NFT Market Cools Down: Sales Slide Nearly 8% Amidst Buyer Plunge

September 14, 2024

Senior Journalist

Expertise : Cryptocurrency, DeFi, Web3, DAO, Blockchain, FinTech

Teuta is a seasoned writer and editor with over 15 years of expertise in macroeconomics, technology, and the crypto and blockchain sectors. She began her career in 2005 as a lifestyle writer for *Cosmopolitan* before transitioning to business and economic reporting for renowned outlets like *Forbes* and *Bloomberg*. Inspired by thought leaders like Don and Alex Tapscott and Laura Shin, Teuta embraced blockchain's potential, viewing cryptocurrency as one of humanity's most transformative innovations. Since 2014, she has specialized in fintech, focusing on crypto, blockchain, NFTs, and Web3. Known for her strong collaboration and communication skills, Teuta also holds dual MAs in Political Science and Law.

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Highlights

Overall NFT sales declined, with fewer buyers and sellers participating.
Despite the downturn, certain collections like CryptoPunks and Guild of Guardians saw increased sales.
Despite current challenges, the NFT market is projected to rebound before the end of the year.

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Over the past week, NFT market sales saw another drop, decreasing by 7.91% compared to the previous period. The number of buyers took a steep hit, plummeting 73.46%, while sellers also declined notably, down 61.18% from the prior week.

NFT Market Sales Down 7.91% as Buyers and Sellers Withdraw

Over the past week, NFT market sales reached $74.86 million, reflecting a 7.91% decline from the previous week, as per DappRadar data. Ethereum led in blockchain sales volume, generating $27.25 million, though sales of Ethereum-based NFTs dropped by 9.73%. Bitcoin secured the second position with $14.89 million, showing a 31.01% increase, while Solana came in third with $12.47 million, marking a 12.31% decrease.

The top performer this week was Cryptopunks, which generated $5.39 million, up 9.45%. Bitcoin BRC20 NFTs followed closely with $3.45 million, a massive 475% surge. Immutable X’s Guild of Guardians (GoG) secured third place, with $3.28 million in sales, a 4% increase. Ether-based Sorare earned $2 million, seeing a 9.99% rise, while BNB’s Luxemarathoner also earned $2 million but saw a 22% decline.

The most expensive NFT market places sale this week was Cryptopunk #9368, which sold for $1.27 million five days ago. Solana’s Boogle #025 followed, fetching $143,070 three days ago, while BNB’s Paraluni Perpetual Bond sold for $129,337 five days ago. Despite declining sales and reduced activity, top-tier collections are still managing to stand out in an evolving market.

Guild of Guardians, Luxemarathoner Surge Amid Fluctuations

Over the past seven days, the that kind of market has seen notable shifts in sales, with CryptoPunks leading the pack. The iconic pixelated collection, now owned by Yuga Labs tapped Coinbase strategy for ApeChain products launch, generated $5 million in sales, experiencing a slight 0.15% increase compared to the previous week.

Following close behind was the Guild of Guardians series, which brought in $3.3 million, up 1.69%. Luxemarathoner, a collection based on Binance’s BNB Chain, posted $2.6 million in sales, showing an impressive 472% surge. Meanwhile, Bored Ape Yacht Club (BAYC) saw a 7.98% increase, totaling $2.4 million in sales, while DogeZuki, despite pulling in $2 million, experienced a 23% drop in sales.

Also, recently, the Digital Chamber has urged the US Congress to enact legislation that shields non-fungible tokens (NFTs) from the expansive reach of the Securities and Exchange Commission (SEC). The organization advocates for NFTs to be classified as consumer products instead of securities. This call for action comes as the SEC and other regulators adopt a stricter approach toward the crypto market, citing investor protection as a primary concern.

Despite these fluctuations, the overall non-fungible market continues to face challenges, having suffered a 36.6% decline in July and a 40.36% drop in August 2024. However, there are optimistic forecasts for a potential recovery before the year ends. According to on-chain analytics firm Statista, the NFT market is projected to reach over $683.9 million in revenue in 2024, though the annual growth rate is expected to decrease by -11.01%. This suggests that while the market remains volatile, opportunities for growth and resurgence are still on the horizon.