Written by 8:14 am Featured, Features, Fintech/Cryptocurrency Views: 34

NFT Sales See Significant Dip as Bitcoin Maintains Market Lead

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The non-fungible token (NFT) market experienced a notable cooldown over the past week, with total sales declining by over 25% to around $237 million for the seven-day period ending April 21, 2024. Despite the overall downturn, Bitcoin continued to dominate the NFT landscape, contributing $111.8 million to the total sales figure.

The slump affected most of the top blockchain platforms for NFT transactions. While Bitcoin retained its number one position, its sales fell by 35.63% compared to the previous week. Ethereum, the second largest NFT market, saw a 20.38% decrease in sales to $49.58 million. Solana’s sales dropped by 17.13% to $34.82 million. Polygon was the only gainer among the top platforms, with a 33.21% increase bringing in $15.4 million.

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The leading NFT collection was Bitcoin’s Uncategorized Ordinals, which generated $32.89 million in sales, although this represented a 42.26% decline from the prior week. The WZRD BRC20 collection on Bitcoin came in second with $21.05 million in sales, surging by over 160%.

While the overall market cooled, standout sales persisted. The most expensive NFT sold was a BTC-based NFT from the PUPS BRC20 collection, fetching $317,718. An Ethereum-based CryptoPunk #4,473 was the second priciest at $231,801.

As the NFT space navigates market fluctuations, this week’s dip underscores the volatility but continued interest in the emerging technology and digital collectibles. Innovative projects and high-value sales indicate a persistent allure, even as adoption and engagement levels ebb and flow.

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