NFT Market Sees Sharp Decline Despite Record Ethereum Prices

While Ethereum prices surge past $4,100, the NFT market is experiencing a downturn. Sales have dropped 11% to $134.9 million in the last week, with buyer and seller counts plummeting by nearly 90%. This contraction coincides with a broader slowdown in NFT participation across major blockchains like Polygon, BNB Chain, and Solana. The recent record-setting $2.5 million sale of CryptoPunks #1021 is an exception, highlighting the broader trend.