NFT sales don drop 22.6% to $104.5M as market dey recover, CryptoPunks dey lead
NFT sales first drop 8.5% week toi week come down to $129.6 million for inside di bigger market weakness, then e drop sharp sharp 22.6% come $104.5 million even tho crypto don dey recover. Total transactions rise reach 1.81 million, then e small small reduce 3.1% come 1.7 million, buyers come increase to 622,535 and sellers too increase to 447,821. Bitcoin still dey near $110,000 and Ethereum dey around $4,300, e make di global crypto market cap grow from $3.75 trillion go $3.81 trillion.
Ethereum NFT sales fall from $54.5 million go $37.7 million, wash trading sharp sharply reduce 68% come $6.4 million. Polygon volumes drop to $15.7 million, BNB Chain to $9.5 million, Bitcoin NFTs to $7.8 million, Solana to $5.1 million. Polygon’s Courtyard di lead with $14.6 million, CryptoPunks move well, e rise to $8 million. Other top collections include Pudgy Penguins, DMarket, DKTNFT, Panini America and Guild of Guardians Heroes. High-value trade peak be 100 ETH for CryptoPunks #5898 and 90.1 ETH for #843.
Bearish
Di sharp fall for NFT sales mean say demand for NFT market dey weak, especially for Ethereum wey both volume and wash trading don drop well well. Drop for NFT sales dey reduce network fees and transaction revenue, wey fit put short-term pressure for ETH price to go down. Even though CryptoPunks still dey strong small, the general drop in activity show say people no too get confidence. Traders fit dey watch for sign say demand fit rise again, but right now, the outlook still cautious.