The non-fungible token (NFT) market experienced a downward trend this past week, with sales dipping by 11.16% compared to the previous week, according to data from cryptoslam.io. Despite this decline, Bitcoin-based NFTs continued to dominate the market share, contributing more than $49 million to the total sales of $144.33 million.

However, even the sales of digital collectibles on the Bitcoin (BTC) network fell by 14.65%, indicating a broader cooldown in the NFT market across various blockchain platforms.

The Ethereum (ETH) network, which has traditionally been a major hub for NFT activity, saw its sales drop by 11.7%, generating $41.55 million. Solana (SOL) NFTs, ranking third in sales, earned nearly $26 million, experiencing a modest increase of 5.73% this week.

According to cryptoslam, the Polygon (MATIC) network registered the fourth-highest NFT sales volume over the previous seven days, raking in $9.66 million. However, this figure marked a 14.2% dip compared to the previous week's sales on the blockchain.

Wrapping up the top five blockchains by sales volume was Immutable (IMX), which recorded a respectable $6.49 million in sales, representing an 8% uptick and making it the only other network among the top five whose sales volume improved across the timeframe.

NFT Collections and Top Sellers

This week's top-selling NFT collection was the Uncategorized Ordinals from the Bitcoin blockchain, bringing in $22.9 million in sales, despite a nearly 30% decline compared to the previous week.

Mythos' Dmarket collection claimed the second spot, earning $5.817 million, which marked a 17.24% decrease.

On the flip side, the Nodemonkes collection from the Bitcoin blockchain saw a 10.56% increase in sales, reaching $4.77 million from 246 transactions.

Other notable collections this week included Mad Lads, CryptoPunks, Degods, and Solana Monkey Business. The Mad Lads collection, housed on Solana, registered the biggest improvement in terms of sales volume, with the $4.5 million that exchanged hands representing a 130% increase from last week.

Among individual NFTs, the most significant and expensive sale over the week was Cryptopunk #3619, which fetched $627,991. Furthermore, Solana's Boogle #064 changed ownership for $192,124, while Mushroom #95 from the BTC network earned $135,096.

Cautious Sentiment Among Collectors

The consistent decline in sales week after week indicates a cautious sentiment among collectors. According to data from Cryptoslam, there were slightly more than 145,000 buyers active in the market over the week — an 86% drop from the week prior.

While the NFT market has experienced a cooldown, Bitcoin's dominance in the space remains strong, with its NFT sales contributing a significant portion of the overall market share. However, the decline in sales across various blockchain platforms suggests that the NFT market may be in a consolidation phase, as investors and collectors adopt a more cautious approach.