During a week where the cryptocurrency market saw a decline the non token (NFT) sector also faced reduced sales. From March 9, to March 16 2024 NFT sales dropped to $358,080,260 marking a decrease of 16.55% compared to the week. This decline in NFT transactions was in line with the challenges seen in the cryptocurrency market.
Throughout that week there was a drop in NFT sales on major blockchain platforms. Data from cryptoslam.io showed that Ethereum ETH -0.43% experienced the decrease with NFT sales falling by 20.98% to $129 million. Similarly Bitcoins NFT sales declined by 20.44% reaching over $124 million.
Other platforms like Solana SOL -5.15% also saw a decrease in sales by around 5% totaling $61.68 million for the week. Polygon MATIC -2.54% and BNB Chain were among the five platforms based on NFT sales volume. Specific details about their sales declines were not provided.
Despite the slowdown in sales there were still some developments, in the NFT market during that period.
The “Uncategorized Ordinals” collection emerged as the NFT collection of the week raking in $57 million, in sales marking a 43% increase from the week. Following behind was the “Bored Ape Yacht Club” (BAYC) collection with sales surpassing $13 million showing a 14% rise.
Other noteworthy collections like Peplicator, Nodemonkes and Mad Lads also stood out as performers in terms of sales. The priciest NFT sold during this period was “Frxethredemptionticket #158 ” fetching $842K while an ORDI NFT clinched the sale at $493K on March 15.
Despite a dip in sales figures there was a surge in buyer interest within the NFT market with the number of purchasers hitting 370,111. Marking a 245% increase from the previous week. This uptick in buyer activity highlights the escalating fascination with NFTs despite market fluctuations. Notable sales were also seen on blockchains like Ronin, BNB and Solana showcasing interest across different platforms.
This weeks market dynamics present a nuanced view of the NFT sector where despite declines in sales volumes there is still strong and growing interest, among collectors and investors.
The information shows how closely linked the NFT and cryptocurrency markets are, with movements, in one reflecting or impacting the other.