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The NFT market experienced a 12 percent decrease in sales
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The NFT market experienced a 12% decrease in sales

Feb 19, 2024

Last week, the non-fungible token (NFT) market experienced a decline, with sales dropping by 12.67% compared to the previous week, reaching a volume of $255.22 million. Ethereum took the lead in NFT sales, earning $133 million, while Solana secured second place with sales of over $46 million, leaving Bitcoin in third place with sales volume of $40.9 million.

Among the top five blockchains by NFT sales volume, four showed a decrease in sales week over week, ranging from 11.27% for Ethereum to 21.61% for Bitcoin. Polygon, ranking fourth in sales, gathered $6.52 million, which is 21.59% less than the previous week. Meanwhile, Mythos bucked the trend, recording a growth of 3.38%, providing sales of $6.51 million.

Pandora led sales, collecting $39.93 million, despite a 33.41% decrease compared to the previous week. The Transdimensional Fox Federation from Solana took second place, earning $6.95 million, which is 28.22% more over the seven-day period. Pudgy Penguins sales increased by 38.34%, bringing in $6.64 million. Sales on Dmarket amounted to $6.31 million, which is 3.16% more than the previous week.

The past week in the NFT world was somewhat ambiguous, highlighting the fickle nature of the NFT market, but some key events still managed to keep the market's pulse alive. Moonbirds soared by 1,057% after Yuga Labs acquired their intellectual property, and the Yuga BAYC collection grew by 23.36%. Meanwhile, Bitcoin's presence in the NFT sector significantly decreased, hitting a weekly low that lowered its sales to third place in the rankings.

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