NFT Sales Plummet 23.48% Amid Surge in Buyer Activity

NFT sales plummeted 23.48% over the past week, dropping from $53.42 million to $40.88 million, according to data from CryptoSlam. This decline came despite a surge in buyer and transaction activity, with buyer addresses rising 28.79% to 206,788 and transactions climbing 8.44% to 863,295.

However, the average price per item fell, indicating a shift towards smaller, more frequent trades rather than big-dollar collector purchases. The broader cryptocurrency market capitalization stood at around $2.98 trillion, with Bitcoin and Ethereum priced at $84,638 and $2,676, respectively.

Ethereum remained the largest source of NFT volume, despite a 42.01% weekly drop, with $17.08 million in sales. Polygon, on the other hand, saw a 12.89% increase in sales to $8.21 million. Panini America's NFT sales surged 557.53% to $1.87 million, pushing it into the top eight blockchain rankings.