Weekly NFT sales hit $109m: Ethereum, Polygon lead charge despite decline in buyers

The non-fungible token, or NFT, market saw a 7.68% boost in sales volume this week, hitting $109 million, with notable activity on Ethereum (ETH) and Polygon (MATIC) blockchains.

However, this uptick came against a backdrop of massively declining numbers of NFT buyers and sellers, which plunged by 68.00% and 67.78%, respectively.

Interestingly, even as the number of market participants went down, NFT transactions witnessed a substantial increase, skyrocketing by nearly 21% to reach 2,435,539 trades, according to data from CryptoSlam.

Heres a comprehensive look at the key events and trends that shaped the NFT landscape over the past seven days.

Ethereum, Polygon lead charge

Blockchains by weekly NFT sales volume | Source: CryptoSlam

Among the blockchains, Ethereum maintained its position as the leading blockchain for NFT sales, generating $32,711,790 despite the prevalence of wash trading.

However, the battle to occupy the second spot heated up over the week. Polygon overtook Bitcoin (BTC) and Solana (SOL) after seeing a 90% rally in its NFT trading volume.

Data shows that Polygons weekly NFT sales surpassed the $24 million mark, with an additional $3.1 million coming from wash trading.

What is worth noting is that Polygons improved showing came even as the number of NFT buyers on the blockchain dropped by a massive 78.98%.

Solana, Bitcoin drop

Third was Solana, which sold digital collectibles worth $22.7 million. This figure is a 2% drop from what the network raked in the previous week.

However, Solana‘s wash trading figures went up by more than 32%, translating into a slight 0.37% improvement in the chain’s total NFT sales numbers.

Additionally, despite a 70% plunge, Solana had the highest number of unique buyers among the top 5 blockchains at 88,090.

Traditionally known for its store-of-value proposition, Bitcoin continued to fight for relevance in the NFT space.

The network earned about $15.1 million in NFT sales over the week, a nearly 5% drop from the previous weeks figures. This saw Bitcoin drop further to the #4 spot in terms of weekly sales volume.

However, it was still miles better than the fifth-placed blockchain, Mythos (MYTH), which registered sales worth $4.16 million.

You might also like:

TRUMP, STRUMP, MAGA, MVP: How meme coins reacted after shooting at Ex-Presidents rally

Top NFT collections: DMarket, DogeZuki shine

NFT collection rankings by weekly sales volume | Source: CryptoSlam

The DMarket collection on Mythos topped the charts this week among NFT collections, generating $3,915,145 in sales across 166,053 transactions.

While this performance marks a 3.83% drop from the previous weeks numbers, it still underscores the increasing appeal of Mythos Chain as a platform for NFT trading.

The DogeZuki Collection on Solana also made waves, raking $3,038,960 from 71,566 transactions. Market watchers suggest the collection‘s popularity could highlight Solana’s capability to attract high-profile projects and maintain high buyer engagement.

Other notable collections included Base Ape Polygon, which recorded $2,809,791 in sales, and Froganas, also on Solana, with $2,759,532.

However, the biggest jump of the week came from another Solana collection dubbed “Send it,” with sales skyrocketing by 1752.43% to $2,723,251.

High-profile NFT sales

This week also saw several high-value NFT sales that grabbed headlines:

• TokenVestingPlans #582 on Ethereum sold for $360,611.
• Bitcoin Punks Punk #3100 sold for $115,430.
• gUSDC Locked Deposit #205 on Arbitrum (ARB) sold for $88,908.
• DeezNode #045 on Solana sold for $75,548.

Additionally, fan tokens, which are a growing frontier in NFTs, also made a significant impact this week, particularly on the Chiliz (CHZ) blockchain:

• Galatasarays fan token sales skyrocketed 70,149% to $280,537,908.
• FC Barcelona had a sales volume of $50,162,146.
• Paris Saint-Germain registered a sales volume of $46,709,324.