The NFT market continues to decline, with sales down 12% last week.
Recall sales fell 16% over the previous week.
according to CryptoSlamsales over the past seven days totaled just under $100 million and involved more than $785,000 buyers and sellers in 1.4 million transactions.
Ethereum leads the pack
Ethereum (ETH) was once again the most active blockchain in NFT sales, leading the pack with $38.4 million worth of transactions.
Notably, Ethereum saw a spike in wash trades last week, with funds earned from the activity rising nearly 9.5% to $37.69 million.
Polygon (MATIC) was one of the biggest winners last week. Sales jumped 11.2%, surpassing Bitcoin (BTC) and taking second place.
Interestingly, trading on the platform continued to rise. Over the previous week, Polygon recorded a 37.58% increase in wash trades. Last week, it rose 46% to $14.9 million, nearly double the amount previously recorded.
After falling to third place in terms of sales volume, Bitcoin was one of the biggest losers this week. Its 40% sales decline was better than Fantom (FTM) and the explosion (Explosionwhich recorded declines of 87% and 74%, respectively.
Wash trading on the platform also rose by almost 200%, although the $63,072 generated by this activity is almost insignificant compared to Ethereum and Polygon.
Solana (SOL) maintained its position as #4 in terms of sales volume during the week; However, the network that took fifth place last week, Immutable (IMX), was forced to drop to sixth place after Mythos Chain (myth) surpassed it with sales of approximately $4.5 million.
Notable performances came from the likes of Zora, BNB Chain and Panini. Sales volume on Zora rose more than 50%, while Panini, which is home to NFT sports trading cards, posted a 22% jump to earn $135,000.
Leading NFT collection
![NFT sales are down 12% as Ethereum dominates and Polygon - 2 rises](https://investorempires.com/wp-content/uploads/2024/06/1719154104_947_NFT-sales-drop-12-as-Ethereum-dominates-Polygon-surges.png)
Among the NFT collections, with the exception of Mythos’ DMarket, not all NFT collections that topped the sales chart in the previous week were seen. Instead, CryptoPunks made a comeback, recording a massive 155% jump in sales volume to bring in $5.26 million and become the best-selling NFT collection of the week.
Next was the aforementioned DMarket, which, despite a 9.21% drop in sales, still managed to earn up to $4 million.
Bored Ape Yacht Club (BAYC), another popular NFT pool built on Ethereum, managed to take third place after completing 113 transactions that generated nearly $3.5 million. The amount was impressive because it represented a growth of 73.66% compared to the previous week’s sales.
Other groups that performed well over the past week were Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection, which earned $3.69 million and $2.43 million, respectively.
This week’s best-selling NFTs
In terms of individual coins, the most expensive NFT this week came from Ethereum. However, its price of $204,066 pales in comparison to the previous week’s winner, which traded for $587,194.
In second place was Bitcoin Ordinal which sold for $113,465, just $2,548 more than Mad Lads #4575 from Solana, which came in third.
With two major international football tournaments taking place in Europe and the Americas, sales of fan tokens have skyrocketed in the past week.
![NFT sales are down 12% as Ethereum dominates and Polygon - 3 rises](https://investorempires.com/wp-content/uploads/2024/06/1719154104_949_NFT-sales-drop-12-as-Ethereum-dominates-Polygon-surges.png)
As can be seen from the table above, the Galatasaray Fan Token (GAL) recorded the highest sales volume, jumping by a staggering 70,149% to reach $280.5 million when Turkey defeated Georgia in its first match of the UEFA Euro 2024.
The price of the token also increased by 2,542% and is currently priced at $2.87 per unit. Sales of tokens for fans of FC Barcelona, Paris Saint-Germain and Juventus also increased by between 22,903% and 8,670% as Spain, France and Italy successfully began their UEFA Euro 2024 campaigns.