popular digital trading card game Fantasy, is the best-selling NFT collection on the Blast Layer 2 network. In the past seven days, the Fantasy Top NFT collection has recorded $14 million in transaction sales. Fantasy Top NFT sales are down 24% from last week.

3. DMarket NFT Collection

DMarket’s collection of non-fungible tokens, a marketplace for trading virtual items and technology to build the metaverse, is the third best-selling NFT collection of the week. Over the past seven days, the DMarket NFT collection has recorded $5.8 million in transaction sales.

4. NodeMonkes NFT Collection

NodeMonkes, another collection of non-fungible tokens created on the Bitcoin network leveraging the unique features of the Ordinals protocol, is the fourth best-selling NFT collection this week. Over the past seven days, the NodeMonkes NFT collection has recorded $5.6 million in transaction sales. NodeMonkes NFT sales surged 18.15% from last week.

5. Guild of Guardians NFT Collection

Guild of Guardians, a collection of non-fungible tokens from Guild of Guardians, a mobile RPG where players assemble a team of heroes to travel through challenging dungeons to collect resources, is the fifth best-selling NFT collection this week. Over the past seven days, the Guild of Guardian NFT collection has recorded $4.17 million in transaction sales. Guild of Guardians NFT sales increased 56% compared to last week.

Best selling NFT 2

Source: cryptoslam.io, Top selling NFT collections in the last 7 days

6. $Core BRC-20 NFT Collection

$Core, a new collection of non-fungible tokens created on the Bitcoin blockchain network using the BRC-20 protocol, is the sixth best-selling NFT collection this week. In the past seven days, the $Core BRC-20 NFT collection has sold $3.4 million. $Core BRC-20 NFT trading volume surged 36% compared to last week.

7. CryptoPunks NFT Collection

CryptoPunks, a collection of non-fungible tokens from former digital asset company Larva Labs featuring a limited supply of 10,000 pixelated NFTs hosted on the Ethereum blockchain network, is the seventh best-selling NFT collection of the week. Over the past seven days, the CryptoPunks NFT collection has recorded $3.1 million in transaction sales.

8. Solana Monkey Business NFT Collection

Solana Monkey Business, a non-fungible token collection of 5000 randomly generated unique 24×24 pixels stored on the Solana blockchain network, is the eighth best-selling NFT collection this week. Over the past seven days, transactional sales of the Solana Monkey Business NFT collection reached $2.2 million.

9. DeGods NFT Collection

DeGods, a collection of non-fungible tokens from digital asset company DeLabs featuring a fixed supply of 10,000 hosted on the Ethereum blockchain network, is the ninth best-selling NFT collection this week. Over the past seven days, the DeGods NFT collection has recorded $2.2 million in transaction sales.

10. Mad Lads NFT Collection

Mad Lads, a collection of non-fungible tokens from Solana infrastructure development project Coral, featuring a limited edition of 10,000 NFT collections, is the top 10 best-selling NFT collection this week. The Mad Lads NFT collection rounded out the top 10 best-selling NFT collections of the week, with $2.1 million in transaction sales over the past seven days.

Top NFT sales in the last 7 days

CryptoPunks #741 is the most expensive NFT collection sold this week, selling for $792,046 6 days ago. The $ORDI BRC-20 NFT collection is the second most expensive NFT collection sold this week, selling for $681,497 three days ago. Mad Lads #3919 is the most expensive NFT collection this week, selling for $73,368 6 days ago.