- Many NFTs are now essentially worthless due to the significant decline in the NFT market.
- This week’s sales volume is down just 2% from last week.
- With a trading volume of $77 million, Ethereum-based NFTs are the second most traded collection.
The market for non-fungible tokens and the cryptocurrency industry as a whole are beginning to recover from a protracted bear market.
Many NFTs are now essentially worthless due to the significant decline in the NFT market over the last few months. This post will evaluate the NFT market’s performance during the previous seven days.
NFT
With $250 million in trading sales volume over the last seven days, the global non-fungible token (NFT) market has recovered from a protracted bear market. Nonetheless, this week’s sales volume is down just 2% from last week.
In the previous seven days, 348,687 collectors purchased NFTs, while 274,286 collectors sold their collection. Although sellers have increased by 40%, NFT buyers have increased by 49%.
This week, the most traded collection was Bitcoin Ordinals, which are non-fungible tokens stored on the Bitcoin blockchain network and brought in $122 million in trading sales volume.
With a trading volume of $77 million over the past seven days, Ethereum-based NFTs are the second most traded collection. With $22 million in trading sales volume, digital collectibles hosted on Solana, a blockchain network that incorporates smart contract functionality through a proof-of-stake mechanism, rank third in terms of trading activity.
At a trading sales volume of $5.5 million, the Immutable-X NFT is the fifth most traded collection of NFTs. $RAT BRC-20 NFT, $SAT BRC-20 NFT, Bored Ape Yacht Club NFT, Bitcoin Ordinals ‘Unclassified’ NFT, $CAT BRC-20 NFT, AOI Engine NFT Collection, $? BRC-20 NFT, Gods Unchained NFT Collection, Mutant Ape Yacht Club NFT, and $MMSS BRC-20 NFT are another set of highly sought-after NFT collections.
Statista projects that the non-fungible token market will grow at a compound annual growth rate (CAGR) of 34.2% from 2023 to 2030 when it is expected to reach US$211.72 billion.
