NFT Sales Volume Drops 4.2% Despite 132% Surge in Buyers

The non-fungible token market has experienced a 4.2% drop in sales volume in the last seven days. This drop comes after a decent surge of 7.68%

NFT sales volume dropped 4.2% in the last seven days to reach $73.75 million, as reported by Cryptoslam. This follows a 7.68% increase in the previous week.

Despite the decline in sales volume, the number of NFT buyers surged by 132% to reach 521,640 during this period, while sellers numbered 270,413.

Interestingly, NFT transactions also decreased by over 26% to reach 1,217,967 in the last seven days.

A closer examination of the blockchains reveals that Ethereum (ETH) maintained the top ranking with $23.9 million in NFT sales. However, the network experienced a drop of over 9.6% in sales compared to the previous week. Notably, 12.24% of the sales were attributed to wash trading.

Solana (SOL) took over the second position with $16 million in sales, while Bitcoin (BTC), Polygon (POL) and Binance Coin (BNB) followed closely with $13 million, $7.5 million and $3.3 million in sales, respectively.

Wash trading was minimal on the BNB network, while Solana and Bitcoin recorded 6.41% and 4.54%, respectively.

According to Cryptoslam data, NFT sales volume increased on the Solana network by 17.89% and on Polygon by 51.3%.

Among the NFT collections, Guild of Guardians on the Immutable-Zk chain achieved the highest sales volume, clocking in at $2.86 million across 5786 transactions.

The DogeZuki Collection on Solana came in second with $2.4 million in sales, boasting 61,447 transactions and maintaining its strong presence from the previous week.

Sorare on the Ethereum blockchain took third place with $2.368 million in sales over 108,690 transactions.

CryptoPunks recorded 25 transactions with a sales volume of $2.2 million, ranking fourth on the list. Finally, DMarket on the Mythos blockchain completed the top five with $2.1 million in sales across 80,713 transactions.

These are some of the top NFT collectible sales that occurred during this period, despite the overall downturn in the crypto market.

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