NFT Sales Fell 30% Last Week – Will Investors Shift Back Attention To NFTs This Week?

On Mar 25, 2024

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In the wake of the flagship crypto Bitcoin’s recent new all-time high, the bullish crypto market sentiment has shifted from initially hyped non-fungible token collections to other crypto assets, the memecoins, with several new and old coins pumping 100x or more in a matter of weeks.

The crypto market retested the bull run earlier this month and has left the flagship crypto, Bitcoin, reaching new record heights of above 73,000 for the first time in crypto history. Unfortunately, the crypto market craze has left the NFT market underperforming after collectors somewhat shifted attention away from the sector. In this article, we shall assess whether the NFT market will retest revival.

NFT Sales Fell 30 Last Week

Data fetched by cryptoslam.io, an on-chain market data aggregator, shows that the global non-fungible token market lost traction last week, and its trading sales volume slightly dropped. In the past seven days, the NFT market has amassed a sales volume of $247 million, representing a 30% drop from the previous week.

Nonetheless, the number of collectors trading non-fungible token collections recorded positive growth last week. In the past seven days, the number of collectors who bought NFTs rose 34% to 579,726, while those who sold NFTs increased 33% to 386,314. The NFT market saw nearly 1.7 million NFT transactions settled.

Ethereum, the blockchain network renowned for hosting the majority of the blue-chip non-fungible token collection, was past week’s most traded blockchain network in the NFT ecosystem. In the past seven days, the Ethereum-based NFT collection has recorded a trading sales volume of $93 million. Ethereum NFT sales volume fell 16% from the previous week.

Bitcoin, the blockchain network renowned in the NFT market for hosting the once-hyped BRC-20 and Bitcoin Ordinals, was last week’s second most-traded blockchain network in the NFT ecosystem. In the past seven days, Bitcoin-based NFT collections have recorded a trading sales volume of $69 million. Bitcoin NFT sales fell 49% from the previous week.

Solana, a public, open-source blockchain that supports smart contracts, including non-fungible tokens and a variety of decentralized applications, was the third most-traded blockchain net in the NFT ecosystem. In the past seven days, Solana NFT collections have attracted a trading sales volume of $48 million. Solana NFT sales volume dropped 23.97% from the previous week.

Top Selling NFT Collection Last Week

1. Bitcoin Ordinals Collection

Bitcoin, the NFT collection created on the Bitcoin blockchain network using ordinal theory, was last week’s top-selling NFT collection. In the past seven days, the Bitcoin Ordinal NFT collections have raised a trading sales volume of $24 million. Bitcoin NFT sales fell 63% from the previous day.

2. CryptoPunks NFT Collection

CryptoPunks, an NFT collection previously from the digital asset firm Larva Labs that features a fixed set of 10,000 NFT collections hosted on the Ethereum blockchain network, was last week’s second most-selling NFT collection. In the past seven days, the CryptoPunks NFT collection has recorded a trading sales volume of $21 million. The Cryptopunk NFT trading sales have jumped 285% from the previous week.

3. NodeMonkes NFT Collection

NodeMonkes, an NFT collection that features a limited edition of 10,000 NFT collections hosted on the Bitcoin blockchain network, was past week’s third most-selling NFT collection. In the past seven days, the NodeMonkes NFT collection has recorded a sales volume of $9.5 million.

4. Bored Ape Yacht Club NFT Collection

Bored Ape Yacht Club, the non-fungible token collection from the digital asset incubation firm Yuga Labs that features a limited supply of 10,000 NFTs hosted on the Ethereum blockchain network, was last week’s fourth most-selling NFT collection. In the past seven days, the Bored Ape Yacht has amassed a trading sales volume of $7.5 million.

5. DMarket NFT Collection

DMarket, an NFT collection from DMarket, a company that operates a decentralized blockchain-based marketplace for in-game items trading across any game platform, was last week’s fifth most-selling NFT collection. In the past seven days, the DMarket NFT collection has attracted a trading sales volume of $7 million.

6. Mad Lads NFT Collection

Mad Lads, an NFT collection from the Solana development project Coral that features a limited supply of 10,000 NFTs hosted on the Solana blockchain network, was the sixth most-selling NFT series. In the past seven days, the Mad Lads NFT collection has recorded a trading sales volume of $6.4 million. Mad Lads NFT sales volume fell 45% from the previous week.

7. Pudgy Penguins NFT Collection

Pudgy Penguins, an NFT collection from the famous toy brand Pudgy Penguins featuring a fixed set of 8,888 NFTs hosted on the Ethereum blockchain network, was the seventh most-selling NFT collection. In the past seven days, the Pudgy Penguins NFT collections have attracted a trading sale volume of $5.4 million.

8. 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 last week’s eighth most-selling NFT collection. In the past seven days, the Gods Unchained NFT collection has recorded a trading sale volume of $5.2 million. Its trading sales volume rose 42% from the previous week.

9. Froganas NFT Collection

Froganas, an NFT collection that features a limited supply of 5,555 humanoid frogs hosted on the Solana blockchain network, was last week’s ninth most-selling NFT collection. In the past seven days, the Froganas NFT collection has recorded a sales volume of $4.8 million. Its trading sales volume fell 8% from the previous week.

10. $?? BRC-20 NFT Collection

The question, an NFT collection created on the Bitcoin blockchain network using the BRC-20 protocol, was past week’s tenth most-selling NFT collection. In the past seven days, the $?? BRC-20 NFT collection has recorded a trading sales volume of $4.6 million, closing our ten top-selling NFT list in the past week. Its trading sales volume rose 145% from the previous week.

Top NFT Collectible Sales Last Week

Cryptopunk #7804 was the top NFT collection sold last week, selling for $16,382,444 a few days ago. Think Liquidity #18 was the second most expensive NFT collection sold last week, selling for $538,207 four days ago. Bitcoin Ordinal collection was the third most costly NFT sold last week, selling for $276,665.