This week marked a significant downturn for the non-fungible token (NFT) market, with sales plummeting by nearly 16%, following a 17% surge the previous week. According to data from CryptoSlam, total sales reached $121.7 million, involving more than 519,000 active buyers and sellers.

The Ethereum (ETH) network led the charge, recording $39.28 million in sales, reflecting a notable 14.48% increase from the previous week. This surge was accompanied by a significant rise in the number of active buyers in Ethereum's NFT space, increasing nearly 48% to 23,586. However, the network also experienced a 35.49% increase in wash trading, totaling over $34 million.

Bitcoin (BTC), which was the busiest network in terms of sales the previous week, fell to second place with approximately $26.5 million in sales, representing a steep 45.60% drop. Despite this, Bitcoin saw over 18,000 active buyers, an astonishing 804% increase from the previous week. Wash trading on the Bitcoin network decreased by about 53%, settling at $20,030.

Polygon (MATIC) saw a 5.5% decline in its weekly sales volume, settling at $18.43 million, following a 22% boost the previous week. Solana (SOL) maintained its fourth position with $14.631 million in sales, marking an 18.18% decrease. On the other hand, Immutable X (IMX) experienced a 9.40% increase in sales.

The highest sale of the week was on the Ethereum blockchain, with an NFT fetching $587,194. A Bitcoin Ordinal, Protoshroom #6, was sold for $237,373, while a Polygon TTAvatars #128003 changed hands for $100,500. Solana’s DeezNode #052 sold for $77,839, slightly higher than a BNB NFT, Ape Treasury Bill V2 V3 #12668, which sold for $31,516.

Among collections, Immutable’s Guild of Guardians Avatars had the highest sales volume over the past seven days, raking in more than $8.1 million from 1,614 transactions. Bitcoin’s PIZZA NFTs followed, generating $7.3 million, a drastic 60% reduction from the previous week. A new entrant in the top five collections by sales volume was the Ethereum Name Service (ENS), which secured third place with over $5.3 million in sales, representing an incredible 1022% increase from just 295 buyers.

The DMarket collection on Mythos earned $4.6 million from nearly 190,000 transactions, while Bitcoin Puppets from the Bitcoin network rounded out the top five with about $2.7 million in sales.

Overall, the NFT market continues to experience significant fluctuations, reflecting both the volatile nature of the space and the ongoing interest from investors and collectors alike.