NFT market slumps 50%, Pudgy Penguins lead market downturn

The non-fungible token market has seen a major downturn as Bitcoin declined 4% over the past week to $94,000 and Ethereum retreated to $3,300.

According to the latest data from CryptoSlam, the NFT market has seen a substantial correction: total sales volume plummeted 49.77% this past week to $152.7 million.

Despite the sharp decline in trading volume, market participation metrics show continued interest from new and existing traders.

• NFT buyers have increased by 50.97% to 531,208 
• NFT sellers have grown by 47.14% to 308,666 
• NFT transactions have decreased by 13.26% to 1,477,340 
• NFT sales has dropped from last week’s $302.2 million in total sales

Ethereum, Bitcoin see sharp declines

The Ethereum (ETH) NFT blockchain has seen its sales fall 62% to $75.3 million. Despite the volume decline, the network has seen 63,054 buyers, which is a 42.91% increase. Wash trading has also decreased significantly by 80.04% to $21.6 million.

The Bitcoin (BTC) NFT ecosystem follows a similar pattern with a 30% decrease in sales to $28.0 million. However, the network shows strong user growth with 59,311 buyers, marking a 52.13% increase from the previous period.

Solana (SOL) maintained its third position despite a 58.71% decline to $13.9 million in sales. The network continues to show strong user engagement with 180,111 buyers, which is a 68.43% increase.

Mythos Chain and ImmutableX (IMX) have shown resilience, with Mythos Chain posting a modest 4.38% increase to $11.4 million and Immutable growing by 15.93% to $8.1 million in sales.

Pudgy Penguins lead market decline

Pudgy Penguins has seen a major reversal, with sales plummeting 76.65% to $12.6 million. The project has experienced decreases across all metrics, with transactions down 71.82% and buyer participation falling 69.92%.

Azuki jumped to second place with $9.3 million in sales, despite a 41.94% decrease. BRC-20 NFTs fell to third position with $6.5 million in sales, showing a 30.68% decline.

DMarket and Guild of Guardians Heroes complete the top five, with DMarket showing growth of 8.96% and Guild of Guardians Heroes increasing by 22.23%.

Notable individual sales this week include:

• Azuki #3535 sold for $427,000 (125 ETH)
• CryptoPunks #6797 sold for $159,792 (49 ETH)
• CryptoPunks #3017 sold for $156,815 (47 ETH)
• CryptoPunks #704 sold for $156,488 (46 ETH)
• CryptoPunks #5792 sold for $155,949 (45.9849 ETH)

Global cryptocurrency market capitalization has declined to $3.29 trillion from $3.41 trillion last week, highlighting a prevailing bearish trend across the market.