NFT Market Cools Down: Sales Slide Nearly 8% Amidst Buyer Plunge

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Over the past week, NFT market sales saw another drop, decreasing by 7.91% compared to the previous period. The number of buyers took a steep hit, plummeting 73.46%, while sellers also declined notably, down 61.18% from the prior week.

NFT Market Sales Down 7.91% as Buyers and Sellers Withdraw

As a seasoned crypto investor with a decade of experience under my belt, I’ve seen my fair share of market fluctuations – from the dizzying highs to the crushing lows. This week’s NFT sales drop, though disappointing, doesn’t faze me. I’ve learned to navigate these stormy waters and ride the waves of change.

During the last seven days, NFT market sales totaled approximately $74.86 million, representing a 7.91% drop compared to the week before, based on DappRadar’s data. Ethereum was at the forefront in terms of blockchain sales volume, raking in around $27.25 million. However, Ethereum-related NFT sales saw a significant decrease of 9.73%. Ethereum’s competitor, Bitcoin, held the second spot with approximately $14.89 million in sales, showing a substantial increase of 31.01%. Solana came in third place with around $12.47 million, but it experienced a decline of 12.31%.

This week’s leading earner was Cryptopunks, raking in approximately $5.39 million, marking an increase of 9.45%. Bitcoin BRC20 NFTs came in second with a staggering $3.45 million rise (up 475%). Immutable X’s Guild of Guardians took the third spot with $3.28 million in sales, experiencing a modest 4% growth. Ethereum-based Sorare saw earnings of $2 million and a 9.99% increase, while BNB‘s Luxemarathoner earned similar revenue of $2 million but experienced a 22% decrease.

This week, the priciest Non-Fungible Token (NFT) sale was Cryptopunk #9368, which went for $1.27 million five days back. Subsequently, Solana’s Boogle #025 was sold three days ago, fetching $143,070, and BNB’s Paraluni Perpetual Bond was traded for $129,337 five days ago. Despite a drop in sales and lessened activity, premium collections are still making a mark in an ever-changing market.
Guild of Guardians, Luxemarathoner Surge Amid Fluctuations
During the last seven days, there have been significant changes in NFT sales, with CryptoPunks taking the lead. This well-known pixelated collection, now managed by Yuga Labs, has partnered with Coinbase for the launch of ApeChain products and raked in $5 million, seeing a minor 0.15% rise in sales compared to the week before.
Afterward came the Guild of Guardians series, earning $3.3 million, a 1.69% rise. Luxemarathoner, a collection tied to Binance‘s BNB Chain, recorded an impressive 472% jump in sales, amounting to $2.6 million. Meanwhile, Bored Ape Yacht Club (BAYC) saw a 7.98% uptick, totaling $2.4 million in sales, while DogeZuki, despite earning $2 million, faced a 23% decrease in sales.
Even with its ups and downs, the NFT market is still grappling with difficulties, as it dropped by 36.6% in July and another 40.36% in August 2024. However, there’s optimism for a potential recovery by the end of the year. Statista, an on-chain analytics firm, predicts that the NFT market could generate over $683.9 million in revenue in 2024. Yet, they also forecast that the annual growth rate will decrease by -11.01%, indicating that while the market can be unpredictable, chances for future expansion and recovery persist.

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2024-09-14 17:25