NFT sales drop 12% as Ethereum dominates, Polygon surges

The NFT market continues to trend downwards, with sales down 12% last week.

Recall sales plummeted 16% last week.

according to Crypto SlamTotal sales in the past seven days were just under $100 million, with 1.4 million transactions involving more than 785,000 buyers and sellers.

Ethereum takes the lead

Blockchain by NFT Sales Volume | Source: CryptoSlam

Ethereum (ETH) was once again the most active blockchain in NFT sales, taking the lead with $38.4 million worth of transactions.

Notably, Ethereum experienced a surge in wash trading last week, with the amount made from that activity increasing by nearly 9.5% to $37.69 million.

Polygon (MATIC) was one of the biggest winners last week, with turnover increasing by 11.2%, propelling it into second place, ahead of the Bitcoin (BTC) network.

Interestingly, wash trading on the platform continues to grow: last week Polygon recorded a 37.58% increase in wash trading, which increased 46% last week to $14.9 million, nearly double the previous record.

Bitcoin, which dropped to third place in terms of sales, was one of the biggest losers this week. The 40% drop in sales was driven by PhantomFTM) and Blast (blast), which recorded declines of 87% and 74%, respectively.

Wash trading on the platform also increased by around 200%, but the resulting $63,072 is almost negligible compared to Ethereum and Polygon.

Solana (SOL) maintained its position by staying in 4th place in the top-selling cryptocurrency this week. However, network Immutable (IMX), which was in 5th place last week, was down 1.2% from Mythos Chain (mythology) surpassed it with sales of approximately $4.5 million.

Notable performers included Zora, BNB Chain and Panini, with Zora’s sales increasing by over 50% and NFT sports trading card company Panini seeing a 22% increase in sales, bringing in $135,000.

Major NFT collections

Ethereum dominates as NFT sales fall 12% while Polygon soars - 2
Ranking of top-selling NFT collectibles | Source: CryptoSlam

With the exception of Mythos’ DMarket, the NFT collections that topped the sales charts last week were nowhere to be found. Instead, CryptoPunks made a comeback, increasing sales by 155% to $5.26 million and becoming the top-selling NFT collection of the week.

Next up is the aforementioned DMarket, which generated over $4 million in revenue despite a 9.21% drop in sales.

Another popular NFT collectible built on Ethereum, Bored Ape Yacht Club (BAYC), took third place with 113 completed transactions bringing in approximately $3.5 million in proceeds, an impressive figure as it was a 73.66% increase from the previous week’s sales.

Other collections that performed well last week included Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection, which made $3.69 million and $2.43 million, respectively.

This week’s top selling NFTs

Individually, the most expensive NFT this week was in Ethereum, but its price of $204,066 pales in comparison to last week’s winner, which traded for $587,194.

Coming in second was Bitcoin Ordinal, which sold for $113,465, just $2,548 more than third place winner Solana’s Mad Lad #4575.

There was a significant increase in Fan Token sales last week due to two major international football tournaments taking place in Europe and the Americas.

Ethereum dominates as NFT sales fall 12% while Polygon soars - 3
Top Grossing Fan Tokens | Source: CryptoSlam

As can be seen in the table above, Galatasaray (GAL) Fan Tokens recorded the highest sales, increasing by a staggering 70,149% to $280.5 million following Turkey’s win over Georgia in their opening match of Euro 2024.

Token prices also increased by 2,542% and are now priced at $2.87 per unit. Sales of FC Barcelona, ​​PSG and Juventus fan tokens also increased by 22,903% to 8,670% as Spain, France and Italy successfully launched their Euro 2024 campaigns.

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