The Non-Fungible Tokens (NFTs) market is facing a downturn, with sales dropping by over 13% this week.
This decline is part of a broader trend over the past month, contrasting with the impressive growth seen in other sectors. For instance, crypto trading volume hit a record high in March, surging by 108% to reach $2.94 trillion in spot trading volume.
Crypto Exchanges Surge in Price Amidst NFT Sales Decline
The NFT market saw a decline of 13.72% in sales for the fourth consecutive week. While centralized crypto exchanges enjoyed a record-high trading volume of over $2 trillion in March, driven by Bitcoin’s bullish surge, NFT marketplaces struggled with weekly declines.
Despite the overall market boom, leading blockchains like Bitcoin and Ethereum experienced downturns in Non-Fungible Tokens sales, with Bitcoin-based NFT sales dropping by 18%. Ethereum, Solana, Mythos, and Polygon also faced declines in sales by 12.70%, 4.36%, and 19.7%, respectively. The crypto trading volume reached an all-time high (ATH) in March, with spot trading volume rising by 108% to $2.94 trillion.
It is worth noting that Bitcoin-based NFT sales fell by 17.99% last week, even though they reached over $66 million in seven days. Ethereum sales totaled $63.98 million for the week, dropping by 8.89%.
However, amidst the downturn, top Non-Fungible Tokens collections such as Uncategorized Ordinals and Bored Ape Yacht Club (BAYC) managed to maintain significant sales. In addition, Bitcoin ETFs saw impressive growth, surpassing $12.6 billion in total net inflows, with BlackRock’s IBIT leading with $14.77 billion.
