The post Buyers surge, sales decline over 12.6% appeared on BitcoinEthereumNews.com.

After three straight weeks of improvement, the non-fungible token market saw a drop in sales volume tempered by a notable increase in buyer activity. The past seven days have been eventful in the NFT landscape, marked by mixed signals across various metrics. While overall sales volume declined, the number of buyers surged, hinting at a potential shift in market dynamics. Data from CryptoSlam shows that this week there was a 12.61% decrease in NFT sales volume, totaling $90.98 million. Additionally, the number of NFT transactions dropped significantly by 26%, reaching just over 2.14 million.  That reduction could suggest a cooling period following previous high-activity weeks, possibly influenced by the volatility in the broader crypto market. Growing interest among buyers Despite the downturn in sales volume and transactions, the number of buyers rose impressively by 25%, totaling 875,892.  This uptick in buyer activity, accompanied by a 21.02% increase in sellers (311,910), may be taken as an indication of a broadening base of market participants.  The growing interest among buyers, even amid declining sales, could also signal the start of a maturation phase in the NFT ecosystem, where more individuals are exploring and experimenting with digital assets. Ethereum, Solana lead the blockchain pack As has been customary in the last few weeks, Ethereum (ETH) maintained its position as the top blockchain by NFT sales volume, generating $34.41 million, marked by a 9.65% decrease in wash trading.  Notably, the platform’s sales volume fell by 20.42%, reflecting the broader market slowdown. However, the buyer base on Ethereum expanded by 35.40%, reaching 62,384, suggesting continued strong demand for NFTs on the platform. Solana (SOL) followed with $17.51 million in sales, experiencing a significant 32.41% drop. Despite this, the network saw a 129.18% increase in wash trading, indicating a mixed signal in market behavior. Additionally, its…

---

Filed under: News - @ August 4, 2024 6:22 pm