This week marked a significant downturn for the non-fungible token (NFT) market, where sales fell nearly 16% after a 17% increase the week before.
According to CryptoSlam, total revenue was $121.7 million, with more than 519,000 buyers and sellers actively trading.
Breakdown of Blockchain NFT Sales
The Ethereum (ETH) network led the way with revenue of $39.28 million, a notable increase of 14.48% from the previous week.
This rise was accompanied by a marked increase in the number of active buyers in Ethereum’s NFT space, with the number rising by almost 48% to 23,586. The network also saw an increase in wash trading, up 35.49% to over $34 million.
Bitcoin (BTC), the busiest network in terms of turnover in the previous week, fell to second place this week, with around $26.5 million in turnover, down from 45.60. Bitcoin recorded more than 18,000 active buyers, which was a whopping 804% increase from last week. The wash trading on the network fell about 53% to reach $20,030.
After a 22% increase in sales the previous week, Polygon (MATIC) saw a nearly 5.5% reduction in its weekly sales volume this week to settle at $18.43 million. Solana (SOL) remained in fourth place with revenue of $14.631 million, down 18.18%. For its part, Immutable
Top NFT Sales
The highest sales of the week came from the Ethereum blockchain, with an NFT sale for $587,194. A Bitcoin Ordinal, Protoshroom #6, changed hands for $237,373, while a Polygon TTAvatars #128003 fetched $100,500.
Solana’s DeezNode #052 sold for $77,839, edging out a BNB NFT, Ape Treasury Bill V2 V3 #12668, which sold for $31,516.
Among the collections, Immutable’s Guild of Guardians Avatars had the highest sales volume over the past seven days, raising more than $8.1 million in 1,614 transactions.
Bitcoin’s PIZZA NFTs followed suit, generating $7.3 million, which was a drastic 60% drop from the previous week’s numbers.
A newcomer to the top five collections, ranked by sales volume, was the Ethereum Name Service (ENS), which secured the third spot with more than $5.3 million in NFTs sold. The figure represented an incredible jump of 1022%, with the money coming from just 295 buyers.
The DMarket collection on Mythos earned $4.6 million from nearly 190,000 transactions, while Bitcoin Puppets from the Bitcoin network took fifth place with around $2.7 million in revenue.