The NFT market faces a 16.55% drop in sales amid the cryptocurrency crisis

Coinciding with the broader cryptocurrency market downturn this week, the non-fungible token (NFT) sector also saw a decline in sales over the previous seven days. From March 9 to March 16, 2024, the NFT market recorded sales of $358,080,260, down 16.55% from the previous week.

Decline in NFT salesand On the main Blockchain platforms

This week, NFT sales fell 16.55%, with total revenue reaching $358 million. Data collected by shows that the three major blockchain platforms in terms of NFT sales volume have all reported week-over-week decreases. Ethereum led the way with $129 million in sales, but sales of ETH-based NFTs fell 20.98% from the previous week. Bitcoin NFT sales also saw a decline of 20.44%, with sales just over $124 million.

Seven-day sales according to metrics.

NFT sales on Solana fell about 5%, totaling $61.68 million last week. Polygon and BNB Chain rounded out the list of the top five blockchains by NFT sales volume over a seven-day period. The top NFT collection of the week was “Uncategorized Ordinals,” which saw sales of $57 million, up 43% from the previous week. The “Bored Ape Yacht Club” (BAYC) collection follows, with sales just over $13 million, an increase of 14%.

Peplicator, Nodemonkes and Mad Lads were among the top five NFT collections by sales volume. The highest-priced NFT sale of the week was “Frxethredemptionticket #158,” which sold for $842,000, while the second-highest was an ORDI NFT, fetching $493,000 on March 15. Other significant sales were recorded on Ronin, BNB and Solana Blockchain. Despite a 16.55% decline in overall sales this week, the number of NFT buyers rose to 370,111, a significant increase of 245% from the previous week.

What do you think of this week’s NFT sales? Share your thoughts and opinions on this topic in the comments section below.

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