The world of non-fungible tokens (NFTs) has experienced a decline in sales following a significant spike in February. According to recent data, NFT sales in the last seven days have decreased by 32.32% compared to the previous week. The total sales volume for NFTs settled this week was $186.20 million, with Ethereum accounting for $148.56 million of that amount.
Despite an increase in the number of buyers by 55.41% last week, NFT transactions fell 91% compared to the previous week. Ethereum remained the dominant blockchain for NFT sales, capturing 79.78% of the total market share. However, sales of ETH-based NFTs decreased by 37.78% compared to last week.
Solana (SOL) NFT sales increased by 12.93% this week, reaching $17 million, while Polygon recorded just over $6 million in sales, a decrease of 17.34%.
The decline in NFT sales could be attributed to the recent market volatility and the increasing competition in the NFT space. However, experts believe that the NFT market is still in its early stages and has the potential for significant growth in the future.
Despite the recent decline, NFTs continue to gain popularity among collectors and investors, with high-profile sales such as Beeple’s $69 million NFT auction and Jack Dorsey’s first tweet NFT sale for $2.9 million.
As the NFT market continues to evolve, it will be interesting to see how it adapts to changing market conditions and whether it can sustain its growth in the long term.
