NFT Gross sales Decline for the Sixth Consecutive Week Amidst Rising Crypto Market

The non-fungible token (NFT) market has witnessed a paradoxical pattern over the previous week. Regardless of the general progress within the cryptocurrency market, NFT gross sales have skilled a decline for the sixth consecutive week.

This week’s NFT gross sales amounted to $72.76 million, marking a lower of 9.91% from the earlier week. This decline is available in distinction to the rising crypto costs, which have been on an upward trajectory.

Curiously, whereas the gross sales quantity has decreased, the variety of NFT consumers and sellers has seen a major improve. The variety of NFT consumers surged by 17.77%, reaching a complete of 569,407. Equally, the variety of NFT sellers additionally witnessed a progress of 15.82%, totaling 714,889 previously week.

A better take a look at the info reveals that Ethereum ETH 0.70% continues to dominate the NFT market. Ethereum-based NFT gross sales accounted for a whopping 51.22% of the overall NFT transactions this week, with gross sales reaching $37.27 million. Nonetheless, it’s price noting that even inside the Ethereum ecosystem, NFT gross sales have seen a slight dip, reducing by 1.16% in comparison with the earlier week.

Following Ethereum, Mythos NFT secured the second spot with gross sales amounting to $7.83 million, marking a considerable improve of 13.12% from the earlier week. Polygon MATIC -2.79% and Solana SOL 2.05% took the third and fourth spots with gross sales of $7.12 million and $5.86 million, respectively. Immutable X rounded off the highest 5 with gross sales reaching $5.47 million.

When it comes to particular person NFT collections, Mythos’ subsidiary, Dmarket, emerged as the highest performer this week, recording gross sales of $7.76 million. Immutable X’s assortment, “Gods Unchained,” adopted intently, securing the second spot with revenues amounting to $5.22 million.

Aside from the gross sales figures, the NFT area has additionally witnessed different vital developments. For example, PayPal, the NASDAQ-listed monetary providers firm, has expressed its curiosity within the NFT area.

The corporate lately filed a patent with the US Patent and Trademark Workplace (USPTO) indicating its intention to develop a state-of-the-art NFT market.

This platform goals to facilitate the shopping for and promoting of digital collectibles, together with photographs, movies, music, occasion tickets, and extra. The proposed NFT market by PayPal additionally plans to help fractionalization, permitting customers to personal elements of a digital collectible, thereby enhancing the liquidity of digital property.