This week’s non-fungible token (NFT) sales have taken another nosedive, reinforcing the downward trend that started with a 16.55% decline from March 9 to March 16, 2024. Over the past seven days, we witnessed an even steeper decline, with NFT sales dropping 16.55%. 18.57%.
Cryptopunk #7,804 shines in a week of declining NFT sales
In line with the broader cryptocurrency landscape, NFT transactions have seen a dip, down 18.57% to a total of $290.51 million. The leading five blockchains, as measured by total revenue for the week, all reported a decline.
Ethereum led the way with NFT sales of $107.21 million, albeit down 17.10% from last week’s figures. Bitcoin secured second place, but BTC-focused NFT transactions fell 25.19% from the previous week.
Similarly, Solana witnessed a decline of 7.77%, BNB Chain’s revenue declined 17.34% and Mythos experienced a decline of 4.23%. Collectively, these five blockchains accounted for $268.98 million or 92.58% of the week’s total revenue of $290.51 million.
The Uncategorized Ordinals (UO) compilation emerged as the leader in weekly sales, although sales fell 27.7% to a total of approximately $39.01 million. Cryptopunks, with sales of $21.14 million in a week, saw its numbers boosted significantly by the sale of Cryptopunk #7,804, which alone raised $16.38 million, marking a 186.54% increase for the collection.
Node Monkes, Mad Lads and Bored Ape Yacht Club (BAYC) rounded out the top five of the rankings according to data from cryptoslam.io. The most expensive NFT award of the week went to Cryptopunk #7,804, followed closely by Thick Liquidity, an NFT issued by Fantom, which earned $538,207.
An Uncategorized Ordinal inscription fetched $493,162, and an Axie Infinity or Ronin-based NFT fetched $186,407. Although sales fell last week, the number of NFT buyers grew 55.69% and sellers saw a 47.47% increase over the course of seven days.
What do you think of this week’s NFT sales? Share your thoughts and opinions on this topic in the comments below.