Total global NFT sales volume tumbled 35.37% to $42.13 million over the past week, according to CryptoSlam data. This decline in value came despite an increase in retail transaction activity. The divergence highlights a shift in market behavior: asset transfer frequency increased, but the total capital circulating contracted sharply.
The decline in value was directly reflected in the average transaction size, which plunged 50.5% to around $45.05 across 935,198 transactions recorded across all blockchain networks during the period. Concurrently, the number of seller wallets surged 46.59% to 192,788 addresses, pointing to accelerating asset liquidations by collectors.
The influx of collectors offloading assets at lower prices explains why sales volume shrank even as retail transactions expanded. The market’s center of gravity has shifted toward the turnover of low-value items.
Sell-Offs Behind Busy Retail Markets
Selling pressure from collectors coincided with an influx of new buyers in several ecosystems. The BNB Chain network logged the highest percentage gain in buyers, soaring 213.46% to 37,204 wallet addresses. Driven by these new buyers, BNB Chain recorded $3.99 million in sales volume, up 22.48% from the previous week.
Despite the slide in average prices, multi-million-dollar transactions still appeared on the leaderboard. The single largest NFT transaction of the week came from a BRC-20 token named $8888, which changed hands for $2,820,105.64 or roughly 34.845 BTC in a single transfer. Second place was secured by Uniswap V3 Positions NFT-V1 #443, which sold for $1 million in USDC.
Ethereum Ousts Bitcoin from Top Spot
Rankings among leading blockchains also shifted. Ethereum reclaimed the top position from Bitcoin with $13.17 million in sales volume, even as that figure fell 17.53%. Sales on the Ethereum network accounted for 31.3% of the global market, buoyed by a 37.06% increase in buyer count to 35,285 wallet addresses.
Polygon trailed in second place with $9.40 million in sales volume, up 12.43%, supported by 49,052 buyers, representing a 25.92% gain. Polygon’s performance was heavily driven by the Courtyard collection, which led global sales with $8.58 million after a 13.50% increase. Across 138,227 transactions, Courtyard commanded roughly 20.4% of the global NFT market share.
The steepest drop hit Bitcoin, which slipped to third place. NFT sales volume on the Bitcoin network plummeted 79.89% to $6.27 million. Bitcoin’s sales decline occurred even as its buyer base grew 57.79% to 13,540 wallet addresses.
For market participants, the divergence between sales volume and buyer count underscores the current liquidity landscape. Appetite for high-value assets remains subdued, while rapid turnover of items valued in the tens of dollars has become the primary driver of activity across chains.
Reported by crypto.news.
Also read: What Are NFTs and How Do They Work?
Also read: Machi Big Brother Dumps Over 60 NFTs for Leverage Capital - Losses Top 1,000 ETH
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
