Analysis Says NFT Sales Declined by 21% Within the Week
The development of non-fungible tokens (NFTs) has seen a 21% drop in sales volume, or $223 million, in the worldwide NFT market over the last week. The number of NFT purchasers also increased by 34%, bringing with it a complex web of changes in the NFT industry. During the past seven days, the NFT market has seen a $223 million decrease in trading sales volume.
This is a 22% drop from the numbers from the previous week, indicating a significant shift in the market dynamics. Ethereum-based NFTs have made a substantial contribution to market activity, with trading sales volume of $70 million over the previous seven days.
DMarket, another performing NFT hosted on the Mythos Chain blockchain made it as the eighth most traded Non-Fungible Token collection this previous week. It has accumulated slightly over $4.5 million in trading volume, after increasing in sales by 8% last week.
Ethereum-based NFT Shows Resilience, Accumulates $59 Million in Seven Days
NFTs based on Bitcoin have made a substantial contribution to the trading sales volume of the market, accumulating $59 million in the last seven days. An intriguing dynamic is introduced by the increase in Bitcoin-based NFT trading sales volume, demonstrating that Ethereum is not the only dominant player in the NFT market.
A layer of diversity is added to the entire landscape of digital collectibles as the flagship cryptocurrency, Bitcoin, continues to gain recognition and acceptance within numerous applications, including the NFT arena.
Another NFT collection, Gods Unchained, inspired by the popular virtual trading card game Gods Unchained and hosted on the Immutable X blockchain, made it to the 7th spot as the selling NFT collection this previous week. Gods Unchained non-fungible token collection has recorded $4.8 million in trading volume in the last seven days.
Solana-based NFT, Solana NFT, and Polygon NFTs Market Activities Weighed
In contrast to the drop in sales volume, there was a 34% increase in NFT buyers during that same period. This spike in sales suggests that the NFT market is becoming more popular due to expanding awareness, changing use cases, and more people being involved in the market.
Solana-based NFTs, particularly the ones with a decentralized blockchain network feature with a PoS mechanism, were reported to be the third and fourth most traded Non-Fungible Tokens traded last week. Seven days ago, Solana-based Non-Fungible Tokens saw a trading volume of $13 million.
Solana-based Non-Fungible Tokens, on the other hand, have gathered $49 million within the week. Polygon Non-Fungible Tokens has $13 million in sales volume, while Solana Non-Fungible Tokens (NFTs) dropped by 28%. The same applied to Polygon NFTs, which fell by 42%.
Froganas NFT Makes the List, Ethereum-based NFTs Hold Strong Influence
Data from Inside Bitcoin, as interpreted by Dominic Kimani, has a detailed picture of the NFT market over the last week, shown by a 21% decline in sales volume and a 34% rise in the number of NFT buyers working together.
While Bitcoin-based NFTs have increased by 2.34%, Ethereum-based NFTs hold significant influence, accounting for $70 million in total sales volume. Kimani also wrote that $LIGO, an NFT collection from the Bitcoin blockchain network that works on BRC-20 protocol, ranked the 5th most traded Non-Fungible Tokens collection last week.
$LIGO (Ligo) BRC-20 Non-Fungible Token collection recorded over $5.9 million trading volume the previous week. However, this NFT has upped its sales this previous week by 16%. This week, almost all popular Bitcoin-hosted digital collectibles were listed as the second most traded Non-Fungible Token collection.
Also, last week, Bitcoin-based Non-Fungible Tokens recorded a total trading volume of (a little over) $59 million. However, the BTC had a price increase of 2.34% in trading volume in the Non-Fungible Tokens sector.
Froganas, another Non-Fungible Token collectible launched on the Solana blockchain, was named the second most traded Non-Fungible Tokens collection this last week. Froganas has recorded a trading volume of $7.8 million from the previous week. Also, its trading volume has increased by 217% in the last seven days.
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