NFT Market Faces Challenges Amid Crypto Rally
The crypto market is on an upward trend, but the NFT sector is lagging.Sales volume has fallen by 6.15% to $89.4 million. despite this, Bitcoin (BTC) is trading above $94,000, and Ethereum (ETH) is just under $1,800, up 0.4%. The global crypto market cap now stands at $2.97 trillion, up from $2.69 trillion last week.
According to CryptoSlam, the number of NFT buyers has risen by 54.33% to 391,498. Sellers have increased by 45.06% to 223,311. However, NFT transactions have dropped by 10.25% to 1,404,451.
Ethereum leads NFT sales with $25.1 million, a 22.07% increase. Wash trading on ethereum has surged by 57.01% to $3.4 million.Mythos Chain is second with $15.1 million in sales, up 1.21%. Bitcoin has fallen to third with $14.7 million, down 14.18%.
Polygon’s sales have plummeted by 53.63% to $9.9 million. Solana,however,has seen a 40.70% increase to $9.2 million. The buyer count has grown across most blockchains, with Solana leading at 83.66%.
DMarket has reclaimed the top spot in collection rankings with $9.9 million in sales. Courtyard on Polygon has fallen to second with $8.8 million, down 55.39%. CryptoPunks has made a surprising comeback to third place with $3.6 million in sales, up 106.19%.
Notable high-value sales this week include an Ordinals NFT for 6 BTC ($558,754) and CryptoPunks #741 for 317 ETH ($500,944).
