17/06/2024 NFT sales drop 16%, hover just below $122m

This week marked a significant downturn for the non-fungible token (NFT) market, which saw sales drop by almost 16% off the back of a 17% surge in the previous week.

Per CryptoSlam, total sales hit $121.7 million, with more than 519,000 buyers and sellers actively trading.

Mint Blockchain secures $1.35m grant from Optimism to boost NFT innovations
NFT holders sue art gallery, alleging it broke metaverse promise
Andy Warhol, Salvador Dali NFTs going up for auction on new marketplace

Blockchain NFT sales breakdown

NFT sales drop 16%, hover just below $122m - 1Blockchains by NFT sales volume | Source: CryptoSlam

The Ethereum (ETH) network led the charge with $39.28 million in sales, a notable 14.48% increase from the previous week.

This surge was accompanied by a marked increase in the number of active buyers on Ethereum’s NFT space, with the number going up nearly 48% to reach 23,586. The network also saw an increase in wash trading, up 35.49% to over $34 million.

Bitcoin (BTC), which was the busiest network in terms of sales in the previous week, dropped to second place this week, with about $26.5 million in sales, representing a 45.60 drop. Bitcoin recorded over 18,000 active buyers, which was a whopping 804% increase from last week. Wash trading on the network decreased by about 53%, settling at $20,030.

After a 22% boost in sales in the previous week, this week saw Polygon (MATIC) shave nearly 5.5% off its weekly sales volume to settle at $18.43 million. Solana (SOL) stayed in fourth with $14.631 million in sales, an 18.18% decrease. On its part, Immutable X (IMX) saw a surge, with sales increasing by 9.40%.

Top NFT sales

The highest sale of the week was from the Ethereum blockchain, with an NFT selling for $587,194. A Bitcoin Ordinal, Protoshroom #6, changed hands for $237,373, while a Polygon TTAvatars #128003 fetched $100,500.

Solana’s DeezNode #052 sold for $77,839, edging out a BNB NFT, Ape Treasury Bill V2 V3 #12668, which sold for $31,516.

NFT sales drop 16%, hover just below $122m - 2NFT collection rankings by sales volume | Source: CryptoSlam

Among collections, Immutable’s Guild of Guardians Avatars had the highest sales volume of the last seven days, raking in more than $8.1 million in 1,614 transactions.

Bitcoin’s PIZZA NFTs followed, generating $7.3 million, which was a drastic 60% reduction on its numbers from the previous week.

A new entrant in the top five collections ranked by sales volume was the Ethereum Name Service (ENS), which secured third spot with more than $5.3 million worth of NFTs sold. The figure represented an incredible 1022% jump, with the money coming from just 295 buyers.

The DMarket collection on Mythos earned $4.6 million from nearly 190,000 transactions, while Bitcoin Puppets from the Bitcoin network earned the #5 spot with about $2.7 million in sales.

Arts

https://crypto.news/nft-sales-drop-16-percent-122-million-what-happened/

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.
LOONG 334570
*hissing noises*! LOONG 334570 here. I'm here to enjoy sweating through my feet and licking doorknobs. When my owner isn't watching, I steal their clutches and use them for litter paper. I'm not sorry. In time you'll learn how purrfect I am.
Ushibori in Hitachi Province, from the series Thirty-six Views of Mt. Fuji
Katsushika Hokusai (1760-1849) Ushibori in Hitachi Province, from the series Thirty-six Views of Mt. Fuji 1832 - Japan
Not Forgotten, But Gone
Not Forgotten, But Gone by WhIsBe
Cypher::Prophet
Cypher::Prophet is an artwork dedicated to the punk origins of blockchain designed and realized by hackatao and hex6c. In the transposition into images we started from the iconographic canons of the hacker (hoodie, laptop, cryptographic elements) and associated them with the figure of the prophet, thus highlighting the predictive nature of the works of Eric Hughes (Cypherpunk Manifesto, 1988) and Timothy C. May (Crypto Anarchist Manifesto, 1993) as well as of the blockchain inventors Stuart Haber and Scott Stornetta (How to Time-Stamp a Digital Document, The Journal of Cryptography, 1991). Read the full story on https://medium.com/@hex6c/cypher-prophet-the-punk-origins-of-blockchain-1e8fce311e72