NFT Market Struggle Continues Despite Crypto Recovery

The Non-Fungible Token (NFT) is still facing tough times, even though the broader crypto market is now improving. Bitcoin (BTC) has climbed to $84,000, and Ethereum (ETH) price remains steady at $1,900. The total crypto market value has increased slightly from $2.73 trillion to $2.77 trillion. 

However, NFT sales continue to decline, suggesting that traders are more cautious while others are shutting down their marketplace.

NFT Sales Keep Dropping, But Market Activity Grows  

Data from CryptoSlam revealed that NFT sales volume has fallen to $100.9 million, marking a 5.34% decline from the previous week. In contrast, buyers have increased by 70.97% to 350,146, while sellers have risen by 68.57% to 225,465. 

This suggests that more people are engaging with digital arts, but the overall value of sales is relatively low. The number of transactions has increased by 16.90% to 1,696,996, showing that NFT activity remains strong despite the price drop.

Ethereum-based NFTs have struggled, with sales dropping by 13.03% to $27.7 million. However, the number of buyers has grown by 42.17% to 44,850. Wash trading on Ethereum NFTs has also decreased by 6.53%, falling to $2.8 million. 

Meanwhile, Bitcoin NFTs have taken a bigger hit, with sales plunging by 30.69% to $16.3 million. Despite this, buyer participation on the Bitcoin network has increased by 63.67% to 31,251. This indicates that more users are still interested in Bitcoin-based NFTs.

Top NFT Collections Show Mixed Performance

Notably, not all NFT platforms are experiencing declines. The Mythos Chain saw a slight gain of 3.12%, reaching $15.6 million in sales. Polygon, however, dropped by 5.81%, bringing its total sales to $13.3 million. Solana NFTs also declined, falling by 5.25% to $9.4 million.

Despite the overall downward trend, some NFT collections have remained strong. Courtyard, a Polygon-based project, led the market with $11.5 million in sales, even though its volume fell by 6.95%. 

DMarket secured second place with $10.4 million in sales, a 4.44% increase. It also recorded a high transaction count of 333,211, indicating strong market engagement.

High-Value NFT Sales Persist

Some blue-chip NFT collections are still attracting attention. Guild of Guardians Heroes surged 159.46% to $5.6 million, while Good Vibes Club jumped 264.67% to $4 million. In contrast, BRC-20 NFTs fell 43.57% to $3.2 million, and CryptoPunks dropped 15.52% to $2.6 million.

Despite lower prices, big sales still occurred. CryptoPunks sold for $431,243, while an Azuki NFT went for $209,021, and several Autoglyphs were sold, with prices ranging from $188,000 to $198,000.