NFT Market Declines 12% This Week, Trading Volume Hits $90 Million

By NFTevening

The NFT market dropped 12% this week. The amount of trade sales decreased to $90 million. The market for bitcoin has been shrinking overall. Other crypto assets, like bitcoin, experienced a decrease in value. Data from CryptoSlam.io has demonstrated the fall of the NFT market. The market saw $90 million in trade volume over the seven days prior to the decline. This drop highlights the ongoing challenges the NFT industry faces.

Bitcoins Ethereum Leads NFT Trading

Ethereum remains the top blockchain for NFTs. It powered collections that generated $34 million in sales over the past week. This represents a 9.92% increase from the previous week.

The NFT blockchain with the second-highest trading volume is called Solana. But, its $17 million trading volume decreased by 30%. Thuslana makes decentralized apps and smart contracts possible.

Bitcoin also supports NFT collections such as ordinals, Runes, and BRC-20. The trading volume for Bitcoin NFT collections was $14 million. This is a 17% decrease from the previous week.

Fourth in NFT trading is Polygon. Its trading volume was $8.7 million this week. This marks a 9.80% drop from the previous week. 

Immutable X and BNB Chain rank sixth and fifth respectively for NFT trading. Immutable X-based NFTs were traded for $4.9 million, while NFTs based on the BNB Chain were used to make $3.7 million.

Bitcoins Top Selling NFT Collections

Sorare

Sorare is this week’s top-selling NFT collection. It features digital trading cards of global football players. The Sorare NFT collection reached $3.8 million in trading volume. This is a 42% increase from the previous week.

DogeZuki 

DogeZuki is the second most-selling NFT collection. On the Solana blockchain, it offers 2,800 digital goods with Shiba Inu-inspired designs. The collection saw $6.5 million in trade volume, up 3.5% from the week before.

Guild Of Guardians 

Guild of Guardians is a popular NFT RPG. Its NFT collection is the third most-selling this week. The trading volume reached $3.2 million, a 5.52% increase from the previous week. Players can collect redeemable resources in the game.

Bored Ape Yacht Club

The renowned NFT collection is called Bored Ape Yacht Club. 10,000 NFTs are available on the Ethereum blockchain. This week, the collection brought approximately $3.2 million in trade volume. This represents a 135% rise over the prior week.

CryptoPunks

CryptoPunks is another popular NFT collection managed by Yuga Labs. It has 10,000 NFTs on the Ethereum blockchain as well. Trades on CryptoPunks have totalled $3.2 million this week.