The non-fungible token (NFT) market has witnessed a paradoxical trend over the past week. Despite the overall growth in the cryptocurrency market, NFT sales have experienced a decline for the sixth consecutive week.
This week’s NFT sales amounted to $72.76 million, marking a decrease of 9.91% from the previous week. This decline comes in contrast to the rising crypto prices, which have been on an upward trajectory.
Interestingly, while the sales volume has decreased, the number of NFT buyers and sellers has seen a significant increase. The number of NFT buyers surged by 17.77%, reaching a total of 569,407. Similarly, the number of NFT sellers also witnessed a growth of 15.82%, totaling 714,889 in the past week.
A closer look at the data reveals that Ethereumcontinues to dominate the NFT market. Ethereum-based NFT sales accounted for a whopping 51.22% of the total NFT transactions this week, with sales reaching $37.27 million. However, it’s worth noting that even within the Ethereum ecosystem, NFT sales have seen a slight dip, decreasing by 1.16% compared to the previous week.
Following Ethereum, Mythos NFT secured the second spot with sales amounting to $7.83 million, marking a substantial increase of 13.12% from the previous week. Polygonand Solana took the third and fourth spots with sales of $7.12 million and $5.86 million, respectively. Immutable X rounded off the top five with sales reaching $5.47 million.
In terms of individual NFT collections, Mythos’ subsidiary, Dmarket, emerged as the top performer this week, recording sales of $7.76 million. Immutable X’s collection, “Gods Unchained,” followed closely, securing the second spot with revenues amounting to $5.22 million.
Apart from the sales figures, the NFT space has also witnessed other significant developments. For instance, PayPal, the NASDAQ-listed financial services company, has expressed its interest in the NFT domain.
The company recently filed a patent with the United States Patent and Trademark Office (USPTO) indicating its intention to develop a state-of-the-art NFT marketplace.
This platform aims to facilitate the buying and selling of digital collectibles, including images, videos, music, event tickets, and more. The proposed NFT marketplace by PayPal also plans to support fractionalization, allowing users to own parts of a digital collectible, thereby enhancing the liquidity of digital assets.