The site crypto.news indicated that the non-fungible token market (#NFT ) is experiencing a sharp decline, with total sales volume dropping by 15.72% to $64.95 million, compared to $77.10 million last week.
This decrease was accompanied by a sharp collapse in market participation, with the number of buyers dropping by 68.41% to 154,955 buyers, while the number of sellers decreased by 71.48% to 115,051 sellers, leading to a total transaction drop of 13.25% to 940,713 transactions.
This decline comes despite the recovery of Bitcoin BTC price to the level of $90,000 and maintaining Ethereum ETH above the threshold of $3,000, indicating a current aversion to the NFT asset class in particular.
The platforms DMarket and Ethereum topped the list with a general decline in the main collections.
According to the site, the DMarket platform maintained its Mythos authority at the forefront with sales amounting to $4.50 million, despite a decline of 40.45%, while the Algebra Positions NFT-V2 collection on Ethereum ranked second with sales of $2.39 million, recording a collapse of 49.36%, and the YES BOND collection on $BNB showed the highest resilience, declining only by 3.02% to $2.04 million.
In contrast, prestigious collections like Guild of Guardians Heroes on Immutable-Zk saw a collapse of 67.62%, while CryptoPunks sales dropped by 13.87% to $1.77 million, recording the highest single sale of the collection $X@AI BRC-20 NFT on the Bitcoin network BTC 809,337.16.
Ethereum $ETH leads and a strong rise for Solana SOL in the blockchain rankings.
According to the site, the Ethereum network maintained its first position with sales amounting to $23.93 million, down 10.88%, while buyer participation saw a collapse of 70.47%.
BNB Chain rose to second place with sales of $9.44 million, recording an increase of 21.18% despite a 76.66% drop in buyers, while Bitcoin BTC retained the third position with sales of $6.10 million.
The Solana SOL currency has notably emerged, with its sales jumping by 44.54% to reach $5.54 million, securing it the fourth position despite an 80.07% drop in buyers. In contrast, chains like Immutable fell sharply by 63.32%, while Polygon's sales decreased by 29.38%.
The NFT market faces a resilience test under difficult liquidity conditions.
The current scene shows that the NFT market is undergoing a severe correction that exceeds the price decline to include a collapse in participation and general interest, indicating the relative resilience of some projects like YES BOND and the strong performance of Solana $SOL suggesting that liquidity is currently concentrated in specific projects with tangible benefits or a clear business model.
The market needs new incentives and stronger value propositions to restore participant confidence and attract new buyers. Participation and liquidity indicators should be closely monitored, as improvement in them will be an early sign of any potential real recovery.