After a massive spike in February, sales of non-fungible tokens (NFTs) have experienced a sharp drop over the past seven days. According to cryptoslam.io, NFT sales totaled $186.2 million among 760,857 buyers, with Ethereum ETH 0.17% accounting for $148.56 million, or 79.78% of total sales. However, sales fell by 32.32%, and NFT transaction volume fell by 91% from the previous week.
Ethereum Dominates NFT Market Despite Slumping Sales
Ethereum continues to dominate the NFT market, despite a 37.78% drop in sales compared to the previous week. Solana SOL -2.18% (SOL) NFT sales rose 12.93% for the week to $17 million, and Polygon MATIC -1.88% saw sales of just over $6 million, down 17.34% from the previous week.
The top five selling NFT series this week were all based on Ethereum, with MG Land being the best-selling series, generating over $10 million in sales, a 25.49% increase from last week. Momoguro Holoself came in second with $8,848,317 in sales, followed by Sewer Pass with $7,268,598 in sales over the past seven days. NFT series Bored Ape Yacht Club and Otherdeed follow MG Land, Momoguro Holoself and Sewer Pass.
Serial number inscription into the top 10 favorites
Bitcoin BTC -0.48%-based NFTs, also known as ordinal inscriptions, have made their way into market data this week via Emblem Vault. Data from cryptoslam.io reveals that Emblem Vault Fourth Edition (v4) is a collection containing a large number of serialized inscriptions, including collections made by Bitcoin Punk and Counterparty, such as the Rare Pepe blockchain trading cards. Emblem Vault v4 was the eighth best-selling series of the week, up 287% from last week to $4.25 million.
Sewer Pass #21,915 sold for $1.63M
The most expensive NFT sold this week was Sewer Pass #21,915, which sold for $1.63 million six days ago. NFT featuring characters from the waterways below, created by artist KAIKAI KIKI. The sale marks the highest sale for the Sewer Pass collection to date.
Blur and Opensea Dominate the NFT Market
In terms of the NFT market, Blur continued to be the number one market this week, capturing 79.7% of the market share. NFT marketplace Opensea captured 14.9% of the market last week. Thirty-day metrics show that more than $2 billion in NFTs have been sold, with Blur capturing 74.5% of the market and Opensea gaining 22.4%. X2Y2 has a market share of about 2.5%, and the marketplace Looksrare had a market share of 0.7% last month.
