The NFT market saw a notable downturn last week, with sales dropping by 12%, following a previous week’s decline of 16%. According to CryptoSlam, total sales over the past seven days amounted to just under $100 million, involving more than 785,000 buyers and sellers in 1.4 million transactions.
Ethereum (ETH) remained the most active blockchain for NFT sales, leading with transactions worth $38.4 million. However, the platform experienced a significant increase in wash trading, with earnings from these activities rising by 9.5% to $37.69 million.
Polygon (MATIC) emerged as a standout performer, surpassing Bitcoin (BTC) in sales volume with an 11.2% increase. Despite this success, Polygon also saw a substantial rise in wash trading, soaring by 46% to $14.9 million.
Bitcoin, on the other hand, faced a sharp decline of 40% in sales, placing it behind Polygon and marking it as one of the week’s biggest losers. Fantom (FTM) and Blast (BLAST) experienced even steeper drops, with declines of 87% and 74%, respectively.
Solana (SOL) maintained its position with the fourth-highest sales volume, while Mythos Chain (MYTH) surpassed Immutable (IMX) to claim fifth place with nearly $4.5 million in sales.
In the realm of NFT collections, CryptoPunks made a remarkable comeback, achieving a 155% surge in sales volume to lead the charts with $5.26 million. DMarket followed with over $4 million in sales, despite a slight decrease.
The Bored Ape Yacht Club (BAYC), known for its Ethereum-based NFTs, secured the third position with nearly $3.5 million in sales, reflecting a robust 73.66% growth compared to the previous week.
Fan tokens also saw a dramatic surge in sales, driven by major soccer tournaments in Europe and the Americas. Galatasaray’s (GAL) fan token sales skyrocketed by an astonishing 70,149% to $280.5 million following Turkey’s victory over Georgia in Euro 2024. The token’s price surged by 2,542%, currently standing at $2.87 per unit. FC Barcelona, PSG, and Juventus fan tokens also experienced significant increases, ranging from 8,670% to 22,903%.
The week also saw notable performances from collections such as Zora, BNB Chain, and Panini, each showing substantial increases in sales volume.
In the individual NFT market, the highest-priced piece of the week sold on Ethereum fetched $204,066, a drop from the previous week’s top sale of $587,194. A Bitcoin Ordinal claimed second place at $113,465, followed closely by Solana’s Mad Lads #4575 at $110,917.
The surge in NFT and fan token sales underscores the growing influence of digital assets in both the art and sports sectors, highlighting shifting trends in blockchain-based markets.
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