NFT Sales Drop 10% This Week, As Bitcoin & Ethereum Rival For NFT Market Dominance

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Despite myriad challenges facing the general crypto market, the non-fungible token market has remained strong. The crypto market is down as most investors fear a regulatory crackdown on the sector, uncertainty due to rising interest rates in the United States and the United Kingdom, and the alarming rise in the debt ceiling.

NFT Sales Drop 10% In The Past 7 Days

According to CryptoSlam, an on-chain market data aggregator, the non-fungible token market has showcased strong resilience amid the recent crypto market turbulence, flipping just 10% from last week. In the past seven days, the NFT market has recorded a trading sales volume of $153 million.

During this period, the non-fungible token market has seen a sharp increase in the number of traders transacting in the ecosystem. The number of NFT buyers has surged by 45% to 522,464, pushing the number of total transactions in the global NFT market to surpass 2 million. In the past seven days, NFT transactions have surged by 7%.

Bitcoin and Ethereum Rival For NFT Market Dominance

In the past seven days, the non-fungible token market has experienced stiff competition between Ethereum and the flagship crypto, Bitcoin, over the NFT market dominance. Recently, Bitcoin ordinals have gained traction, dethroning Solana NFTs and becoming the second most traded NFTs.

Bitcoin Ordinal found its way to the NFT market earlier this year after Bitcoin developer Casey Rodarmor inscribed the non-fungible tokens using Satoshi Ordinal theory. Since then, Bitcoin has gained massive adoption, with more than 9 million Ordinals inscribed.

Bitcoin NFTs now aim to outperform the dominant Ethereum NFTs after successfully ganging down Solana NFTs. In the past seven days, Bitcoin NFTs have recorded a trading sales volume of $22 million, rallying below Ethereum, which has attracted $88 million. Bitcoin NFTs have seen a sharp drop of 47% this week.

Solana NFTs appear to be crawling back after suffering a big blow the past week. In the past seven days, Solana has pumped 47% on its trading sales volume to $12 million, aiming to reclaim its market dominance. The new Mythos Chain takes fourth place this week after amassing a trading volume of $7 million.

Ethereum Accounts For $117M In NFT Wash Trades

Ethereum has continued to suffer a bad reputation this week due to its rapid rise in NFT wash trades. NFT wash trading happens when buyers and sellers in an NFT transaction are the same person. The shadowy practice is prohibited in most conventional financial markets because it’s often used to manipulate markets and create a false sense of high demand.

In most cases, some traders may try to manipulate the prices of certain NFTs to make them appear more valuable. Ethereum has accounted for more than $117 million of wash trading in the past seven days, representing 57% of its total sales volume. Bitcoin has also accounted for $2 million of the NFT wash trading. Bitcoin NFT wash trading has pumped 24,576% during this period.

LookRare, a digital market platform for Ethereum non-fungible tokens, has dominated the highest number of NFT wash trading this week. The NFT marketplace has accounted for 96% of the NFT wash trading. X2Y2 NFT market platform has also recorded notable NFT wash trading.

Top NFTs In Sales Volume In The Past 7 Days

Top Five NFTs: Source: CryptoSlam.io

1. DMarket NFTs

DMarket is a non-fungible token collection hosted on the Mythos Chain network. The NFT collection has emerged as the top-selling this week, amassing a sale of $7 million in the past seven days. Nonetheless, these NFTs dropped by 9.8 % in sales from last week.

2. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT collection from digital asset incubation studio Yuga Labs featuring a limited edition of 10,000 NFTs, has made waves this week. The NFT collection has recorded $6.4 million in trading sale volume in the past 24 hours. It has dropped 18% in sales from last week.

3. Gods Unchained NFTs

Gods Unchained are non-fungible token trading cards owned by players on the Ethereum network. They can be traded on NFT marketplaces or used to earn meaningful currencies and digital items. These NFTs are used in Gods Unchained, a strategic, skill-based trading card game. In the past seven days, Gods Unchained NFTs have raised more than $4 million in sales volume.

4. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club, another non-fungible token from Yuga Labs, takes the fourth position in sale volume this week. The NFT collection, which features a fixed set of 20,000 NFTs, has recorded a sale volume of $4.5 million in the past seven days. The NFT collection has plunged by 15% from last week.

5. $OXBT BRC-20 NFTs

$OXBT BRC-20, an NFT collection hosted on the Bitcoin network using token standardization functionality similar to Ethereum ERC-20, has shown exceptional performance this week in terms of sales volume, emerging among the top five NFT collections. The sales volume of $OXBT BRC-20 NFTs has exceeded $3 million, with around 15,277 transactions contributing to this remarkable figure in the past seven days.

Over the past seven days, $OXBT BRC-20 NFTs were among the most expensive NFTs, with two collections selling for $684,505 and $339,437 two days ago. The third and fourth most expensive NFT collections were CryptoPunks #4680 and CryptoPunks #6106, which sold for $322,622 and $299,870 four days ago.

The State Of NFTs This Week – Top News

1. Binance Rolled Out Its NFT Loans

Earlier this week, Binance NFT marketplace launched a non-fungible token (NFT) loan feature allowing digital asset holders can secure ETH loans by using their NFTs as collateral. The new service, called Binance NFT Loan, “gave people a chance to use blue-chip NFTs to borrow crypto, starting with ETH. Blur NFT marketplace launched a similar NFT feature, “Blend,” earlier this month.

2. Bitcoin Ordinals Hit 9 Million Inscription Mark

Bitcoin Ordinals struck the breaking news board in the NFT news desk this week after surpassing the 9 million inscription mark. Ordinal is a protocol for “inscribing” things like artwork, profile pictures, and even applications and playable games on the Bitcoin blockchain. These NFTs came into the spotlight earlier this year and have since gained mainstream adoption.

3. Legacy NFT Project, Wall St Bulls Launched New NFTs

The legendary crypto community, Wall St Bulls, created a short frenzy this week in the meme coin and the non-fungible token space after launching their highly anticipated NFT collection. The Wall St Bull became famous in NFT history after launching an NFT collection in 2021, which sold out for a record-breaking 32 minutes.

On Friday, the Wall St Bulls launched its presale, raising over $120,000 in just hours. The Wall St Bulls is a vast Instagram community with over half a million followers. Therefore the $WSM presale is selling out more rapidly than expected. The Walls St Bulls has already raised over $600,000 from its “$WSM” meme token presale.