NFT sales drop 12% as Ethereum dominates, Polygon surges

The NFT market continues to experience a decline, with sales dropping 12% last week.

Recall sales plunged 16% during the previous week. 

According to CryptoSlam, total sales for the last seven days stood at just below $100 million and involved over $785,000 buyers and sellers in 1.4 million transactions. 

Ethereum leads the pack

NFT sales drop 12% as Ethereum dominates, Polygon surges - 1
Blockchains by NFT sales volume | Source: CryptoSlam

Ethereum (ETH) was once again the most active blockchain for NFT sales, leading the pack with $38.4 million worth of transactions. 

Notably, Ethereum experienced a surge in wash trading last week, with money earned from the activity going up nearly 9.5% to $37.69 million.

Polygon (MATIC) was one of the biggest winners last week. Sales jumped 11.2% to push it past the Bitcoin (BTC) network and into second place. 

Interestingly, wash trading on the platform has kept on rising. During the prior week, Polygon registered a 37.58% increase in wash trading. This past week, it went up 46% to $14.9 million, almost double the amount recorded previously.

Dropping to third place in terms of sales volume, Bitcoin was one of the biggest losers of the week. Its 40% drop in sales was only better than Fantom (FTM) and Blast (BLAST), which registered dips of 87% and 74%, respectively. 

Wash trading on the platform also went up nearly 200%, although the $63,072 that resulted from the activity is almost negligible compared to Ethereum and Polygon.

Solana (SOL) maintained its position with the fourth-highest sales volume of the week; however, last week’s fifth-placed network, Immutable (IMX), had to drop to #6 after Mythos Chain (MYTH) overtook it with nearly $4.5 million in sales.

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Notable performances came from the likes of Zora, BNB Chain, and Panini. Sales volume on Zora went up more than 50%, while Panini, which is home to NFT sports trading cards, recorded a 22% jump to earn $135,000. 

Leading NFT collection

NFT sales drop 12% as Ethereum dominates, Polygon surges - 2
NFT collection rankings by sales volume | Source: CryptoSlam

Among NFT collections, except for Mythos’ DMarket, all NFT collections that topped the sales chart in the previous week were nowhere to be seen. Instead, CryptoPunks made a comeback, registering a massive 155% jump in sales volume to make $5.26 million and become the top-selling NFT collection of the week.

Next was the aforementioned DMarket, which, despite a 9.21% dip in sales, still managed to earn north of $4 million. 

Bored Ape Yacht Club (BAYC), another popular NFT collection built on Ethereum, managed to take the #3 spot after concluding 113 transactions that yielded nearly $3.5 million. The amount was impressive since it represented a 73.66% growth over the previous week’s sales.

Other collections that did well over the last week were Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection, which raked in $3.69 million and $2.43 million, respectively.

Top-selling NFTs of the week

In terms of individual pieces, the most expensive NFT of the week came from Ethereum. However, its $204,066 price tag pales in comparison to the previous week’s winner, which changed hands for $587,194. 

In second place was a Bitcoin Ordinal that sold for $113,465, only $2,548 more than Mad Lads #4575 from Solana, which came in third.

With two major international soccer tournaments taking place in Europe and the Americas, fan token sales surged greatly last week.

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NFT sales drop 12% as Ethereum dominates, Polygon surges - 3
Top fan tokens by sales volume | Source: CryptoSlam

As can be seen in the table above, the Galatasaray (GAL) fan token recorded the highest sales volume, jumping an incredible 70,149% to $280.5 million as Turkey overcame Georgia in their first match of Euro 2024. 

The token price is also up 2,542% and is currently priced at $2.87 per unit. Sales of FC Barcelona, PSG, and Juventus fan tokens also went up between 22,903% and 8,670% as Spain, France, and Italy started their Euro 2024 campaigns successfully.

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