The NFT market experienced a decline of approximately 10.18% in weekly trading volume, falling to a total of $66.71 million. During this period, the number of NFT buyers decreased by 66.91%, reaching 165,759, while sellers dropped by 70.44% to 120,912. The number of NFT transactions also fell by 13.88%. On the Ethereum network, trading volume was $24.93 million, down 3.02% from the previous week. Conversely, the BNB Chain network saw a 45.64% increase in trading volume, rising to $10.83 million, and the Solana network experienced a 48.27% increase, reaching $5.65 million. The NFT market, centered around the buying and selling of digital art and other unique digital assets, has gained significant popularity in recent years. Built on blockchain technology, it ensures the ownership and uniqueness of each NFT. While most transactions occur on the Ethereum network, other networks are gaining traction. Notable sales this week included CryptoPunks #6615, sold for $153,356.75 (47.99 ETH), along with high-value trades of CryptoPunks #309, #4566, and #4172. This decline in the NFT market indicates waning user interest and reduced market activity, potentially impacting investors and the market’s future. It suggests a need for greater stability or new development strategies to regain user engagement.
Source: binance
