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The non-fungible token market has yet to recover from the recent crash that saw many of the NFT floor prices fall by more than 70% of their value. However, the dump on the NFT market now seems to be easing, and the NFT market is showing positive signs of a partial recovery in the coming weeks. In this article, we will look at the performance and events in the NFT market over the past seven days.
NFT sales down 13% this week
Data collected by CryptoSlam.io, an on-chain data aggregator, shows that the NFT market has experienced a slight pullback over the past seven days, with trade sales volume reaching $83 million. This trade sales figure is down 13% in the past week. Nevertheless, the market has seen some acceptance this week, with the number of NFT buyers up 21% from last week.
Source: CryptoSlam.io, NFT sales last 7 days
Non-fungible tokens hosted on Ethereum, the largest blockchain for NFTs, were the most traded NFT collection this week. In the past seven days, the NFT collection has registered a sales volume of $49 million, which represents a 17% decrease from the past week.
Solana-based NFTs are the second most traded NFTs, with a trade sales volume of $6.7 million. Unfortunately, Solana NFT sales volume this week is down 23% from the previous week. Polygon NFTs have followed this trend and recorded trading sales volume of $5.8 million.
Source: CryptoSlam.io, Blockchain NFT Sale
Digital collectibles hosting Mythos Chain, an authorized EVM blockchain and gaming ecosystem operating on the MYTH utility token, are the fourth most traded NFT collections this week, with a trade sales volume of $5.7 million. Mythos Chain-based NFTs are down 3% in revenue over the past week.
Immutable X-based NFTs ranked fifth among most NFT collections this week, with trading sales volume of $4.5 million. Non-fungible tokens hosted by BNB Chain, the decentralized network created by crypto exchange Binance, are the sixth most traded NFTs this week. Immutable X and BNB Chain NFTs pumped 19% and 7% in revenue this week.
It is worth noting that Bitcoin is back in action after a deep sleep over the past few weeks. Over the past seven days, Bitcoin ranks have recorded a trade sales volume of $2.5 million, representing an 18% spike from last week. Bitcoin ordinal is expected to regain its market dominance after the declining Solana NFTs.
Source: CryptoSlam.io, Bitcoin rankings sales last 7 days
In terms of wash trading, the Ethereum network recorded the highest number of wash trades this week. In the past seven days, the Ethereum network has recorded trading sales volume of $23 million, followed by Solana with $75,256 and the Polygon chain with $6.5 million.
According to the description, wash trading is a form of market manipulation where NFT collectors simultaneously sell and buy the same financial instruments or NFTs, creating a false impression of market activity without incurring market risk or changing the entity’s market position. Washtrading is considered illegal in most jurisdictions around the world.
Five best-selling NFTs this week
Source: CryptoSlam.io, top selling NFTs last 7 days
1. Bored Ape Yacht Club NFTs
Bored Ape Yacht Club, an NFT collection from popular digital asset incubation studio Yuga Labs, was the most traded NFT collection this week. In the past seven days, the Bored Ape Yacht Club has recorded trading volume of $6.2 million. Nevertheless, sales of the NFT collection this week are down 34% compared to last week.
2. DMarket NFTs
DMarket is an NFT collection of the DMarket virtual item market platform hosted on Mythos Chain. In the past seven days, DMarket was the second most traded NFT collection, with a sales volume of $5.5 million. DMarket NFTs are down 5% in sales over the past week.
3. Sorare NFTs
Sorare is an NFT collection of Sorare, a crypto-based fantasy sports video game hosted on the Ethereum network. In the past seven days, Sorare was the third most traded NFT collection, with a trade sales volume of 3.8 million. Sorare NFTs generated 8% more sales this week than last week.
4. God’s Unchained NFTs
Gods Unchained is an NFT collection of the digital trading card game Gods Unchained hosted on the Immutable X network. Gods Unchained is the fourth most traded NFT collection in the last seven days, with a trade sales volume of $2.7 million. This NFT collection has reached 67% sales this week.
5. CryptoPunks NFTs
CryptoPunks, an NFT collection formerly owned by digital asset firm Larva Labs but now owned by Bored Ape Creator Yuga Labs, is the fifth best-traded NFT collection this week. In the past seven days, the NFT Collection has recorded a trade sales volume of $2.6 million. The CryptoPunks NFT Collection posted a 21% increase in revenue this week.
Bored Ape Yacht Club No. 7485 was the most expensive NFT collection, selling for $172,923 five days ago. Bored Ape Yacht Club #8295 was the second most expensive NFT collection, selling for $143,627 seven days ago. CryptoPunks #616 was the third most expensive NFT collection, selling for $128,371 five days ago.
Top NFT New this week
1. Airline Behemoth Lufthansa launched NFTs
Lufthansa, one of the largest airline groups in Europe, has announced the launch of its non-fungible token (NFT) loyalty program on the Polygon Network. The NFT Loyalty Program allows passengers to convert their trips into NFTs that unlock rewards such as miles and business lounge vouchers. Lufthansa’s adoption of the NFT shows that many institutions are still optimistic about NFTs, despite the decline of recent weeks.
2. Impact theory charged for selling unregistered NFTs
Earlier this week, the U.S. Securities and Exchange Commission sued Impact Theory, a California-based media company, for offering unregistered digital collectibles sometime in 2021. U.S. regulators have ordered a Los Angeles-based company to compensate investors the NFTs have purchased.
BREAKING: SEC GETS LA-BASED “MEDIA AND ENTERTAINMENT CO. IMPACT THEORY” FOR UNREGISTERED NFTS PROVIDING pic.twitter.com/3LMcYIh6nc
— DEGEN NEWS ????️ (@DegenerateNews) August 28, 2023
3. Presales of Wall Street memes bring in more than $25 million
Wall Street Memes is another non-fungible token-related project making headlines this week after raising more than $25 million from the pre-sale of crypto tokens “$WSM”. The crypto project was launched in June by the legendary crypto community Wall Street Memes. This crypto group came to the limelight in 2021 after launching an NFT collection, ‘Wall St Bulls’, which sold for a record time of 32 minutes. The same crypto group also recently launched an ordinal collection of “Wall St Bulls,” which is gaining traction among investors.
Related NFT news:
Wall Street Memes – Next Big Crypto
- Early access presale now live
- Established community of stock and crypto traders
- Featured on BeInCrypto, Bitcoinist, Yahoo Finance
- Rated as the best crypto to buy right now in the meme coin sector
- Team behind OpenSea NFT Collection – Wall St Bulls
- Tweets answered by Elon Musk
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