NFT market slumps 50%, Pudgy Penguins lead market downturn
The post NFT market slumps 50%, Pudgy Penguins lead market downturn appeared on BitcoinEthereumNews.com.
The non-fungible token market has seen a major downturn as Bitcoin declined 4% over the past week to $94,000 and Ethereum retreated to $3,300. According to the latest data from CryptoSlam, the NFT market has seen a substantial correction: total sales volume plummeted 49.77% this past week to $152.7 million. Despite the sharp decline in trading volume, market participation metrics show continued interest from new and existing traders. NFT buyers have increased by 50.97% to 531,208 NFT sellers have grown by 47.14% to 308,666 NFT transactions have decreased by 13.26% to 1,477,340 NFT sales has dropped from last week’s $302.2 million in total sales Ethereum, Bitcoin see sharp declines The Ethereum (ETH) NFT blockchain has seen its sales fall 62% to $75.3 million. Despite the volume decline, the network has seen 63,054 buyers, which is a 42.91% increase. Wash trading has also decreased significantly by 80.04% to $21.6 million. Source: Blockchains by NFT Sales Volume (CryptoSlam) The Bitcoin (BTC) NFT ecosystem follows a similar pattern with a 30% decrease in sales to $28.0 million. However, the network shows strong user growth with 59,311 buyers, marking a 52.13% increase from the previous period. Solana (SOL) maintained its third position despite a 58.71% decline to $13.9 million in sales. The network continues to show strong user engagement with 180,111 buyers, which is a 68.43% increase. Mythos Chain and ImmutableX (IMX) have shown resilience, with Mythos Chain posting a modest 4.38% increase to $11.4 million and Immutable growing by 15.93% to $8.1 million in sales. Pudgy Penguins lead market decline Pudgy Penguins has seen a major reversal, with sales plummeting 76.65% to $12.6 million. The project has experienced decreases across all metrics, with transactions down 71.82% and buyer participation falling 69.92%. Azuki jumped to second place with $9.3 million in sales, despite a…
Filed under: News - @ December 28, 2024 2:16 pm