NFT Sales Volume Drops 5th Week In A Row

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.

Weekly NFT Sales Volume – CryptoSlam

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.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.