The NFT market continued its downtrend spiral last week, with total sales plummeting by 7.91%. The number of buyers and sellers nosedived by a staggering 73.46% and 61.18% respectively. This persistent slump underscores the ongoing struggles facing the NFT market.
Ethereum Leads Despite Drop in Sales
According to data from DappRadar, the total NFT market sales reached $74.86 million over the last seven days. Ethereum led the way in blockchain sales volume, generating $27.25 million. However, sales of Ethereum-based NFTs dropped by 9.73% compared to the previous week.
Bitcoin ranked second, bringing in $14.89 million. In contrast to Ethereum, Bitcoin-based NFTs saw a remarkable 31.01% increase in sales. Solana came in third with $12.47 million, though its sales decreased by 12.31%.
CryptoPunks and BRC20 NFTs Shine
Among the top-performing NFT collections, CryptoPunks stood out, generating $5.39 million in sales—an increase of 9.45% from the previous week. The second-best performer was Bitcoin BRC20 NFTs, which saw a massive surge of 475%, reaching $3.45 million in sales.
Immutable X’s Guild of Guardians (GoG) also performed well, securing third place with $3.28 million in sales, a 4% increase. Other notable performers included Sorare, which earned $2 million with a 9.99% rise, and BNB’s Luxemarathoner, also earning $2 million, despite seeing a 22% decline.
High-Value Sales Continue
Despite the overall market slowdown, high-value sales continue to occur. The most expensive NFT sale last week was CryptoPunk #9368, which sold for $1.27 million just five days ago. Solana’s Boogle #025 fetched $143,070 three days ago, while BNB’s Paraluni Perpetual Bond sold for $129,337, also five days ago.
Market Outlook: A Volatile Future
The overall NFT market has been facing difficulties throughout 2024. In July, the market suffered a 36.6% decline, followed by a 40.36% drop in August. Despite these struggles, some collections, such as CryptoPunks and Guild of Guardians, continue to show resilience, even amid market volatility.
There are, however, some optimistic projections for the future. On-chain analytics firm Statista predicts that the NFT market could still generate over $683.9 million in revenue by the end of 2024. However, the market’s annual growth rate is expected to decrease by -11.01%, reflecting the uncertain nature of the current NFT landscape.
In conclusion, while the NFT market remains volatile and continues to face challenges, high-profile collections, and certain blockchain networks are still managing to perform well, offering hope for a potential recovery in the future.
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