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 Moth Catcher
In this psychologically bed-headed portrait, a creature sets in a trance; his eyes devolved and vestigal, his third eye open but hardened and in a form resembling a Sharingan. The imagery therefore expresses an awareness existing in corporeal introspection. The creature’s mind sprouts, on the left side, an emerging face, grinning. To the right side of the head, red tentacles and fingers intertwine–a collaboration of invertebrate and vertebrate consciousness cooperatively handling paint brushes of the sort used to build an oil painting. The neck and throat bristle with random thorns, as from a rose or the upper portions of a beak sprouting from its flesh. The neck itself disassociates into layers of membranous material, terminating upon an abstracted base of convoluted forms composing its body. The nose is virtually non existent, more a sinus reiterative of the shape of the third eye. Set against the exposed teeth peering out of thick, meaty cheeks, a skeleton-like impression results. That impression sets behind a visceral set of lips and tongue, which is the creature’s prime seat of awareness. Sensual, organic, the tongue organ hangs, meaty, and with consciousness of a sea cucumber. It illuminates at the tip, drawing the attraction of a nearby moth–with mystery of purpose.
The Investor's Dream
The second "Visual Toy" about cryptocurrency and its universe that continues the exclusive collection on this theme. After the first Visual Toy, dedicated to the cryptocurrency itself, this visual toy is the other side of the coin. It represents, as its title tells us, the investor's dream, the current person and his financial hopes. A surreal fantasy of the dreams and longings of every investor, in this case the crypto investor. In this magical, happy and colorful dream, aspirations of all kinds intermingle, both the desire for great benefits, represented in a long animation that shows us a production cycle or series production that ranges from the gastronomic recipe of a two-ingredient cake. Bitcoin slice and Ethereum smoothie, passing through magic, represented in a fairy that transforms the cake into real money, which is sucked into a giant capsule to accumulate it and multiply it. The rest is full of investor aspirations, which appear in their dreams in the form of profits or screens that announce that values are rising steadily, as well as physical possessions, such as the sailboat, the helicopter, homes and other objects or possibilities. A dream full of happiness, fun and hope.
#54165
By OthersideDeployer
Chasing the Moon #20200906
Chasing the Moon is a series of works. The moon is the nearest planet to our earth, and this unique existence has been given many meanings throughout the human history. I prefer to think that the moon is like a mirror to everyone's inner world. It has a kind of introspective energy. Chasing the Moon series will be some fantasy scenarios with the moon. This piece of artwork uses algorithms to generate window lattices of ancient Chinese buildings and clouds in Chinese decorative paintings, creating a view of looking to the full moon through the window, as if in a trance.
Alex in Wonderland
A figure, Alex, stands mostly naked in the midst of a physical and psychological maelstrom. He is clad only in nostalgic 80’s era socks, on a tenuous island between active waters and a variety of shark denizens. Sharks on the right side of the image are all beached, including a shark with a quartz crystal snout, an orange shark wrapped in a life buoy, and a shark further in the distance wearing an 80’s style shirt with the number “88”. On the left side is the largest shark, wearing bright glossy red lipstick and brandishing prominent teeth with braces. She is cordoned off from the figure by a roped float divider, and within her thought bubble is a warning symbol. Behind the figure, hovering in the air, are Grey aliens emerging from the distance, out of a series of elliptical UFO shaped interdimensional membranes. The Greys take on the visual form of spermazoa ostensibly impregnating the interdimensional thresholds. As is typical, these Greys inhabit a zone just behind the unconscious topology of Alex’s dissociative mind. Though Alex’s bottom half is representative, his top half mutates into a psychological cornucopia. In a manner akin to “Auto-Erotic Sphinx”, a predecessor work, the figure has self suctioned—an act of sensual infatuation, enjoyment, and exploration. Upward exists the figure’s primary conscious eye, adorned with a revolutionary beret emblazoned with a Bitcoin badge. The figure’s summit features the nose of a fighter jet facing off against video game Bullet Bills, one of whom is marked by a communist North Korean star. A cropped section of a UFO observes the contest. Alex’s mind branches both left and right. To the left is more singular embodied consciousness, manifesting two eyes and a Ganesh trunk grasping crayons. The right branch dissociates upward diagonally, emerging into an array of eyes, faces, teeth, tail, a unicorn horn, and much more—all of which participate in expressing his unconscious being; a democracy of psychic factions representing thought impressions and associations. All illumination and darkness– fernal, infernal, high consciousness and corporeal underbelly–reside in this realm. In the distance are relatively languid, light clouds, and against the firmament hovers a colossal distant eye peering over the scene and far beyond. This painting possesses underlying genetic traits with previous works such as “Auto-Erotic Sphinx with Toys”, “Dionysus”, and “Fuku-Shiva”. The work serves also as a nod to an earlier period of art inspiration during late teens and early twenties— born out of the nakedness, vulnerability, curiosity, and wonder inherent to coming of age and all subsequent psychedelic revelation.