NFT Sales Drop as Crypto Market Sees New Heights

While the global crypto market continues to grow, the Non-Fungible Token (NFT) space is slightly declining. Bitcoin (BTC) has reached new highs before retracing slightly, but investors’ interest in the flagship crypto keeps growing. 

Ethereum (ETH) has shown mild recovery.  At the same time, more people are buying and selling NFTs. However, total sales are down. 

Bitcoin Reaches New High, Then Falls

Bitcoin recently touched a new all-time high of $111,000 before slipping to $108,000. This drop is partly caused by market worries about a 50% tax increase on imports from the EU.

Ethereum also rose to $2,700 this week but is now back to over $2,500, according to CoinMarketCap data. The total crypto market is now worth $3.42 trillion, which is higher than last week’s $3.29 trillion. 

This means more people are investing in crypto, even though NFT sales are slightly lower.

NFT Sales Drop, But Participation is Rising.

NFT sales dropped by 0.05% this week to $129.8 million. Ethereum is still the top NFT network with $29.6 million in sales, 26.22% less than last week. Wash trading also dropped to $2 million.

Even with lower sales, more people are active in the NFT market. NFT buyers increased by 61.18% to 443,548. Sellers went up by 31.87% to 199,129. Total NFT trades also rose by 15.39% to 1,697,343.

Avalanche and Polygon See Big Growth

While Ethereum still leads in total NFT sales, Avalanche has taken second place with $22.3 million, a jump of 202.92%. Polygon is third with $21.3 million, growing by 45.98%. These chains are becoming strong players in the NFT space.

Bitcoin NFTs fell to fourth place with $18.2 million, a 21.85% drop. Solana is now seventh, with $6.4 million in sales, a 26.36% decrease.

Meanwhile, more people are buying NFTs on different chains. Avalanche had the most significant buyer growth at 79.08%, followed by Bitcoin at 72.98% and Solana at 71.09%.

Furthermore, there has been a big shake-up in Non-Fungible Token collections. XSY Deposit on Avalanche is now the top NFT collection with $22.1 million in sales. However, most of this comes from just one buyer and seller.

Courtyard on Polygon is second with $14.4 million in sales, up 23.23%. DMarket is third with $8.8 million, up by 7.07%.

Bitcoin’s BRC-20 NFTs are now fourth with $6 million, dropping by 15.78%. Guild of Guardians Heroes is fifth with $5.9 million. CryptoPunks is sixth with $4.8 million in sales. It fell by 30.94%, as it now has fewer trades, fewer buyers, and fewer sellers than before.