NFT Sales Boom While Market Participation Shrinks

The global crypto market, including NFT has dropped again, with its total value falling to $2.83 trillion from $2.84 trillion last week. Despite this decline, the Non-Fungible Tokens (NFTs) sector has notably recovered sales volume, reaching $121.5 million, a 13.45% increase from the previous week. 

However, the rise in sales comes with a twist: fewer people buy and sell digital collectibles, meaning that big trades from a small group of traders drive the market.

NFT Buyers and Sellers Drop, But Sales Keep Growing

Data from CryptoSlam revealed that even though NFT sales volume has increased, the number of people trading them has dropped sharply. The number of people buying NFTs has dropped by 94.39%, and the number of sellers has fallen by 91.84%. This means fewer people are trading, but those still active are making big deals. 

Ethereum (ETH) had the highest non-fungible token sales, rising by 50.76% to $37.6 million. However, the number of buyers fell sharply by 69.09%.

Surprisingly, wash trading, where traders buy and sell assets to manipulate prices, rose 39.46% to $3.9 million. Meanwhile, Bitcoin’s NFT sales fell by 17.21% to $21.0 million. Solana (SOL), however, saw significant growth, climbing 51.24% to $18.0 million and securing the third spot in blockchain-based NFT sales.

Mythos Chain’s sales were $15.2 million, a modest increase. Polygon dropped to fifth place with $13.5 million, falling by almost 8%.

Top NFT Collections Saw Big Changes

Some of the biggest NFT collections saw significant shifts. Courtyard stayed in first place with $11.7 million in sales, even though its numbers dropped slightly. DMarket moved up to second place with intense trading activity.

Solana’s Paradise collection had a massive boost, jumping 292.14% to reach the top three. CryptoPunks, one of the most famous NFT collections, made a strong comeback, rising 519.26% to $7.1 million in sales. 

BRC-20 NFTs took fifth place, growing by 173.4%. Pudgy Penguins, another well-known collection, also recovered, increasing sales by 54.82%. This meme-based project has been hugely profitable for investors who got in early. 

Early investors who believed in the project recorded massive gains as the NFTTs’ price surged due to community support.

Expensive NFT Sales Continue

Even though fewer people are trading, some NFTs are sold for huge amounts. A CryptoPunk was bought for over $2.1 million, while an Uncategorized Ordinals NFT sold for $1.3 million. 

Other CryptoPunks and SuperRare NFTs also went for high prices, showing that some collectors are still willing to spend big on digital items.

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