NFTs Take A Break After A Short Rally – Weekly NFT Sales Drop By 7.07%

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The non-fungible token market has taken another short break after experiencing a short, vigorous market rally fueled by the recent launch of the ApeChain blockchain network, among other factors. The ApeChain, an Ethereum layer 3 blockchain network created on the Arbitrum layer-two scaling solution, was launched last week and took the NFT community by storm. The NFT market has plunged by 7.07% in the past week.

NFT Sales Tank 7.07% This Week

Data compiled by cryptoslam.io, a renowned crypto market data aggregator and an on-chain multi-chain non-fungible token explorer, shows that the global non-fungible token market has slightly tanked in trading sales volume this week. In the past seven days, the NFT market has recorded a trading sales volume of $88 million, representing a 7.07% drop from the past week.

Nonetheless, the number of investors buying this NFT dip has slightly surged this week. In the past seven days, the global NFT market has seen more than 700,000 collectors buying NFTs. During this period, nearly 400,000 collectors have sold their NFTs, pushing the number of NFT transactions above 1.6 million.NFT transactions have reduced by 23% this week compared to the past week.

Ethereum, the blockchain network renowned for powering the majority of blue-chip non-fungible token collections like the Bored Ape Yacht Club, Azuki, and Mutant Ape, is this week’s top-traded blockchain network in the NFT market. In the past seven days, the Ethereum-based NFT series has amassed a trading sales volume of $30 million. Ethereum NFT sales volume has plunged 5.28% this week from the past week.

Solana, a public, open-source blockchain 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 ecosystem. In the past seven days, the Solana-based NFT collections have amassed a trading sales volume of $19 million, representing a 24% surge from the past week.

Bitcoin, the blockchain network renowned in the global NFT market for hosting Ordinals, Runes, and BRC-20 non-fungible token collections, is this week’s third most-traded blockchain network in the NFT ecosystem. In the past seven days, the Bitcoin-based NFT collections have recorded a sales volume of $13 million. During this time, the trading sales volume of Bitcoin NFTs has dropped by 36% from the past week.

The Mythos Chain, a PolkaDot parachain network optimized for in-game assets that power the Mythical Games NFT ecosystem, and Immutable X, an EthereumLayer-2 scaling solution network created to enable instant trade execution, are this week’s fourth and fifth most trade blockchain networks. In the past seven days, the Mythos Chain and Immutable NFTs have amassed a sales volume of $10 million and $3 million, respectively.

Top Selling NFTs In The Past 7 Days

1. Froganas NFT Collection

Froganas, a non-fungible token collection from the digital artist Tee featuring a limited edition of 5,555 humanoid frogs exclusively hosted on the Solana blockchain network, is this week’s most-selling NFT collection in the NFT ecosystem. In the past 24 hours, the Froganas NFT collection has recorded a trading sales volume of $5.7 million. During this time, the Froganas NFT trading sales volume has surged by 123% from the past week.

2. DMarket NFT Collection

DMarket, a non-fungible token collection from the virtual asset market platform DMarket hosted exclusively on Mythos Chain, a PolkaDot parachain network optimized for in-game assets that power the Mythical Games ecosystem, is this week’s second most-selling NFT collection. In the past seven days, the DMarket NFT collection has raised a trading sales volume of $4.94 million. DMarket NFT sales have plunged 5.41% this week from the past week.

3. Guild Of Guardian NFT Collection

Guild of Guardian, a non-fungible token collection from Guild of Guardians, a renowned mobile role-playing game that allows players to take their teams of heroes through challenging dungeons to collect resources, is this week’s third most-selling NFT collection. In the past seven days, the Guild of Guardian NFT collection has raised a trading sales volume of $3.0 million, representing a 0.41% spike from the past week.

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 NFT market. In the past seven days, the Bored Ape Yacht Club has recorded a trading sales volume of $2.9 million. The Bored Ape NFT trading sales volume has surged by 0.44% this week from the past week.

5. CryptoPunks NFT Collection

CryptoPunks, another all-time top-selling non-fungible token collection featuring a limited set of 10,000 pixilated previously from Larva Labs but now owned by the digital asset firm Yuga Labs, is this week’s fifth most-selling NFT collection in the NFT market. In the past seven days, the CryptoPunks NFT collection has raised a trading sales volume of $2.4 million. During this time, CryptoPunks NFT sales have plunged by 0.46% from the past week.

6. DogeZuki NFT Collection

DogeZuki, a non-fungible token collection with a limited supply of 2,800 digital items hosted on the Solana blockchain network, is this week’s sixth most-selling NFT collection in the NFT market. In the past seven days, the DogeZuki NFT collection has recorded a trading sales volume of $2.1 million. During this period, the DogeZuki NFT trading sales volume has plunged by 6.12% from the past week.

7. Sorare NFT Collection

Sorare, a non-fungible token collection from the Sorare, an NFT-based game with the elements of fantasy football, is this week’s seventh most-selling NFT collection in the NFT market. In the past seven days, the Sorare NFT collection has recorded a trading sales volume of $2.05 million. During this period, the Sorare NFT trading sales volume has fell by 0.31% from the past week.

8. Bitcoin Puppets NFT Collection

Bitcoin Puppets, a non-fungible token collection with a limited edition of 10,001 unique hand-drawn PFPs stored on the Bitcoin blockchain network, is this week’s eighth most-selling NFT collection in the NFT market. In the past seven days, the Bitcoin Puppets NFT collection has amassed a trading sales volume of $1.7 million. Bitcoin Puppet NFT sales volume has fallen by 30% this week from the past week.

9. NodeMonkes NFT Collection

NodeMonkes, a non-fungible token collection featuring a limited edition of 10,000 NFTs created on the Bitcoin blockchain network using the ordinal protocol, is this week’s ninth most-selling NFT collection in the NFT market. In the past seven days, the NodeMonkes NFT collection has raised a trading sales volume of $1.5 million. NodeMonkes NFT sales volume has plunged by 5% from the past week.

10. Pudgy Penguins NFT Collection

Pudgy Penguins, a non-fungible token collection from the digital asset firm Igloo.Inc, featuring a limited edition of 8,888 NFTs hosted on the Ethereum blockchain network, is this week’s tenth most-selling NFT collection in the NFT market. In the past seven days, the Pudgy Penguins have recorded a trading sales volume of $1.4 million. Pudgy Penguins NFT sales volume has surged by 29% from the past week.

NFT Market Prediction

The NFT market, once a booming sector of the crypto space, has faced a significant decline since late 2022. Despite this downturn, many investors remain hopeful about the future of NFTs, while others are choosing to leave the market for various reasons. Statista foresees the NFT market experiencing an annual growth rate of -11.01% in 2024-2025, resulting in a total revenue of $608.6 million by 2025. In 2024, the average revenue per user in the NFT market is estimated to reach $59.0.