The NFT market continues to show positive dynamics even as major cryptocurrencies like Bitcoin and Ethereum face price declines.
State of the NFT market
Despite a contraction in the overall crypto market cap from $3.5 trillion to $3.3 trillion, NFT sales volume has increased by 10.70% to $155.4 million. This occurs alongside a reduction in market participants, indicating larger trades from fewer buyers.
- NFT sales volume rose from $132.7 million to $155.4 million. - NFT buyers fell 81.79% to 122,806. - NFT sellers dropped 73.24% to 104,090. - Transactions slightly increased by 0.16% to 1,483,044.
Mixed results among blockchain networks
Ethereum NFT sales grew 13.09% to $61.9 million, though buyer numbers fell 65.62% to 24,836. Wash trading on the network increased 76.73% to $25.1 million.
Bitcoin NFTs saw modest growth, with sales up 1.97% to $30.8 million, while the network’s buyer count dropped 87.15% to 8,665.
Solana moved up with $20.1 million in sales, rising 9.96%. Mythos Chain held fourth place with $12.4 million, up 4.39%. Base entered the top five with $8.4 million, jumping 211.18% in sales.
Pudgy Penguins' rebound
Pudgy Penguins enjoyed $9.2 million in sales, up 82.32%. This recovery brought more activity, with transactions up 50.70% and buyers increasing 67.39%.
BRC-20 NFTs took second place with $8.2 million, growing 40.78%. DMarket kept steady in third with $7.2 million, up 8.06%, and maintaining high volume with 282,071 transactions.
Guild of Guardians Heroes fell 11.17% to $5.1 million, while Azuki dropped to fifth place with $4.0 million, down 56.58%.
Top sales this week included:
* SuperRare #37380: $474,710 (474,710 USDC) * CryptoPunks #4757: $453,894 (125 ETH) * SuperRare #37380: $396,000 (108.7469 WETH) * CryptoPunks #3698: $277,876 (82 ETH) * Abstract Being: $222,680 (2.3681 BTC)
The NFT market finds stability with rising sales volume, despite limited participation, indicating a trend toward larger transactions.
