NFT Trading Sales Volume Plummets By 2.74% This Week

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The global non-fungible token market appears taking a short breather after seeing two weeks of short vigorous market rally, which left many blue-chip non-fungible token collections pumping more than 20% in their floor price values. In this article, we shall look at what crypto investors should expect in the coming second week of September 2024.

NFT Sales Tank 2.74% This Week

Data compiled by CryptoSlam.io, an on-chain crypto market data aggregator and a multi-chain non-fungible token explorer backed by crypto billionaire Mark Cuban, indicates that the global NFT market has slightly dropped in sales volume this week. In the past seven days, the global NFT market has recorded a trading sales volume of $82 million, representing a 2.74% drop from the past week.

In the same way, the number of investors buying non-fungible token collections has decreased by 94% this week. In the past seven days, the global non-fungible token market has seen just 34,000 collectors buying NFTs, pushing the number of NFT transactions above 1 million. During this time, the number of collectors who sold their NFTs has also dropped by 91% to just 26,046.

Ethereum, the blockchain network renowned for powering the majority of blue-chip and other non-fungible token collections, is this week’s top-traded NFT blockchain network. In the past seven days, the Ethereum-based NFT collections have amassed a trading sales volume of $30 million. During this time, the Ethereum NFT sales volume has surged by 0.39% from the past week.

Solana, an open-source blockchain network that supports smart contracts, including non-fungible tokens and a variety of decentralized applications, is this week’s second most-traded blockchain network in the NFT market. In the past seven days, the Solana-based NFT collections have raised a trading sales volume of $13 million. During this period, Solana NFT sales volume has dropped by 28% from the past week.

Bitcoin, the blockchain network renowned in the NFT market for powering Runes, Ordinals, and BRC-20 non-fungible token collections, is this week’s third most-traded blockchain network in the NFT market. In the past seven days, the Bitcoin-based NFT collections have recorded a sales volume of $11 million. During this time, the Bitcoin NFT sales volume has fallen by 14% from the past week.

Polygon, an Ethereum scaling solution, and BNB Chain, a blockchain created by Binance, are the fourth and fifth blockchain networks in the NFT market. In the past seven days, the Polygon-based NFT collections have amassed a sales volume of $10 million, while the BNB Chain-based NFT Collections have raised a sales volume of $7 million. During this time, the Polygon NFT sales have surged 37%, while the BNB Chain NFT sales have surged 67% from the past week.

Five Top Selling NFTs In The Past 7 Days

1. CryptoPunks NFT Collection

CryptoPunks, a non-fungible token collection featuring a limited set of 10,000 pixilated NFTs previously from Larva Labs but now owned by the digital asset firm Yuga Labs, is this week’s most-selling NFT collection. In the past seven days, the CryptoPunks NFT collection has amassed a sales volume of $5 million. The CryptoPunks NFT trading sales have surged 0.15% from the past week.

2. Guild Of Guardians NFT Collection

Guild of Guardians, a non-fungible token series from Guild of Guardians, a role-playing game that allows players to take teams of heroes through challenging dungeons to collect resources, is this week’s second most-selling NFT collection. In the past seven days, the NFT collection has recorded a trading sales volume of $3.3 million, representing a 1.69% spike from the past week.

3. Luxemarathoner NFT Collection

Luxemarathoner, a non-fungible token collection created on BNB Chain- a blockchain network from American crypto exchange Binance, is this week’s third most-selling NFT collection. In the past seven days, the Luxemarathoner NFT collection has amassed a trading sales volume of $2.6 million. During this time, the Luxemarathoner NFT trading volume has surged by 472% from the past day.

4. Bored Ape Yacht Club NFT Collection

Bored Ape Yacht Club, an all-time top-selling NFT collection from the digital asset firm Yuga Labs that features a limited supply of 10,000 NFTs hosted on the Ethereum blockchain network, is this week’s fourth most-selling NFT collection. In the past seven days, the Bored Ape Yacht Club has amassed a trading sales volume of $2.4 million. During this period, the Bored Ape NFT trading sales volume has surged 7.98% from the past week.

5. DogeZuki NFT Collection

DogeZuki, a non-fungible token collection that features a limited set of 2,800 Shiba Inu-inspired NFTs made up of over 290 potential traits hand-drawn in Azuki and hosted on the Solana blockchain network, is this week’s ninth most-selling NFT collection. In the past seven days, the DogeZuki NFT collection has amassed a trading sales volume of $2 million. The DogeZuki NFT sales volume has plunged by 23% from the past week.

The NFT Market Prediction – What Next?

Despite a 36.6% drop in July and a 40.36% drop in August 2024, the non-fungible token market is expected to continue rising in the coming months and possibly retest a bull run before the end of the year. Statista, an on-chain data analytics firm, foresees revenue in the NFT market reaching over $683.9 million in 2024. The market is projected to experience an annual growth rate of -11.01%.