Key Insights:
- Bitcoin weakness continues to weigh on NFT sales volumes despite rising buyer participation.
- Ethereum remains the leading NFT blockchain even as weekly sales decline.
- Blue-chip collections like CryptoPunks dominate high-value NFT transactions.
Bitcoin continues to influence digital asset markets as renewed price weakness ripples across the cryptocurrency ecosystem, weighing heavily on non-fungible token trading activity.
NFT sales volume went down by 20.34% in the last week to reach a total of $58.34 million, which is 20.34% lower than it was in the last reporting period. In spite of the decrease in sales, participation rates were also raised, as the number of buyers grew by 21.97% to 296,018 and the number of sellers grew by 24.63% to 270,495.
The activity of transactions became a little bit softer, but at the same time, total NFT transactions decreased 4.33% to 660,674 in the same period. The wider digital asset sector has not been faring well with Bitcoin which fell to the $70,000 mark when volatility increased. Ethereum has also gone in the same path and has been drifting around the 2,000 mark as the general mood in risky assets has been pale.
The cryptocurrency market capitalization in the world dropped to $2.41 trillion, which is below the figure of $2.83 trillion recorded the previous week.This continued decline has put NFT markets under pressure, and weekly sales volumes are currently declining in the second consecutive reporting period.
Bitcoin Market Weakness Pressures NFT Sales
Ethereum was the top blockchain, with $34.97 million NFT sales, although the weekly change was negative (23.63%).The network registered an increment of 20.44% on the previous week showing that 33,663 buyers were attracted to the network in the period despite the drop in the value of the transaction.
Ethereum wash trading reached an amount of $2.91 million, indicating more but less intense speculative activity in established NFT collections. The volumes decreased, but Ethereum prevalence showed its strength when traders focused liquidity on known smart contract networks.
Bitcoin ranked 2nd among blockchains with $4.66 million in NFT sales, representing a steep 32.81% week-over-week contraction. Even so, the network recorded 12,770 buyers, up 17.10%, suggesting user interest remained intact despite reduced capital deployment.
Ethereum Maintains Lead Despite Declining Activity
Base has placed 3rd, at $4.14 million in NFT sales, increasing by 8.46% per week in a more general market decline.The network had 83,552 buyers, an increase of 6.09%, which highlights the increasing involvement in emerging Ethereum-based environments.
BNB Chain was 4th with a sale of $3.93 million where it lost 20.62% and recorded 39,715 buyers, an increase of 21.37%, on a weekly basis. The other top five included Solana that made a sale of $2.61 million and a small percentage increase of 1.14% in the reporting period.
The number of buyer participation on Solana shot up and 80,610 participants were registered, which was 56.69% higher than last week. Immutable dropped to number six with $2.34 million in NFT sales with a decline of 29.10% per week.
Top NFT Collections See Mixed Results
Flying Tulip PUT stayed top in the NFT collections with a sales figure of $11.41 million despite a weekly fall of 49.06%.The bid book had done 530 transactions of 259 buyers indicating smaller trade volumes and no lower interest.
CryptoPunks rose to the second seat with $4,71M in sales, increasing by 146.56% following a steep drop in the previous week.The portfolio made 69 deals with 44 purchasers and both indicators increased by more than two times during the 7 days.
Other collections posted varied results, but Pudgy Penguins and the rest had sales of $2.09 million but dropped 6.96% in the week ending. Bored Ape Yacht Club made sales of $1.90 million, which increased 59.79%, and TokenVestingPlans increased 67.85% to $1.65 million.
CryptoPunks dominated the transactions of high value as it has acquired three out of the five highest-priced NFT Sales.
