NFT Sales Drop 10% This Week, As Bitcoin & Ethereum Rival For NFT Market Dominance

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Despite myr­i­ad chal­lenges fac­ing the gen­er­al cryp­to mar­ket, the non-fun­gi­ble token mar­ket has remained strong. The cryp­to mar­ket is down as most investors fear a reg­u­la­to­ry crack­down on the sec­tor, uncer­tain­ty due to ris­ing inter­est rates in the Unit­ed States and the Unit­ed King­dom, and the alarm­ing rise in the debt ceiling.

NFT Sales Drop 10% In The Past 7 Days

Accord­ing to Cryp­toSlam, an on-chain mar­ket data aggre­ga­tor, the non-fun­gi­ble token mar­ket has show­cased strong resilience amid the recent cryp­to mar­ket tur­bu­lence, flip­ping just 10% from last week. In the past sev­en days, the NFT mar­ket has record­ed a trad­ing sales vol­ume of $153 million.

Dur­ing this peri­od, the non-fun­gi­ble token mar­ket has seen a sharp increase in the num­ber of traders trans­act­ing in the ecosys­tem. The num­ber of NFT buy­ers has surged by 45% to 522,464, push­ing the num­ber of total trans­ac­tions in the glob­al NFT mar­ket to sur­pass 2 mil­lion. In the past sev­en days, NFT trans­ac­tions have surged by 7%.

Bitcoin and Ethereum Rival For NFT Market Dominance

Binance vs Ethereum NFTs

In the past sev­en days, the non-fun­gi­ble token mar­ket has expe­ri­enced stiff com­pe­ti­tion between Ethereum and the flag­ship cryp­to, Bit­coin, over the NFT mar­ket dom­i­nance. Recent­ly, Bit­coin ordi­nals have gained trac­tion, dethron­ing Solana NFTs and becom­ing the sec­ond most trad­ed NFTs.

Bit­coin Ordi­nal found its way to the NFT mar­ket ear­li­er this year after Bit­coin devel­op­er Casey Rodar­mor inscribed the non-fun­gi­ble tokens using Satoshi Ordi­nal the­o­ry. Since then, Bit­coin has gained mas­sive adop­tion, with more than 9 mil­lion Ordi­nals inscribed.

Bit­coin NFTs now aim to out­per­form the dom­i­nant Ethereum NFTs after suc­cess­ful­ly gang­ing down Solana NFTs. In the past sev­en days, Bit­coin NFTs have record­ed a trad­ing sales vol­ume of $22 mil­lion, ral­ly­ing below Ethereum, which has attract­ed $88 mil­lion. Bit­coin NFTs have seen a sharp drop of 47% this week.

Solana NFTs appear to be crawl­ing back after suf­fer­ing a big blow the past week. In the past sev­en days, Solana has pumped 47% on its trad­ing sales vol­ume to $12 mil­lion, aim­ing to reclaim its mar­ket dom­i­nance. The new Mythos Chain takes fourth place this week after amass­ing a trad­ing vol­ume of $7 million.

Ethereum Accounts For $117M In NFT Wash Trades

Ethereum has con­tin­ued to suf­fer a bad rep­u­ta­tion this week due to its rapid rise in NFT wash trades. NFT wash trad­ing hap­pens when buy­ers and sell­ers in an NFT trans­ac­tion are the same per­son. The shad­owy prac­tice is pro­hib­it­ed in most con­ven­tion­al finan­cial mar­kets because it’s often used to manip­u­late mar­kets and cre­ate a false sense of high demand.

In most cas­es, some traders may try to manip­u­late the prices of cer­tain NFTs to make them appear more valu­able. Ethereum has account­ed for more than $117 mil­lion of wash trad­ing in the past sev­en days, rep­re­sent­ing 57% of its total sales vol­ume. Bit­coin has also account­ed for $2 mil­lion of the NFT wash trad­ing. Bit­coin NFT wash trad­ing has pumped 24,576% dur­ing this period.

LookRare, a dig­i­tal mar­ket plat­form for Ethereum non-fun­gi­ble tokens, has dom­i­nat­ed the high­est num­ber of NFT wash trad­ing this week. The NFT mar­ket­place has account­ed for 96% of the NFT wash trad­ing. X2Y2 NFT mar­ket plat­form has also record­ed notable NFT wash trading.

Top NFTs In Sales Volume In The Past 7 Days

Top NFTs This Week

Top Five NFTs: Source: CryptoSlam.io

1. DMarket NFTs

DMar­ket is a non-fun­gi­ble token col­lec­tion host­ed on the Mythos Chain net­work. The NFT col­lec­tion has emerged as the top-sell­ing this week, amass­ing a sale of $7 mil­lion in the past sev­en days. Nonethe­less, these NFTs dropped by 9.8 % in sales from last week.

2. Bored Ape Yacht Club NFTs

Bored Ape Yacht Club, an NFT col­lec­tion from dig­i­tal asset incu­ba­tion stu­dio Yuga Labs fea­tur­ing a lim­it­ed edi­tion of 10,000 NFTs, has made waves this week. The NFT col­lec­tion has record­ed $6.4 mil­lion in trad­ing sale vol­ume in the past 24 hours. It has dropped 18% in sales from last week.

3. Gods Unchained NFTs

Gods Unchained are non-fun­gi­ble token trad­ing cards owned by play­ers on the Ethereum net­work. They can be trad­ed on NFT mar­ket­places or used to earn mean­ing­ful cur­ren­cies and dig­i­tal items. These NFTs are used in Gods Unchained, a strate­gic, skill-based trad­ing card game. In the past sev­en days, Gods Unchained NFTs have raised more than $4 mil­lion in sales volume.

4. Mutant Ape Yacht Club NFTs

Mutant Ape Yacht Club, anoth­er non-fun­gi­ble token from Yuga Labs, takes the fourth posi­tion in sale vol­ume this week. The NFT col­lec­tion, which fea­tures a fixed set of 20,000 NFTs, has record­ed a sale vol­ume of $4.5 mil­lion in the past sev­en days. The NFT col­lec­tion has plunged by 15% from last week.

5. $OXBT BRC-20 NFTs

$OXBT BRC-20, an NFT col­lec­tion host­ed on the Bit­coin net­work using token stan­dard­iza­tion func­tion­al­i­ty sim­i­lar to Ethereum ERC-20, has shown excep­tion­al per­for­mance this week in terms of sales vol­ume, emerg­ing among the top five NFT col­lec­tions. The sales vol­ume of $OXBT BRC-20 NFTs has exceed­ed $3 mil­lion, with around 15,277 trans­ac­tions con­tribut­ing to this remark­able fig­ure in the past sev­en days.

Over the past sev­en days, $OXBT BRC-20 NFTs were among the most expen­sive NFTs, with two col­lec­tions sell­ing for $684,505 and $339,437 two days ago. The third and fourth most expen­sive NFT col­lec­tions were Cryp­toP­unks #4680 and Cryp­toP­unks #6106, which sold for $322,622 and $299,870 four days ago.

The State Of NFTs This Week – Top News

1. Binance Rolled Out Its NFT Loans

Ear­li­er this week, Binance NFT mar­ket­place launched a non-fun­gi­ble token (NFT) loan fea­ture allow­ing dig­i­tal asset hold­ers can secure ETH loans by using their NFTs as col­lat­er­al. The new ser­vice, called Binance NFT Loan, “gave peo­ple a chance to use blue-chip NFTs to bor­row cryp­to, start­ing with ETH. Blur NFT mar­ket­place launched a sim­i­lar NFT fea­ture, “Blend,” ear­li­er this month.

2. Bitcoin Ordinals Hit 9 Million Inscription Mark

Bit­coin Ordi­nals struck the break­ing news board in the NFT news desk this week after sur­pass­ing the 9 mil­lion inscrip­tion mark. Ordi­nal is a pro­to­col for “inscrib­ing” things like art­work, pro­file pic­tures, and even appli­ca­tions and playable games on the Bit­coin blockchain. These NFTs came into the spot­light ear­li­er this year and have since gained main­stream adoption.

3. Legacy NFT Project, Wall St Bulls Launched New NFTs

The leg­endary cryp­to com­mu­ni­ty, Wall St Bulls, cre­at­ed a short fren­zy this week in the meme coin and the non-fun­gi­ble token space after launch­ing their high­ly antic­i­pat­ed NFT col­lec­tion. The Wall St Bull became famous in NFT his­to­ry after launch­ing an NFT col­lec­tion in 2021, which sold out for a record-break­ing 32 minutes.

On Fri­day, the Wall St Bulls launched its pre­sale, rais­ing over $120,000 in just hours. The Wall St Bulls is a vast Insta­gram com­mu­ni­ty with over half a mil­lion fol­low­ers. There­fore the $WSM pre­sale is sell­ing out more rapid­ly than expect­ed. The Walls St Bulls has already raised over $600,000 from its “$WSM” meme token presale.

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