24/06/2024 NFT sales drop 12% as Ethereum dominates, Polygon surges

NFT sales drop 12% as Ethereum dominates, Polygon surges

The NFT market continues to experience a decline, with sales dropping 12% last week.

Recall sales plunged 16% during the previous week.

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According toCryptoSlam, total sales for the last seven days stood at just below $100 million and involved over $785,000 buyers and sellers in 1.4 million transactions.

Ethereum leads the pack

NFT sales drop 12% as Ethereum dominates, Polygon surges - 1Blockchains by NFT sales volume | Source: CryptoSlam

Ethereum (ETH) wasonce againthe most active blockchain forNFTsales, leading the pack with $38.4 million worth of transactions.

Notably, Ethereum experienced a surge in wash trading last week, with money earned from the activity going up nearly 9.5% to $37.69 million.

Polygon (MATIC) was one of the biggest winners last week. Sales jumped 11.2% to push it past the Bitcoin (BTC) network and into second place.

Interestingly, wash trading on the platform has kept on rising. During the prior week, Polygon registered a 37.58% increase in wash trading. This past week, it went up 46% to $14.9 million, almost double the amount recorded previously.

Dropping to third place in terms of sales volume,Bitcoinwas one of the biggest losers of the week. Its 40% drop in sales was only better than Fantom (FTM) and Blast (BLAST), which registered dips of 87% and 74%, respectively.

Wash trading on the platform also went up nearly 200%, although the $63,072 that resulted from the activity is almost negligible compared to Ethereum and Polygon.

Solana (SOL) maintained its position with the fourth-highest sales volume of the week; however, last week’s fifth-placed network, Immutable (IMX), had to drop to #6 after Mythos Chain (MYTH) overtook it with nearly $4.5 million in sales.

Notable performances came from the likes of Zora,BNB Chain, and Panini. Sales volume on Zora went up more than 50%, while Panini, which is home to NFT sports trading cards, recorded a 22% jump to earn $135,000.

Leading NFT collection

NFT sales drop 12% as Ethereum dominates, Polygon surges - 2NFT collection rankings by sales volume | Source: CryptoSlam

Among NFT collections, except for Mythos’ DMarket, all NFT collections that topped the sales chart in the previous week were nowhere to be seen. Instead, CryptoPunks made a comeback, registering a massive 155% jump in sales volume to make $5.26 million and become the top-selling NFT collection of the week.

Next was the aforementioned DMarket, which, despite a 9.21% dip in sales, still managed to earn north of $4 million.

Bored Ape Yacht Club (BAYC), another popular NFT collection built on Ethereum, managed to take the #3 spot after concluding 113 transactions that yielded nearly $3.5 million. The amount was impressive since it represented a 73.66% growth over the previous week’s sales.

Other collections that did well over the last week were Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection, which raked in $3.69 million and $2.43 million, respectively.

Top-selling NFTs of the week

In terms of individual pieces, the most expensive NFT of the week came from Ethereum. However, its $204,066 price tag pales in comparison to the previous week’s winner, which changed hands for $587,194.

In second place was a Bitcoin Ordinal that sold for $113,465, only $2,548 more than Mad Lads #4575 from Solana, which came in third.

With two major international soccer tournaments taking place in Europe and the Americas, fan token sales surged greatly last week.

NFT sales drop 12% as Ethereum dominates, Polygon surges - 3Top fan tokens by sales volume | Source: CryptoSlam

As can be seen in the table above, the Galatasaray (GAL) fan token recorded the highest sales volume, jumping an incredible 70,149% to $280.5 million as Turkey overcame Georgia in their first match of Euro 2024.

The token price is also up 2,542% and is currently priced at $2.87 per unit. Sales of FC Barcelona, PSG, and Juventus fan tokens also went up between 22,903% and 8,670% as Spain, France, and Italy started their Euro 2024 campaigns successfully.

Arts

https://crypto.news/nft-sales-drop-12-ethereum-dominates-polygon-surges/

Interesting NFTs
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
Lovers and unravelled obi, from the series Picture-book Models of Couples
Katsushika Hokusai (1760-1849) Lovers and unravelled obi, from the series Picture-book Models of Couples 1812 - Japan
Nyan Cat
Nyan Cat is the name of an animation uploaded on April 2 2011, and became a viral internet sensation. The design of Nyan Cat was inspired by my cat Marty, who crossed the Rainbow Bridge but lives on in spirit. I am the original artist behind the iconic GIF and have remastered the image for its 10 year anniversary. Owning this piece grants the following stats: Charisma +10 Luck +10 Happiness +15 ________________ 1400x1400 - 12 Frames
Bored Ape Yacht Club #3749
The Bored Ape Yacht Club is a collection of 10,000 unique Bored Ape NFTs— unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation.
Founder Cat #74
Hey cutie! My name's Founder Cat #74. I once peed on Martin Luther King Jr.'s cat. They had it coming. I would give it all up to be on Oprah. Let's get busy!