NFT Market Experiences Significant Decline In Sales Volume

The NFT market has seen a sharp decline in total sales volume, dropping to $107.1 million—a 28.93% decrease from the previous week—according to Crypto.news, citing CryptoSlam data. However, despite this decline in sales volume, market participation has grown significantly, with the number of buyers increasing by 36.02% to 456,874 and the number of sellers rising by 32.81% to 314,871. The total number of transactions remained stable at 1,566,183, reflecting a slight 0.86% increase.

Network-Specific Performance:

• Ethereum saw the steepest decline, with sales volume plummeting by 67.86% to $25.3 million, despite a 20.27% increase in buyers (50,056).

• Bitcoin bucked the trend, posting a 16.73% increase in sales volume ($24.3 million) alongside a 30.71% rise in buyers (30,203).

• Mythos Chain experienced a 4.79% drop in sales volume ($14.7 million) but retained its position as the third-largest network.

• Polygon surged to fourth place with a 45.35% increase in sales volume ($14.2 million).

• Solana ranked fifth, reporting a 12.41% growth in sales volume ($12.1 million).

The contrasting trends across different blockchain networks indicate that while overall market sales are down, certain ecosystems—particularly Bitcoin, Polygon, and Solana—are demonstrating resilience or growth in specific areas.

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