After a while, the non-fungible token (NFT) market has started showing signs that it is moving towards a decline. A decline in sales has been recorded for the non-fungible tokens.
NFT Sales Experience a Decline
According to the latest NFT market data, there is a decline in weekly sales. The data shows that the weekly sales recorded in the running week are 5.44% lower than the sales recorded in the past one.
Cryptoslam.io, a major NFT data-collecting firm has shared its findings on the matter. The firm has revealed that it has tracked the sales data on 19 different blockchain networks known prominently for NFT sales.
The particular blockchain networks that the platform has tracked are the ones with the largest NFT projects being hosted on their protocols.
The firm has revealed that following the decline, the weekly sales for the particular market have declined to $193.08 million.
As for the past 30-days, the firm has reported that the sales have been rather low for the entire NFT market. The firm has revealed that compared to the past month, the sales for NFTs in the running month have been lower.
In terms of statistics, a 29% decline has been recorded in NFT sales in the current month compared to the former month. So far, the sales recorded in the past 30-days for NFT have been $912.54 million.
Top 5 Networks Producing Largest Sales
The firm has also listed the top five blockchain networks that have generated the highest sales in a particular period.
In the running week, the largest sales have been generated by the Ethereum network. The network has reportedly generated $107 million worth of NFT sales in the current week.
The network generating the second-largest NFT sales in the running week is Solana. It has reportedly produced $26 million in NFT sales followed by Polygon which has produced $6 million worth of NFT sales.
On number four, comes the Immutable X network which has produced $5.3 million in NFT sales followed by $3.16 million worth of sales from the Cardano blockchain.
Sales Increments for the Networks
Apart from the sales, the on-chain statistics firms have also revealed the networks that have recorded the highest climbs in terms of their sales.
The first blockchain network that has recorded the largest climb in NFT sales is Avalanche. It has recorded a 293% surge in sales in the running week followed by the Arbitrum network which has recorded a 64.49% surge.
Then there is the Cardano blockchain which has recorded its sales going up by 44.27% in the running quarter. The Solana network has also experienced a 37.165 surge in sales for NFTs in the current week.
Networks that Saw Declines in Sales
Then come the blockchain networks that have witnessed a significant decline in their current week’s sales, compared to the last one.
Among the networks suffering from the great losses include the Immutable X, the Polygon, and the Ethereum-based NFT networks. Despite being the dominant sales generators, their sales have also recorded declines in the running week.
Significant Sale Surges for other Blockchains
Although these blockchain networks are not big enough to be compared with other major networks, they have still witnessed great surges in their sales.
The Palm blockchain has witnessed a great surge in its sales, being moved up by 370% in the current week. Then comes the Algorand network which has also recorded a major boost in sales, bringing moved up by 58% in the current week.
Despite the ups and downs, the Ethereum network has continued dominating the NFT market. Its dominance in the NFT sales for the running week is still 55%.
The rest of the major blockchain networks comprise 45% of the dominance. Among all the collections, the Cryptopunks were the top sellers.
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