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. 

According to CryptoSlam, 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

Ethereum (ETH) was once again the most active blockchain for NFT sales, 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, Bitcoin was 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

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.

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.