Over the past seven days, the non-fungible token (NFT) market has seen sales reach $145 million, reflecting a decline of more than 9% from the previous week.
This contraction continues the trend of declining sales over recent weeks, with four out of five blockchains by sales volume seeing a decline during this period.
Last week, as reported by crypto.news, sales of digital collectibles fell by more than 11%, and this week they fell by another 9.68%, totaling $145.01 million, according to data from CryptoSlam.
Bitcoin leads the pack
As we have seen in previous weeks, Bitcoin (BTC) has continued to lead weekly NFT sales, always staying ahead of major competitors Ethereum (ETH) and Solana (SOL).
Last week, the Bitcoin network had the largest NFT sales volume among blockchains, raising about $44.1 million, according to CryptoSlam.
However, despite the impressive numbers, they still represent an 11% decline from the previous week.
Ethereum followed with sales of $38.4 million, down 1.59%. Interestingly, the blockchain has also recorded about $34.2 million in wash trading, a practice in which the buyers and sellers in a transaction are either the same person or individuals who conspire to create the impression of high demand for a particular NFT.
If the actual trading numbers are combined with the trading numbers on Ethereum, the network will have the highest NFT sales volume for the week at over $72 million.
Blast came in third in terms of NFT sales, a new entrant into the top five, with $15.943 million, marking a decline of 8.48%.
In fourth place came Solana, which recorded sales of $14.26 million over the past seven days. This figure represents a sharp decline of 44.73% from the previous week, a percentage loss bested only by Arbitrum (ARB), Tezos (XTZ), and Fantom (FTM), whose sales volumes decreased by 51.71%, 62.09%, and 69.21%, respectively.
In fifth place, Polygon (MATIC) bucked the negative trend with sales of $12.14 million, representing a 20.37% increase from the previous week.
Uncategorized Ordinals records the highest weekly sales volume
Among NFT collections, Uncategorized Ordinals continued to lead in sales volume, with sales of $16.4 million, despite a weekly decline of 26.73%. The Blast's Fantasy Top came in second place with $15.93 million.
Mythos Dmarket came in third with $5.58 million, followed by Bitcoin affiliate Nodemonkes with $4.74 million. Immutable-Zk's Guild of Guardians overtook Core's BRC20s to take fifth place with sales of nearly $4.4 million.
CryptoPunk NFT fetches $792,000
The most expensive NFT sale of the week was Cryptopunk #741, which brought in a whopping $792,046. Interestingly, the ordinal engraving had the second highest price at $681,497.
Other notable sales included Cardano's Earthnode #184, which brought in $56,026, Solana's PepperMints NFT, which brought in $40,384, and the Blast Chain NFT, which sold for just under $40,000.
Overall, there was a significant increase in the number of buyers and sellers. According to CryptoSlam, the number of NFT buyers last week increased by more than 166%, while the number of NFT sellers increased by 139%. However, the 1,583,262 NFT transactions represented a decrease of 27.58 from the previous week.
Meanwhile, Italian fashion designer Dolce & Gabbana and digital asset platform UNXD are facing a class action lawsuit after alleged delays in the delivery of NFT products, according to to Bloomberg.
The value of the company's digital assets fell by 97%.