The NFT market is facing a sharp correction, characterized by declining sales volume while also witnessing growth in active participants.
Decline in NFT Sales Volume
According to CryptoSlam data, NFT sales volume dropped by 25.78% to $134 million last week. This reversal came unexpectedly after the previous week’s recovery. Despite this decline, the number of NFT buyers grew by 25.74% to 450,096, and the number of sellers increased by 25.91% to 321,107.
Ethereum Maintains Lead
Ethereum continues to hold the leading position with $60.7 million in sales, although this represents a 41.63% decline from the preceding week. The wash trading volume in Ethereum also fell by 55.47% to $13.5 million. BNB Chain secured second place with $20.6 million, up 10.63%, while Polygon climbed back to third place with $16.1 million, surging 37.86%.
Increase in Buyer Count
The buyer count increased across most blockchains, with Cardano leading at a 91.41% growth, followed by BNB Chain at 84.48%. The Courtyard collection on Polygon reclaimed the top spot in collection rankings with $14.7 million in sales, rising 41.01%. Overall activity of collections is increasing, reflecting a vibrant yet unpredictable NFT market.
Despite the overall decrease in sales volume, the increase in participation suggests a sustained interest in NFTs. The market remains dynamic with a variety of collections and activity.