NFT Sales Are Down 13% This Week As Bitcoin Ordinals Sales Are Up 18%

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The non-fungible token market has still not recovered from the recent crash that saw the floor price of many of its NFTs drop by more than 70% of their value. However, the downtrend in the NFT market seems to be abating now, and the NFT market shows positive signs of partial recovery in the coming weeks. In this article, we will take a look at the NFT market performance and events over the past seven days.

NFT sales dropped 13% this week

Data compiled by cryptoslam.io, an on-chain data aggregator, shows that the NFT market has experienced a slight decline over the past seven days, recording a trading sales volume of $83 million. This figure of trading sales has fallen by 13% from the previous week. Nonetheless, this week has seen some acceptance in the market, with the number of NFT buyers increasing by 21% compared to the previous week.

Source: cryptoslam.io, NFT sales over the past 7 days

The non-fungible token hosted on Ethereum, the largest blockchain for NFTs, has been the most traded NFT collection this week. Over the past seven days, the NFT collection has registered sales of $49 million, marking a 17% decline from the previous week.

Solana-based NFTs were the second most-traded NFTs, registering $6.7 million in traded sales volume. Unfortunately, the sales volume of Solana NFTs is down by 23% this week compared to last week. Polygon NFTs followed suit, recording a trading sales volume of $5.8 million.

Source: cryptoslam.io, NFT sale by blockchain

Digital Collectibles hosted on the Mythos Chain, a permissioned EVM blockchain and gaming ecosystem that operates on the MYTH utility token, was the fourth most traded NFT collectible this week, earning $5.7 million in trading sales volume is of. The sale of Mythos Chain-based NFTs has decreased by 3% over the past week.

The immutable X-based NFT was the fifth most collected NFT this week, generating $4.5 million in trading volume. The non-fungible token hosted by BNB Chain, a decentralized network created by crypto exchange Binance, has been the sixth most-traded NFT this week. Immutable X and BNB Chain NFTs have increased sales by 19% and 7% this week.

It is worth noting that bitcoin has been active again after falling into a deep slumber over the past several weeks. Over the past seven days, Bitcoin Ordinals has recorded a trading sales volume of $2.5 million, up 18% from the previous week. Bitcoin Ordinal is expected to reclaim its market dominance following the decline in Solana NFTs.

Source: cryptoslam.io, general bitcoin sales over the last 7 days

In terms of wash trading, the Ethereum network recorded the most number of wash trades this week. Over the past seven days, the Ethereum network recorded a trading volume of $23 million, followed by Solana with $75,256 and Polygon Chain with $6.5 million.

By description, wash trading is a form of market manipulation in which NFT collectors simultaneously sell and buy identical financial instruments or NFTs, thereby creating a false impression of market activity without incurring market risk or changing the entity’s market position. . Wash trading is considered illegal in most jurisdictions around the world.

Five best selling NFTs this week

Source: cryptoslam.io, best selling NFTs in the last 7 days

1. Bored Ape Yacht Club NFT

Bored App Yacht Club, an NFT collection from popular digital asset incubation studio Yuga Labs, has been the most traded NFT collection this week. In the past seven days, Bored Ape Yacht Club has recorded a trading sales volume of $6.2 million. Nonetheless, sales of NFT collectibles are down 34% this week compared to last week.

2. DMarket NFT

DMarket is an NFT collection from the DMarket virtual item market platform hosted on the Mythos Chain. Over the past seven days, DMarket has been the second most traded NFT repository with a sales volume of $5.5 million. DMarket NFT sales have declined by 5% since last week.

3. Sorare NFT

Sorare is an NFT collection from Sorare, a fantasy sports crypto-based video game hosted on the Ethereum network. Over the past seven days, Sorare has been the third most traded NFT collection, registering a trading sales volume of 3.8 million. Sorare NFTs have seen an 8% increase in sales this week compared to last week.

4. Gods Unchained NFT

Gods Unchained is an NFT collection of the digital trading card game Gods Unchained, hosted on the Immutable X network. Gods Unchained has been the fourth most traded NFT collection over the past seven days, attracting $2.7 million in merchandise sales volume. Sales of this NFT collection are up 67% this week.

5. Cryptopunks NFT

Cryptopunks, an NFT collection that previously belonged to digital asset firm Larva Labs but is now owned by bored app creator Yuga Labs, has been the fifth most-traded NFT collection this week. Over the past seven days, the NFT collection has recorded $2.6 million in merchandise sales volume. The Cryptopunks NFT collection is up 21% in sales this week.

The most expensive NFT collectible was Bored Ape Yacht Club #7485, which sold five days ago for $172,923. Bored Ape Yacht Club #8295 was the second most expensive NFT collectible, selling for $143,627 seven days ago. Cryptopunks #616 was the third most expensive NFT collection, selling for $128,371 five days ago.

Top NFTs New This Week

1. Airline Behemoth Lufthansa Launches NFTs

Lufthansa, one of Europe’s largest airline groups, announced the launch of its non-fungible token (NFT) loyalty program on the Polygon network. The NFT loyalty program will allow passengers to convert their trips into NFTs which can unlock rewards such as miles and business lounge vouchers. Lufthansa NFT adoption shows that many institutions are still bullish on NFTs, despite the decline in recent weeks.

2. Impact Theory accused of selling unregistered NFTs

Earlier this week, the United States Securities and Exchange Commission charged California-based media company Impact Theory with offering unregistered digital collectibles sometime in 2021. US regulators ordered the Los Angeles-based company to compensate investors who bought NFTs.

BREAKING: SEC alleges LA-based “media and entertainment company influence theory” for unregistered offering of NFTS pic.twitter.com/3LMcYIh6nc
– Degenerate News 🗞️ (@DegenerateNews) 28 August 2023

3. Wall Street Memes Presale Raises Over $25 Million

Wall Street Memes is another irreplaceable token-related project that is making headlines this week after raising over $25 million from its crypto token “$WSM” presale. The crypto project was launched in June by the famous crypto community Wall Street Memes. The crypto conglomerate came into limelight in 2021 after launching an NFT collection, “Wall St. Bulls”, which sold out in a record time of 32 minutes. The same crypto conglomerate has also recently launched an ordinal collection ‘Wall St Bulls’, which is gaining popularity among investors.