NFT Sales Fell 22% This Past Week, As NFT Buyers Rose 34% – Analysis

On Jan 29, 2024

The non-fungible token market has experienced another rough time this past week, with trading sales volume dropping for the third consecutive week this January. In this article, we shall assess some of the factors attributing to the recent NFT downturn as well as what investors should expect this last week of January.

NFT Sales Fell 22% This Past Week

Data compiled by CryptoSlam.io, an on-chain aggregator, indicates that the global non-fungible token market has plunged for the third week this month. In the past seven days, the global NFT market has recorded a trading sales volume of $223 million, representing a 22% decrease from the previous week.

Despite the negative growth, the number of NFT investors who bought NFTs has increased this past week. In the past seven days, the NFT market has seen more than 734,000 NFT collectors buying NFTs across different market platforms, representing a 34% spike from the previous week.

The non-fungible token hosted on the Ethereum blockchain network was the most traded NFT this past week. Ethereum-based NFTs have recorded a trading sales volume of $70 million in the past seven days. However, Ethereum-based NFTs have fallen 35% in sales from the previous week.

Source: cryptoslam.io, NFT sales volume by blockchain networks

Digital collectibles hosted on Bitcoin, the popular blockchain network that powers the flagship crypto Bitcoin (BTC), were the second most traded NFT collection this past week. In the past seven days, Bitcoin-based NFTs have amassed a trading sales volume of $59 million. Bitcoin surged 2.34% in NFT trading sales volume.

Non-fungible tokens hosted on Solana, the decentralized blockchain network that utilizes a proof of stake consensus mechanism and Polygon, an Ethereum scaling solution, were the third and fourth most traded NFT collection this past week. In the past seven days, Solana-based NFTs have amassed a trading sales volume of $49 million, while Polygon-based NFTs have recorded a trading sales volume of $13 million. Solana NFTs fell 28%, while Polygon NFTs dropped 42%.

Top Selling NFTs This Past Week

Source: cryptoslam.io, top selling NFTs in the past 7 days

1. Bitcoin Ordinals “Uncategorized” NFTs

Bitcoin Ordinals, an NFT collection created on the Bitcoin blockchain network using Satoshi Nakamoto’s Ordinal protocol, were past week’s top-selling NFT collection. In the past seven days, Bitcoin Ordinals have recorded a trading sales volume of $9 million, representing a 2.84% spike from the previous week.

2. Froganas NFT Collection

Froganas, an NFT collection with a fixed set of 5,555 NFTs hosted on the Solana blockchain network, was the second most-selling NFT collection of the past week. Froganas NFT collection has amassed a trading sales volume of $7.8 million in the past seven days. Froganas rose 217% in sales the past week from the previous week.

3. Dokyo NFT Collection

Dokyo, a relatively new NFT collection with a limited edition of 5,555 NFTs hosted on the Avalanche blockchain network, was the third most-selling NFT collection of the past week. In the past seven days, the Dokyo NFT collection has recorded a trading sales volume of $7.4 million. Dokyo fell 0.63% last week from the previous week.

4. CryptoPunks NFT Collection

CryptoPunks, an NFT collection previously from the digital asset incubations studio Larva Labs but now owned by Yuga Labs, was last week’s fourth most-selling NFT collection. The CryptoPunks NFT collection has attracted a trading sales volume of $6.2 million in the past seven days. CryptoPunks plunged 60% in sales volume this past week compared to the previous week.

5. $LIGO BRC-20 NFT Collection

$LIGO, a non-fungible token collection created on the Bitcoin blockchain network using the BRC-20 protocol, was past week’s fifth most-selling NFT collection. The $LIGO BRC-20 NFT collection has amassed a trading sales volume of $5.9 million in the past seven days. $LIGO surged 16% in sales past week from the previous week.

Source: cryptoslam.io, top selling NFTs in the past 7 days

6. $GBTS BRC-20 NFT Collection

$GBTS, another non-fungible token collection created on the Bitcoin blockchain network using BRC-20 ordinal protocol, was past week’s sixth most-selling NFT collection. In the past seven days, the $GBTS BRC-20 NFT collection has recorded a trading sales volume of $5 million. $GBTS increased 232% in sales volume in the past week.

7. Gods Unchained NFT Collection

Gods Unchained, an NFT collection from the digital trading card game Gods Unchained hosted on the Immutable X blockchain network, was past week’s seventh most-selling NFT collection. Gods Unchained NFT collection has amassed a trading sales volume of $4.8 million in the past seven days. Gods Unchained has surged 9.14% in sales from the previous week.

8. DMarket NFT Collection

DMarket, an NFT collection from the NFT market platform DMarket hosted on the Mythos Chain blockchain network, was the eighth most-selling NFT collection of the past week. In the past seven days, the DMaket NFT collection has attracted a trading sale volume of $4.5 million. DMarket NFT sales have increased 8% from the previous week.

9. Gas Hero Common NFT Collection

Gas Hero Common, an NFT collection hosted on Polygon, an Ethereum scaling network, was past week’s ninth most-selling NFT collection. In the past seven days, the Gas Hero Common NFT collection has recorded a trading sales volume of $3.5 million. During this period, Gas Hero Common NFT sales volume has declined 61% from the previous week.

10. CryptoUndeads NFT Collection

CryptoUndeads, an NFT collection that features a limited edition of 10,000 unique, undead collectibles hosted on Solana, was past week’s tenth most-selling NFT collection. In the past seven days, the CryptoUndeads NFT collection has garnered a sales volume of $3.3 million, closing our ten most-selling NFT list this past week. CryptoUndeads NFT collection declined 83% in sales volume.

Most Expensive NFTs Sold This Past Week

Source: Cryptoslam.io, most expensive NFTs sold in the past 7 days

CryptoPunks # 6505 was the most costly NFT collection sold last week, selling for $458,889 six days ago. gUSDC Locked Deposit #6 was the second most expensive NFT collection sold last week, selling for $335,733 a few hours ago. Boogle #015NFT collection emerged third, selling for $241,943 a few hours ago.

The NFT Market Prediction This Week

The non-fungible token market started the last week of January down just 2% in its 24-hour market change, showcasing promising signs that the recent NFT market trend might have ended. The NFT market continues to experience a heavy influx, with the number of NFT investors buying NFTs increasing by 15% in the past 24 hours.