NFT Market Update: Weekly Sales See 9% Dip, Totalling $145 Million
Non-fungible tokens (NFTs) are resources that have been tokenized through a blockchain. Tokens are attractive, recognizable proof codes made from metadata through encryption work. These tokens are then stored on a blockchain, whereas the resources themselves are stored elsewhere. The association between the token and the resource is what makes them unique. NFTs can be exchanged and traded for cash, cryptocurrencies, or other NFTs—it all depends on the esteem the market and owners have set on them.
The non-fungible token market continues to develop negatively week over week after the recent crypto market buildup that fueled its resurgence faded. The NFT market retested an enormous market rally earlier this year following the exceedingly expected Bitcoin dividing event. Let’s have a brief discussion about NFT weekly sales.
NFT weakly sales
In March 2024, the crypto market experienced a rally, which pushed the lead crypto, Bitcoin, to modern all-time highs. The latest report reveals that NFT weekly sales dip 9%, signaling a temporary downturn in the market. The rally also fueled the resurgence of a few NFT collections, including the BRC-20 NFT collections, Bitcoin Ordinals, and ERC-404 NFT collections. Shockingly, this brief crypto and NFT bullish season did not last long.
Data compiled by cryptoslam.io, an on-chain crypto market aggregator and a multi-chain non-fungible token pioneer, indicates that the non-fungible token market has endured another week of market downturn. In the past seven days, the worldwide NFT market has amassed an exchanging deals volume of $150 million, an 8.66% decrease from the past week.
Nonetheless, the number of non-fungible token financial specialists acquiring this dip has skyrocketed this week. In the past seven days, the number of speculators buying NFTs has risen to 478,480, representing a 213% increment from the past week. The number of speculators who sold their NFTs also expanded by 172% this week.
Bitcoin Leads in NFT Deals This Week
The NFT sector faces challenges as NFT weekly sales dip 9%, prompting discussions on the sustainability of the market’s growth. Bitcoin, the blockchain organizer powering the lead crypto Bitcoin and eminent in the non-fungible token market for its Bitcoin ordinals and BRC-20 NFT collections, is the overwhelming NFT blockchain this week. In the past seven days, Bitcoin-based NFT collections have recorded an exchange deals volume of $47 million, down 5.15% from the past week.
Ethereum, the blockchain arranged to control the second most extensive crypto resource, Ether, and is eminent in the non-fungible token advertising for its broad run of blue-chip NFT collections. This week is the moment most of the exchanged NFT blockchain. In the past seven days, Ethereum-based NFT collections have recorded an exchanging deals volume of $37 million, which has declined by 7.35% from the past week.
Solana, an open-source blockchain that underpins smart contracts involving non-fungible tokens and an assortment of decentralized applications, is the third most-traded blockchain organized in the NFT ecosystem this week. In the past seven days, the Solana-based NFT collections have raised an exchanging deals volume of $18 million, but the Solana NFT exchanging deals volume has declined by 29% from the past week.
Blast, an Ethereum layer two blockchain organization from the Blur NFT marketplace, and Polygon, an Ethereum scaling arrangement, are the fourth and fifth most-traded NFT blockchain systems this week. In the past seven days, the Blast-based NFT collections have recorded a deal volume of $14 million, whereas Polygon-based NFT collections have amassed a deal volume of $20 million.
