NFT Market Faces Decline Amid Crypto Slump
The NFT market is experiencing a downturn, mirroring the broader crypto market’s struggles. Sales volume has dropped by 4.7% to $94.7 million, according to CryptoSlam. This follows a previous week’s total of $102.8 million.
Buyers and sellers are also dwindling. The number of NFT buyers has fallen by 77.9% to 128,244, while sellers have decreased by 75.2% to 85,792. Transactions have also reduced by 6.3% to 1,441,009.
This decline coincides with Bitcoin (BTC) dropping to $83,000 and Ethereum (ETH) losing 13.5% of its value in the last seven days, now at $1,500.The global crypto market cap stands at $2.63 trillion.
Ethereum Dominates Despite Price Fall
Ethereum remains the leading blockchain for NFT sales, with $36.1 million in sales, up 41.3% from last week.However, other chains are seeing declines.
- Polygon (POL) is second with $17.4 million in sales, up 4.3%.
- Mythos Chain is third with $14.1 million, up 2%.
- Solana (SOL) struggles with a 33.4% drop to $6.5 million.
- Immutable is fifth with $5.5 million in sales, up 15.4%.
Wash trading patterns have shifted, with Polygon leading at $2.6 million, a 232.6% increase. Ethereum’s wash trading decreased by 9.2% to $2.5 million.
Top NFT Collections and High-Value Sales
Courtyard on Polygon leads NFT collections with $15.6 million in sales,up 6.1%. CryptoPunks is second with $9.1 million, a 168.3% surge. DMarket is third with $8.9 million, up 4.4%.Newcomer f(x) wstETH is fourth with $5.8 million.Guild of Guardians Heroes completes the top five with $3.7 million, up 29.4%.
Notable high-value sales include CryptoPunks #3100 for 4,000 ETH ($6,042,922) and Pixel vault Founders DAO #4 for 97.08 RETH ($161,511).
OpenSea Seeks SEC Clarification
OpenSea has asked the U.S. Securities and Exchange Commission (SEC) to clarify that NFTs are not “exchanges or brokers” under U.S. securities law. In a letter to SEC Commissioner Hester Peirce, OpenSea argued that NFTs typically have one seller per token, unlike conventional stock exchanges.
They emphasized that NFT transactions occur on-chain via smart contracts,with OpenSea
