NFT Sales Tumble 18.57% in 7 Days Amid Broad Crypto Market Retreat

This week’s non-fungible token (NFT) sales have taken another nosedive, intensifying the downtrend that began with a 16.55% decline from March 9 to March 16, 2024. The last seven days have witnessed an even steeper drop, with NFT sales plummeting by 18.57%.

Cryptopunk #7,804 Shines in a Week of Falling NFT Sales

In line with the broader cryptocurrency landscape, NFT transactions have experienced a dip, plunging 18.57% to a total of $290.51 million. The leading five blockchains, gauged by the week’s total sales, all reported declines.

Ethereum was at the forefront with NFT sales amounting to $107.21 million, albeit a 17.10% fall from the previous week’s numbers. Bitcoin secured the runner-up position, yet BTC-centric NFT transactions dropped 25.19% from the preceding week.

Similarly, Solana witnessed a 7.77% reduction, BNB Chain’s sales dwindled by 17.34%, and Mythos encountered a 4.23% decrease. Collectively, these five blockchains accounted for $268.98 million or 92.58% of the week’s $290.51 million total sales.

The Uncategorized Ordinals (UO) compilation emerged as the frontrunner in weekly sales, although its sales dwindled by 27.7%, totaling around $39.01 million. Cryptopunks, with a $21.14 million turnover in a week, saw its figures significantly bolstered by the sale of Cryptopunk #7,804, which alone fetched $16.38 million, marking a 186.54% increase for the collection.

Node Monkes, Mad Lads, and Bored Ape Yacht Club (BAYC) completed the top five rankings as per data. The week’s priciest NFT accolade went to Cryptopunk #7,804, closely followed by Thick Liquidity, a Fantom-issued NFT, snagging $538,207.

An Uncategorized Ordinal inscription netted $493,162, and an Axie Infinity or Ronin-based NFT fetched $186,407. Although sales took a dip last week, the roster of NFT buyers swelled by 55.69%, and sellers saw a 47.47% hike over the course of seven days.

What do you think about this week’s NFT sales? Share your thoughts and opinions about this subject in the comments section below.


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