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
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.
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.