The non-fungible token (NFT) market experienced an 11% drop in trading volume over the past week, highlighting ongoing challenges in recovery from recent market disruptions.
NFT Market Decline
Data from CryptoSlam.io shows that from February 17 to February 23, 2025, the NFT market recorded a trading sales volume of $115 million, down 11% from the previous week's $130 million. This decline is attributed to traders temporarily shifting their focus to meme coins and other digital assets.
Top Blockchains of the Week
Ethereum was the most traded blockchain in the NFT market last week, with a volume of $49 million, down 40% from the previous week. Bitcoin came second, with its trading volume increasing by 0.20% to $20 million. Mythos Chain was third, recording a trading volume of $15 million, a 0.56% increase. Solana saw an 11% increase to $11 million, while Polygon closed the week at $7.8 million, down 9.28%.
Top Selling NFT Collections
The DMarket collection was the best-selling NFT collection last week, with a trading volume of $9.9 million, up 1.20%. It was followed by Courtyard on the Polygon platform with $7.1 million. The Doodles collection came third with $5.1 million, dropping 58%. The Pudgy Penguins collection amassed $4.6 million, down 43%, while the $?? collection on Bitcoin showed a 40% increase with $3.6 million.
Despite the overall drop in trading volume, some blockchains and collections showed positive growth. This indicates varied dynamics within the NFT market and suggests potential recovery points.
