NFT Market Experiences Significant Decline Amid Rising Buyer Interest

According to Odaily, the NFT market witnessed a substantial downturn over the past week, with total sales plummeting by 49.77% to $152.7 million. Despite this decline, market engagement indicators suggest a growing interest among both new and existing traders. The number of NFT buyers surged by 50.97% to 531,208, while sellers increased by 47.14% to 308,666. However, the number of transactions fell by 13.26% to 1,477,340, and sales dropped significantly from the previous week's $302.2 million. Ethereum NFTs saw a 62% decrease in sales, amounting to $75.3 million, with buyers increasing by 42.91% to 63,054. Bitcoin NFTs followed a similar trend, with sales declining by 30% to $28 million, although the network experienced robust user growth, with buyers rising by 52.13% to 59,311. Solana NFTs experienced a 58.71% drop in sales to $13.9 million, maintaining its third position, with buyers increasing by 68.43% to 180,111. Pudgy Penguins sales plummeted by 76.65% to $12.6 million, with transaction numbers decreasing by 71.82% and buyer participation dropping by 69.92%. Azuki sales fell by 41.94% to $9.3 million, ranking second, while BRC-20 NFT sales dropped to third place at $6.5 million, a decrease of 30.68%.