The non-fungible token (NFT) market has experienced a significant downturn in recent weeks. According to CryptoSlam, the global NFT market saw a trading sales volume of $96 million in the past seven days, representing a 17.91% drop from the previous week. This decline is attributed to a variety of factors, including fear, uncertainty, and doubt (FUD) among investors.

Blockchain Performance

Ethereum, the most widely used blockchain for NFTs, led the charge with $38 million in sales, a 2.32% drop from the previous week. Bitcoin, which was the busiest network in terms of sales last week, dropped to second place with $16 million in sales, representing a 49.30% decline. Polygon and Solana also saw significant drops in sales volume, with Polygon at $16 million and Solana at $13 million.

Top NFT Sales

The top-selling NFTs in the past seven days include CryptoPunks, DMarket, Bored Ape Yacht Club, Pudgy Penguins, and DogeZuki. CryptoPunks saw a surge in sales volume, with $4.9 million in transactions. DMarket saw a decline in sales volume, with $4.2 million in transactions. Bored Ape Yacht Club saw a significant increase in sales volume, with $2.8 million in transactions.

Market Outlook

The decline in NFT sales volume is attributed to a lack of faith in the market and FUD among investors. However, the end of the SEC's investigation into Ethereum 2.0 has boosted faith in Ethereum-based NFTs, which could lead to a rebound in the market. The NFT market is expected to continue its downward trend in the short term but may stabilize and recover in the long term.