NFT Investors Buying NFTs Have Increased By 17% This Week

Join Our Telegram channel to stay up to date on breaking news coverage

The global non-fungible token market has recently experienced a brutal decline in value, which has caused great concern among collectors and investors. The NFT market began lighting some red candles sometime in June. The NFT slump has left many NFTs losing more than 80% of their value, with a recent report showcasing that nearly 95% of NFTs are almost worthless.

NFT Buyers Rise 17% This Week

Interestingly, the non-fungible token bear market appears to be slightly fading, with the number of NFT buyers spiking 17% in the past seven days. In this article, we shall explore the state of the NFT market in the past seven days while finding whether the current NFT slump is about to end.

Data compiled by CryptoSlam.io, an on-chain data aggregator, shows that the global NFT market has slightly decreased in sales this week. In the past seven days, the NFT market has attracted a trading sales volume of $76 million, representing a 6.63% decline from the previous week. Despite the decline in NFT sales, the no of NFT investors buying NFTs has risen 17% this week.

Non-fungible tokens hosted on Ethereum, the largest blockchain for non-fungible tokens, continue dominating the top spot in the global NFT market. Ethereum-based NFTs have amassed a trading sales volume of $37 million in the past seven days. Nonetheless, Ethereum-based NFTs have fallen by 9.8% in the past seven days.

Digital collectibles hosted on Polygon, an Ethereum scaling solution network, are the second most traded NFT collection this week. Polygon-based NFTs have attracted a trading sales volume of $9.5 million in the past seven days. These NFTs have pumped 32.3% of their sales volume in the past seven days.

Source: CryptoSlam.io, NFT Sales by Blockchains

NFTs hosted on Mythos Chain are the third most traded NFT collections this week. Mythos Chain-based NFTs have recorded a trading sales volume of $6.9 million in the past seven days. Mythos Chain NFTs have dropped 13.73% in trading sales volume during this period.

Non-fungible tokens hosted on Solana and Immutable X blockchain networks are the fourth and fifth most traded NFTs this week. In the past seven days, these NFT collections have recorded a trading sales volume of $6.5 million and $4.9 million, respectively.

Top Selling NFTs In The Past 7 Days

Source: CryptoSlam.io, Top Selling NFTs In The Past 7 Days

1. DMarket NFTs

DMarket, an NFT collection hosted on the Mythos Chain network, is this week’s most traded NFT collection. The NFT collection has attracted a trading sales volume of $6.9 million in the past seven days. During this period, DMarket NFT collection has declined 12.58% in its sales volume.

2. DraftKings NFTs

DraftKings, an NFT collection hosted on the Polygon network, is this week’s second most-traded collection. In the past seven days, the NFT collection has recorded a trading sales volume of $6.7 million. DraftKings NFT collection has pumped 54% in sales this week.

3. Gods Unchained NFTs

Gods Unchained, an NFT collection hosted on Immutable X network, is this week’s third most-traded NFT collection. Gods Unchained NFT collection has attracted a trading sales volume of $4.4 million in the past seven days. During this period, the NFT collection has dropped 20% in sales from the past week.

4. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club is an NFT collection from the digital asset incubation studio Yuga Labs, featuring a limited edition of 10,000 NFTs hosted on the Ethereum network. In the past seven days, Bored Ape Yacht Club NFTs have been the fourth most traded NFT collection, amassing a sales volume of $2.9 million. However, Bored Ape NFTs are down 5.96% in the past seven days.

5. Sorare NFTs

Sorare, an NFT collection from the fantasy sports gaming firm Sorare, is the fifth most traded NFT collection this week. In the past seven days, Sorare NFTs have amassed a sales volume of $2.8 million. Sorare NFTs are down 3.93% in their sales volume during this period.

6. Nakamogos Cloak NFTs

Nakamigos Cloak is an NFT collection from the digital asset firm HiFo Labs, featuring a fixed set of 20,000 NFTs. The NFT collection launched earlier this week and is now the sixth most traded NFT collection. Nakamigos Cloak has recorded a trading sales volume of $2.3 million in the past seven days.

7. $Sats BRC-20 NFTs

$Sats BRC-20 is a token standard collection traded via the Ordinals protocol on the Bitcoin blockchain. $Sats BRC-20 NFTs are the seventh most traded NFT collection this week. The NFT collection has amassed a trading sales volume of $1.8 million in the past seven days. This NFT collection is down 18% in sales from the past week.

8. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club, another NFT collection from the digital asset firm Yuga Labs featuring a limited set of 20,000 NFTs, is the eighth most traded NFT collection this week. In the past seven days, the NFT collection has recorded a trading sales volume of $1.3 million. It has dropped 6.9 % in sales from the past week.

9. Pudgy Penguins NFTs

Pudgy Penguins is an NFT collection from the web3 creator and crypto investor Luca Netz featuring a fixed set of 9,999 NTFs hosted on the Ethereum network. Pudgy Penguins is the ninth most traded NFT collection this week. In the past seven days, the NFT collection has amassed a trading sales volume of $1.2 million. During this period, Pudgy Penguins NFTs are up 87% in sales.

10. Art Block NFTs

Art Blocks is a non-fungible token collection representing the intersection of generative art and blockchain technology. Art Blocks is the tenth most traded NFT collection this week. In the past seven days, the NFT collection has attracted a trading sales volume of $1.2 million. The NFT collection is up 44% in sales from the past week.

Bored Ape Yacht Club #951 was the most expensive NFT collection in the past seven days, selling for $177,710 two days ago. Rock #19 was the second most costly NFT collection in the past seven days, trading for $73,110 five days ago. Boogle #66 was the third most costly NFT this week, selling for $40,503 two days ago.

Source: CryptoSlam.io, most expensive NFTs

Is The NFT Bear Market About To End?

Despite the non-fungible token market plummeting to its record low this year, many industry experts and investors are still bullish that the market will revive again. As of September 2023, there are 13.95 million NFT users, but that’s expected to hit 19.31 million users by 2027. The NFT market has huge potential to make a comeback.