NFT Market Trends Amid Crypto Slump
The NFT market is feeling the effects of the broader crypto downturn.Bitcoin has dipped to $83,000, and Ethereum is now at $1,900.The total crypto market cap is now $2.73 trillion, down from $2.83 trillion last week.
Despite the decline, NFT sales volume is at $109.2 million, a 7.84% drop from the previous week. Yet, there’s a surprising twist. While sales volume is down, the number of buyers and sellers has skyrocketed. According to CryptoSlam data, sales volume fell to $109.2 million.This is a 7.84% decrease. But here’s the catch: buyer and seller activity has surged. Buyers jumped 697% to 204,693, and sellers rose 419% to 133,708. This shows more people are engaging with nfts, even as prices fall.
Key points include:
- Sales volume is down to $109.2 million.
Ethereum and Solana have seen their NFT sales volumes fall.Ethereum’s sales dropped 11.28% to $32.7 million. Though, the number of buyers increased by 103.27%. Bitcoin, conversely, saw a 4.63% rise in sales to $22.8 million.
Collection rankings have also shifted. Courtyard leads with $12.2 million in sales, up 3.63%. Quantum Cats, a new Bitcoin collection, surged to fourth place with $3.9 million, a 349.19% increase. The week’s top sales included Beeple special Editions and CryptoPunks.
