NFT Market Faces 16.55% Drop in Sales Amidst Cryptocurrency Downturn

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In tandem with the broader downturn of the cryptocurrency market this week, the non-fungible token (NFT) sector additionally skilled a downturn in gross sales over the previous seven days. From March 9 to March 16, 2024, the NFT market witnessed gross sales amounting to $358,080,260, a decline of 16.55% from the earlier week.

NFT Gross sales Decline Throughout Main Blockchain Platforms

This week, NFT gross sales dipped by 16.55%, with complete gross sales reaching $358 million. Knowledge gathered by exhibits that the highest three blockchain platforms when it comes to NFT gross sales quantity all reported week-on-week decreases. Ethereum was on the forefront with $129 million in gross sales, but gross sales of ETH-based NFTs fell by 20.98% in comparison with the week earlier than. Bitcoin’s NFT gross sales additionally noticed a lower of 20.44%, with gross sales simply over $124 million.

Seven-day gross sales in response to metrics.

NFT gross sales on Solana decreased by roughly 5%, totaling $61.68 million final week. Polygon and BNB Chain accomplished the checklist of the highest 5 blockchains by NFT gross sales quantity over the seven-day span. The main NFT assortment for the week was “Uncategorized Ordinals,” capturing $57 million in gross sales, a 43% enhance from the prior week. The “Bored Ape Yacht Membership” (BAYC) assortment adopted, with gross sales simply over $13 million, marking a 14% enhance.

Peplicator, Nodemonkes, and Mad Lads have been among the many high 5 NFT collections by gross sales quantity. The week’s highest-priced NFT sale was “Frxethredemptionticket #158,” which offered for $842K, and the second-highest was an ORDI NFT, fetching $493K on Mar. 15. Different vital gross sales have been recorded on the Ronin, BNB, and Solana blockchains. Regardless of a 16.55% decline in general gross sales this week, the variety of NFT patrons surged to 370,111, a big 245% enhance from the earlier week.

What do you concentrate on this week’s NFT gross sales? Share your ideas and opinions about this topic within the feedback part under.

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