The non-fungible token （NFT） market experienced a 12% drop in trading sales volume this week, reflecting a broader crypto sector downturn, but Ethereum-based NFTs remain the top-traded.
Points
- NFT market sales volume dropped 12% this week, totaling $90 million.
- Ethereum-based NFTs led the market, raising $34 million in trading sales volume.
- Solana, Bitcoin, Polygon, Immutable X, and BNB Chain also recorded significant activity.
- Top-selling NFT collections included Sorare, DogeZuki, Guild of Guardians, BAYC, and CryptoPunks.
The non-fungible token （NFT） market has seen a significant decline, with trading sales volume plunging 12% this week to $90 million. This decline is part of a wider downturn in the crypto sector, which has affected most crypto assets, including Bitcoin. Despite this drop, Ethereum-based NFTs continued to dominate the market.
Ethereum Leads the Pack
Ethereum, a decentralized blockchain platform known for powering most blue-chip NFT collections, maintained its position as the top-traded blockchain network in the NFT market. Over the past seven days, Ethereum-based NFT collections raised a trading sales volume of $34 million, marking a 9.92% increase from the previous week.
Activity on Other Blockchains
Solana, another prominent blockchain supporting NFTs and various decentralized applications, was the second most-traded network. Solana-based NFT collections attracted a trading sales volume of $17 million, despite a 30% decline from the past week. Bitcoin-based NFT collections, including Bitcoin ordinals, Runes, and BRC-20, recorded a trading sales volume of $14 million, down 17% from the previous week.
Polygon, an Ethereum scaling solution, saw its NFT trading sales volume plunge by 9.80% to $8.7 million. Immutable X, a leading platform for building web3 games on Ethereum, and BNB Chain, a blockchain network supporting smart contracts from Binance, recorded trading sales volumes of $4.9 million and $3.7 million, respectively.
Top-Selling NFT Collections
Among the top-selling NFT collections this week, Sorare, a fantasy football trading card game, led with a trading sales volume of $3.8 million, a 42% increase from the previous week. DogeZuki, featuring Shiba Inu-inspired digital items on the Solana blockchain, recorded $6.5 million in sales. Guild of Guardians, a renowned NFT RPG game, saw a trading sales volume of $3.2 million.
Bored Ape Yacht Club （BAYC） and CryptoPunks, both managed by Yuga Labs and hosted on the Ethereum blockchain, each raised $3.2 million in sales. BAYC’s sales surged by 135% from the previous week, driven by renewed market interest.
Conclusion
The NFT market’s recent decline in trading sales volume highlights the broader challenges faced by the crypto sector. However, the continued dominance of Ethereum-based NFTs and the significant activity on other blockchains indicate sustained interest in digital collectibles. As the market navigates these fluctuations, the increasing number of buyers and top-performing collections suggest a potential for future growth and innovation.
解説
- Market Dynamics: The NFT market’s 12% drop in sales volume reflects broader challenges in the crypto sector, but the continued activity indicates sustained interest in digital assets.
- Ethereum’s Dominance: Ethereum remains the leading blockchain for NFTs, with significant sales volume increases, highlighting its central role in the digital collectibles market.
- Blockchain Performance: The varying performances of Solana, Bitcoin, Polygon, Immutable X, and BNB Chain illustrate the diverse dynamics within the NFT ecosystem.
- Top-Selling Collections: The top-selling NFT collections, including Sorare, DogeZuki, Guild of Guardians, BAYC, and CryptoPunks, demonstrate the market’s resilience and potential for innovation.
- Future Prospects: Despite the current downturn, the NFT market shows signs of maturation and potential for growth, with increasing buyer activity and interest in top-performing collections.