The NFT market continues to experience a downturn, with sales dropping 12% last week. This decline follows a 16% plunge in sales the previous week. According to CryptoSlam, the total sales for the last seven days stood at just below $100 million, involving over 785,000 buyers and sellers in 1.4 million transactions.

Ethereum Dominates, Polygon Surges

Ethereum led the pack, with $38.4 million worth of transactions, making it the most active blockchain for NFT sales. Notably, Ethereum saw a surge in wash trading last week, with a 9.5% increase in money earned from the activity. Polygon was one of the biggest winners, with sales jumping 11.2% to push it past the Bitcoin network and into second place. Despite this, Bitcoin experienced a 40% drop in sales, making it one of the biggest losers of the week.

Other Notable Performances

Solana maintained its position with the fourth-highest sales volume of the week. Zora saw a significant increase in sales volume, with a 50% jump, while Panini, home to NFT sports trading cards, recorded a 22% increase. Among NFT collections, CryptoPunks made a comeback, registering a massive 155% jump in sales volume to become the top-selling NFT collection of the week.

Conclusion

The NFT market continues to experience a decline, but Ethereum and Polygon are leading the way. Despite the drop in sales, some collections and platforms have seen significant increases. As the market continues to evolve, it will be interesting to see how these trends shape the future of NFTs.