Over the past week, non-fungible token (NFT) sales have fallen by 11.66% to $81.7 million. Despite this decline, the market has seen a significant increase in activity, with the number of NFT buyers skyrocketing by 172.98%, while the number of NFT sellers has also seen an impressive increase of 120.51% over the same period.
Chaos in the NFT Market: Prices Fall, but Buyer Interest Soars
While the number of buyers and sellers is growing, they are not shelling out large sums for NFTs compared to prices from a few months ago. Overall sales are down 11.66% from the previous week, with Ethereum leading the way in NFT sales this week.
ETH-based NFTs brought in $28.2 million, though that was down 9.49% from last week. Solana followed with $16.37 million in NFT sales, down 15%. Bitcoin-based NFTs came in third, bringing in $13.88 million, though sales were down 5.7%.
This week’s top NFT collection, Dmarket’s Mythos, held on to its crown, recording just over $5 million in sales despite a more than 31% decline. Sorare came in second with $3.6 million in sales, representing an 8.88% increase from the previous week.
Guild of Guardians took third place with $3.5 million, down 1.84%. The Bitcoin Uncategorized Ordinals collection took fourth place with $3.1 million, up 790%.
The most expensive NFT sale of the week was Uncategorized Ordinal, which fetched $2.4 million just 18 hours ago. Bored Ape Yacht Club NFT #2,579 from Ethereum sold for $342,542 two days ago, and Paraluni Perpetual Bond #841 from BNB went for $134,751 three days ago.
Solana’s Frogana #4559 was the fourth-most expensive token, selling for $82,689 about six days ago, according to NFT marketplace cryptoslam.io. While NFT buyers and sellers surged, NFT transactions fell, down 10.5% from last week to 1,669,180.
