The non-fungible token (NFT) market had its toughest week ever this past week, with transaction sales and reserve prices hitting all-time lows. The global NFT market fell by more than 17% in the past seven days of trading. This article will take a deep look at the current state of the non-fungible token market this week and explore what went wrong in the market.
NFT sales fell by 18% this week
Data compiled by crypto market data aggregator and multi-chain non-fungible token explorer CryptoSlam.io shows that the global non-fungible token market has fallen again this week. Over the past seven days, the global NFT market has traded $96 million in sales, down 17.91% from last week.
Despite this, the number of crypto investors buying non-fungible tokens fell by 68% this week. In the past seven days, the NFT market has seen nearly 500,000 collectors purchase digital items, bringing the number of NFT transactions to over 1.3 million. During this period, more than 250,000 collectors sold their NFTs due to fear, doubt, and uncertainty about the NFT market.
Ethereum is a well-known blockchain network that supports most of the blue-chip non-fungible token collectibles. It is also the most popular chain and the NFT blockchain network with the highest transaction volume this week. In the past seven days, the cumulative transaction sales of NFT collectibles based on Ethereum reached 38 million US dollars. Ethereum NFT sales fell by 2.32% from last week.
Bitcoin, the blockchain network that supports the flagship cryptocurrency Bitcoin as well as the famous Ordinals, Runes, and BRC-20 non-fungible token collectibles, ranks second in volume in the NFT ecosystem. In the past seven days, sales of Bitcoin-based NFT collectibles reached $16 million, down 49.30% from the previous week.
Polygon is Ethereum's scaling solution and the third-largest NFT blockchain network by volume this week. In the past seven days, Polygon-based non-fungible token collectibles have accumulated transaction sales of $16 million. Polygon NFT sales fell by 0.23% from last week.
Solana, a public open-source blockchain that supports smart contracts, including non-fungible tokens and various decentralized applications, ranked fourth in terms of transaction volume in the NFT ecosystem this week. In the past seven days, the cumulative transaction sales of NFT collectibles based on Solana reached $13 million, down 6.61% from last week.
Most sold NFTs in the past 7 days
1. CryptoPunks NFT Collectibles
CryptoPunks, a non-fungible token collection consisting of a limited set of 10,000 Ethereum NFTs, originally created by Larva Labs and now owned by digital asset company Yuga Labs, is the top-selling NFT collection this week. In the past seven days, sales of CryptoPunks NFT collections reached $4.9 million. CryptoPunks NFT sales increased by 1,30% from last week.
2. DMarket NFT Collectibles
DMarket, a non-fungible token collectible hosted on Mythos Chain on the virtual asset market platform DMarket, is the second-highest-selling NFT collectible this week. In the past seven days, DMarket NFT collectibles have traded sales of $4.2 million. DMarket NFT sales fell 7.45% from last week.
3. Bored Ape Yacht Club NFT Collectibles
Bored Ape Yacht Club is the best-selling NFT collection ever launched by digital asset company Yuga Labs. The collection hosts 10,000 limited edition NFTs on the Ethereum blockchain network and is the seventh-highest-selling NFT collection this week. In the past seven days, Bored Ape Yacht Club has generated $2.8 million in transaction sales. Bored Ape NFT transaction sales increased by 68% from last week.
4. Pudgy Penguins NFT Collectibles
Pudgy Penguins is a non-fungible token collection launched by the well-known toy and merchandise brand Pudgy Penguins, hosted on the Ethereum blockchain network, including 8,888 cute penguins. It is the fourth most sold NFT collection this week. In the past seven days, the transaction sales of Pudgy Penguins NFT collections reached $3.6 million.
5. DogeZuki NFT Collectibles
DogeZuki is a non-fungible token collectible hosted on the Solana blockchain network, including 2,800 Shiba Inu-inspired NFT items, and is the fifth-highest-selling NFT collectible this week. In the past 24 hours, DogeZuki NFT collectibles have traded sales of $2.4 million. DogeZuki NFT sales increased by 13% from last week.
6. $Pizza BRC-20 NFT Collectibles
$Pizza, a new non-fungible token collectible created using the BRC-20 protocol based on the Bitcoin blockchain network, is the sixth-highest-selling NFT collectible this week. In the past seven days, $Pizza BRC-20 NFT collectibles have traded sales of $2.3 million. $Pizza NFT sales fell by 81% from last week.
7. NodeMonkes NFT Collectibles
NodeMonkes, a non-fungible token collection consisting of 10,000 limited edition NFTs created on the Bitcoin blockchain network using the ordinal protocol, is the seventh most sold NFT collection this week. In the past seven days, NodeMonkes NFT collections have traded sales of $2 million. NodeMonkes NFT sales fell 21.53% from last week.
8. Bitcoin Puppets NFT Collection
Bitcoin Puppets, another non-fungible token series created based on the Bitcoin blockchain network using Satoshi Nakamoto's ordinal theory, is the eighth most sold NFT collectible this week. In the past seven days, Bitcoin Puppets NFT collectibles have traded sales of $1.9 million. Bitcoin Puppets NFT sales fell by 31.80% from last week.
9. Guild Of Guardians NFT Collection
Guild of Guardians is a non-fungible token collectible launched by Guild of Guardians, a mobile RPG game where players collect resources by challenging dungeons. It is the ninth highest-selling NFT collectible this week. In the past seven days, Guild of Guardians NFT collectibles have traded sales of $1.9 million, an increase of 9.6% from last week.
10. The Captainz NFT Collection
The Captainz is a non-fungible token collectible launched by Web3-focused studio Memeland, hosted on the Ethereum blockchain network, and includes 9,999 NFTs with a limited supply. It is the tenth highest-selling NFT collectible this week. In the past seven days, The Captainz NFT collectible has traded sales of $1.8 million, ending the top ten best-selling NFT collectibles this week. The Captainz NFT sales fell 16.28% from last week.
NFT sales drop again — what went wrong?
The non-fungible token market has seen a drop in sales and reserve values this week, with many top NFTs such as Bored Apes, which once had reserve prices of over 25 ETH, now falling to less than 9 ETH. Industry experts point to fear, suspicion and lack of confidence in NFTs as the main factors behind the price drop.
Fortunately, the U.S. Securities and Exchange Commission (SEC) concluded its investigation into Ethereum 2.0 earlier this week, laying the foundation for a regulatory framework for cryptocurrencies. It is worth noting that Ethereum is a widely adopted blockchain network in the NFT ecosystem. In this case, the end of the Ethereum network upgrade review will greatly enhance confidence in Ethereum-based and other anchored NFTs.
Ethereum successfully passed the SEC's test.
Today we are pleased to announce a major victory for Ethereum developers, technology providers, and industry participants: the SEC’s Division of Enforcement has notified us that they are closing their investigation into Ethereum 2.0.
This means that the SEC…
– Consensys (@Consensys)
June 19, 2024
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