Despite the surge in Ethereum prices and a record $2.5 million in crypto plant sales, the NFT market is on a sudden retreat.
summary
- Despite the 19% price surge on Ethereum, NFT sales fell 11% to $134.9 million.
- Market participation collapsed when buyers and sellers fell by about 90%.
- Cryptopunks #1021 sets a new high water mark with a 720 ETH sale worth $2.5 million.
Where are all NFT buyers?
Market participation has been contracted with NFT buyers from 89.83% to 73,900, while NFT sellers have fallen from 91.14% to 42,878, according to data from Cryptoslam. NFT transactions increased by 1.60% to 1,781,919.
This slump occurs when the price of Bitcoin (BTC) drops to a level of $116,000.
At the same time, Ethereum (ETH) has shown 19% spikes at $4,100 over the past seven days. The global crypto market capitalization is $3.93 trillion since last week.
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Ethereum maintains control of sales
Ethereum has remained dominant with sales of $58.5 million, despite a 23.43% decline from the previous week. Ethereum’s wash trade fell 61.64% to $5.5 million.
Polygon (POL) rose to second place at $17.8 million, surged by 56.90%. Bitcoin holds its third position at $14.2 million, down 19.47%.
The BNB chain (BNB) rose to fourth place at $13.6 million, jumping 33.54%. Mythos Chain sits fifth at $9.6 million, down 1.75%. Solana (Sol) rounds out the top six at $8.2 million, down 33.49%.
Source: Blockchain based on NFT sales volume (Cryptoslam)
Buyer counts fell across all major blockchains, with polygons falling at 97.43%, followed by BNB chain at 95.64% and Bitcoin at 94.41%.
Polygon Courtyard has surged 67.72%, recovering the top spot in the collection rankings with sales of $15.9 million. This collection saw growth in transactions (117.90%) and buyers (152.55%).
Cryptopunks fell to second place at $11.4 million, down 43.68%. This collection is decreasing for all metrics including transactions (56.52%), buyers (39.13%) and sellers (54.10%).
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A sloppy penguin shows modest recovery
Pudgy Penguins holds third position at $4.9 million, showing a modest recovery with a growth rate of 12.76%. Despite the decline in the overall market, the collection remains stable.
BNB chain Spinnftbox entered the top five with $4.6 million, exploding 56.31%. This collection is dominated by a single seller despite 838 buyers.
DMARKET sits in fifth place and drops by 2.64% at $4.5 million. Sorare joined the rankings at 6th place at $6 million, down 43.54%. Guild of Guardian Heroes rounds out the top seven with a 0.82% decline of $3.8 million.
Here are some notable high value sales this week:
- Cryptopunks #1021 is for sale at 720 ETH ($2,569,908)
- Cryptopunks #9797 is for sale for 140 ETH ($503,547)
- Cryptopunks #7414 is for sale for 100 ETH ($341,596)
- Cryptopunks #7211 is for sale for 75 ETH ($292,320)
- Cryptopunks #3291 is for sale at 72 ETH ($281,019)
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