NFT Market Sees 20% Drop in Weekly Sales After a Few Weeks of Gains

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After several weeks of consecutive gains, sales of non-fungible tokens (NFTs) have slumped 20.44% this week compared to the previous week. According to seven-day statistics, NFT sales totaled $152.96 million last week, with $84 million in sales originating from the Ethereum blockchain.

This Week’s NFT Sales Follow Crypto Market’s Nosedive

Sales of non-fungible tokens (NFTs) have nosedived more than 20% over the past seven days compared to the previous week. The decline follows several consecutive weeks of gains, during which Bitcoin (BTC)-based NFTs gained significant prominence. In the last seven days, NFT sales totaled $152.96 million, and the number of NFT buyers decreased by 63.59%. Ethereum-based NFT sales accounted for $84 million, representing 54.91% of the market share among 21 different blockchains.

Ethereum-based NFT sales, however, have dropped 34% compared to the previous week. Bitcoin-centric NFTs still hold the second position in terms of sales, with $29.41 in recorded sales. Bitcoin-based NFT sales increased by about 25.9% compared to last week’s sales total. Behind ETH and BTC, NFT sales on other blockchains include Solana ($8.48 million), Mythos ($8.12 million), and Polygon ($6.32 million).

While Bitcoin NFTs took the top five spots last week, that is not the case this week, according to statistics from cryptoslam.io. Two of the five most expensive NFTs sold this week were Ethereum-based, and the other three were Bitcoin-based.

The most expensive NFT sale came from the Bitcoin-centric Derps collection, which is also the eighth-largest collection in terms of overall sales this week. However, the largest collection by sales belonged to uncategorized ordinals.

Uncategorized ordinals are followed by Dmarket, Bored Ape Yacht Club (BAYC), Gods Unchained, Mutant Ape Yacht Club (MAYC), and Azuki. Although NFT sales were lower April than in March, sales in May exceeded April’s total NFT sales. Just over $739 million worth of NFTs were sold last month, and as of now in June, $263.86 million in sales have been recorded.

What do you think the future holds for the NFT market? Will we see a rebound in sales, or is this the beginning of a downward trend? Share your thoughts in the comments section below.