NFT market slumps 50%, Pudgy Penguins lead market downturn

The non-fungible token market has seen a major slowdown, with Bitcoin falling 4% over the past week to $94,000 and Ethereum to $3,300.

According to the latest data from CryptoSlamThe NFT market has seen a substantial correction: total sales volume fell 49.77% last week to $152.7 million.

Despite the sharp decline in trading volume, market participation metrics show continued interest from new and existing traders.

• NFT buyers increased 50.97% to 531,208
• NFT sellers increased by 47.14% to 308,666
• NFT transactions decreased 13.26% to 1,477,340
• NFT sales fell compared to last week $302.2 million in total sales

Ethereum and Bitcoin see sharp declines

Ethereum (ETH) Blockchain NFT saw sales drop 62% to $75.3 million. Despite the drop in volumes, the network welcomed 63,054 buyers, an increase of 42.91%. Wash trading also declined significantly by 80.04% to $21.6 million.

Bitcoin (BTC) The NFT ecosystem follows a similar pattern with a 30% drop in sales to $28.0 million. However, the network shows strong growth in users with 59,311 buyers, an increase of 52.13% compared to the previous period.

Solana (GROUND) retained its third position despite a 58.71% drop to $13.9 million in sales. The network continues to show strong user engagement with 180,111 buyers, an increase of 68.43%.

Myth and ImmutableX chain (SMEs) showed resilience, with Mythos Chain posting a modest 4.38% increase to $11.4 million and Immutable growing 15.93% to $8.1 million in sales.

Pudgy Penguins lead market decline

Pudgy Penguins experienced a major reversal, with sales plummeting 76.65% to $12.6 million. The project saw declines across all metrics, with transactions down 71.82% and buyer participation down 69.92%.

Azuki climbed to second place with $9.3 million in sales, despite a 41.94% decline. BRC-20 NFTs fell to third position with $6.5 million in sales, a decline of 30.68%.

DMarket and Guild of Guardians Heroes round out the top five, with DMarket growing 8.96% and Guild of Guardians Heroes 22.23%.

Notable individual sales this week include:

• Azuki #3535 sold for $427,000 (125 ETH)
• CryptoPunks #6797 sold for $159,792 (49 ETH)
• CryptoPunks #3017 sold for $156,815 (47 ETH)
• CryptoPunks #704 sold for $156,488 (46 ETH)
• CryptoPunks #5792 sold for $155,949 (45.9849 ETH)

The global cryptocurrency market capitalization declined to $3.29 trillion from $3.41 trillion last week, highlighting a dominant downtrend in the market.