The non-fungible token market has yet to recover from the recent crash that left many of its NFTs floor prices plunging more than 70% of their value. However, the NFT market dump appears now easing, and the NFT market shows positive signs of partial recovery in the coming weeks. In this article, we will look at the NFT market performance and happenings in the past seven days.
NFT Sales Fall 13% This Week
Data compiled by CryptoSlam.io, an on-chain data aggregator, shows that the NFT market has experienced a slight downturn in the last seven days, recording a trading sales volume of $83 million. This trading sales figure has fallen 13% from the past week. Nonetheless, the market has seen some adoption this week, with the number of NFT buyers pumping up 21% from last week.
Source: CryptoSlam.io, NFT sales past 7 days
Non-fungible tokens hosted on Ethereum, the largest blockchain for NFTs, have been the most traded NFT collection this week. In the past seven days, the NFT collection has recorded a sales volume of $49 million, representing a 17% drop from the past week.
Solana-based NFTs have been the second most traded NFTs, recording a trading sales volume of $6.7 million. Unfortunately, Solana NFTs have dropped 23% in sales volume this week from the previous week. Polygon NFTs have followed the streak, recording a trading sales volume of $5.8 million.
Source: CryptoSlam.io, NFT sales by blockchains
Digital collectibles hosted Mythos Chain, a permissioned EVM blockchain and gaming ecosystem that operates on the MYTH utility token, have been the fourth most traded NFT collections this week, amassing a trading sales volume of $5.7 million. Mythos Chain-based NFTs have dropped 3% in sales from the past week.
Immutable X-based NFTs have been the fifth most NFT collections this week, amassing a trading sales volume of $4.5 million. Non-fungible tokens hosted by BNB Chain, the decentralized network created by crypto exchange Binance, have been the sixth most traded NFTs this week. Immutable X and BNB Chain NFTs have pumped 19% and 7% in sales this week.
It’s worth noting that Bitcoin is back in action after taking a deep slumber in the past several weeks. In the past seven days, Bitcoin ordinals have recorded a trading sales volume of $2.5 million, representing an 18% spike from last week. Bitcoin ordinal is anticipated to reclaim its market dominance after falling Solana NFTs.
Source: CryptoSlam.io, Bitcoin ordinals sales past 7 days
In terms of wash trading, the Ethereum network has recorded the highest number of wash trades this week. In the past seven days, the Ethereum network has recorded a trading sales volume of $23 million, followed by Solana with $75,256 and the Polygon chain with $6.5 million.
By description, wash trading is a form of market manipulation in which NFT collectors simultaneously sell and buy the same financial instruments or NFTs, creating a false impression of market activity without incurring market risk or changing the entity’s market position. Wash trading has been deemed illegal in most jurisdictions across the globe.
Five Top Selling NFTs This Week
Source: CryptoSlam.io, top selling NFTs past 7 Days
1. Bored Ape Yacht Club NFTs
Bored Ape Yacht Club, an NFT collection from the popular digital asset incubation studio Yuga Labs, has been the most traded NFT collection this week. In the past seven days, Bored Ape Yacht Club has recorded a trading sales volume of $6.2 million. Nonetheless, the NFT collection has dropped 34% in sales this week from the past week.
2. DMarket NFTs
DMarket is an NFT collection from the DMarket virtual item market platform hosted on Mythos Chain. In the past seven days, DMarket has been the second most traded NFT collection, amassing a sales volume of $5.5 million. DMarket NFTs have dropped 5% in sales from the past week.
3. Sorare NFTs
Sorare is an NFT collection from Sorare, a fantasy sport crypto-based video game hosted on the Ethereum network. In the past seven days, Sorare has been the third most traded NFT collection, recording a trading sales volume of 3.8 million. Sorare NFTs have pumped 8% in sales this week from the past week.
4. Gods Unchained NFTs
Gods Unchained is an NFT collection from the digital trading card game Gods Unchained hosted on the Immutable X network. Gods Unchained has been the fourth most traded NFT collection in the past seven days, attracting a trading sales volume of $2.7 million. This NFT collection has spiked 67% in sales this week.
5. CryptoPunks NFTs
CryptoPunks, an NFT collection previously from the digital asset firm Larva Labs but now owned by Bored Ape Creator Yuga Labs, has been the fifth top-traded NFT collection this week. In the past seven days, the NFT collection has recorded a trading sales volume of $2.6 million. CryptoPunks NFT collection has pumped 21% in sales this week.
Bored Ape Yacht Club #7485 was the most expensive NFT collection, selling for $172,923 five days ago. Bored Ape Yacht Club #8295 was the second most expensive NFT collection, selling for $143,627 seven days ago. CryptoPunks #616 was the third most expensive NFT collection, selling for $128,371 five days ago.
Top NFT New This Week
1. Airline Behemoth Lufthansa Launched NFTs
Lufthansa, one of the largest airline groups in Europe, announced the launching of its non-fungible token (NFT) loyalty program on the Polygon Network. The NFT loyalty program will allow passengers to turn their trips into NFTs that can unlock rewards, such as miles and business lounge vouchers. Lufthansa NFT adoption showcased that many institutions are still bullish on NFTs despite tumbling in recent weeks.
2. Impact Theory Charged For Selling Unregistered NFTs
Earlier this week, the United States Securities and Exchange Commission charged Impact Theory, a California-based media company, for offering unregistered digital collectibles sometime in 2021. U.S. regulators ordered a Los Angeles-based company to compensate investors who bought the NFTs.
BREAKING: SEC CHARGES LA-BASED “MEDIA AND ENTERTAINMENT CO. IMPACT THEORY” FOR UNREGISTERED OFFERING OF NFTS pic.twitter.com/3LMcYIh6nc
— DEGEN NEWS 🗞️ (@DegenerateNews) August 28, 2023
3. Wall Street Memes Presale Raises Over $25 Million
Wall Street Memes is another non-fungible token-related project making headlines this week after raising more than $25 million from its crypto token “$WSM” presale. The crypto project was launched in June by the legendary crypto community Wall Street Memes. This crypto group came into the limelight in 2021 after launching an NFT collection, “Wall St Bulls,” that sold for a record time of 32 minutes. The same crypto group also recently launched an ordinal collection ‘Wall St Bulls,” which continues to gain traction among investors.
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