NFT Market Sees Declining Volume and Participants

The NFT market has experienced a notable downturn in recent weeks, according to data from CryptoSlam. Trading volume decreased by 11% to $134.9 million last week, accompanied by a significant drop in both participant numbers and buyer activity. The number of NFT buyers fell drastically by 89.83%, dropping to just 73,900 individuals, while sellers declined similarly to 42,878. Despite this decline, the number of NFT transactions saw a slight increase, rising by 1.6% to reach 1,781,919. Ethereum network recorded a trading volume of $58.5 million, representing a 23.43% decrease compared to the previous week. In contrast, Polygon witnessed a surge in trading volume, increasing by 56.90%, reaching $17.8 million. Conversely, Bitcoin’s trading volume declined by 19.47% to $14.2 million, while the BNB Chain saw a considerable rise of 33.54%, totaling $13.6 million. Notable high-value transactions this week included multiple CryptoPunks sales, such as CryptoPunk #1021 which sold for 720 ETH, equivalent to $2,569,908. Other noteworthy sales include CryptoPunk #9797 (for 140 ETH), #7414 (for 100 ETH), #7211 (for 75 ETH), and #3291 (for 72 ETH).