NFT Trading Volume Sees Decline Over Past Week

According to PANews, recent reports indicate a decline in NFT trading volume over the past week, totaling $161.47 million, which marks a 9.3% decrease compared to the previous week. Ethereum-based NFTs continue to dominate the market with a trading volume of $51.81 million, while Bitcoin NFTs follow closely with $44.48 million. However, both Ethereum and Bitcoin NFT sales have experienced significant declines, with Ethereum-based NFTs dropping by 22.27% and Bitcoin NFTs by 26.07%. In contrast to the downward trend observed in Ethereum and Bitcoin NFTs, Solana-based NFTs have shown resilience, recording a 6.79% increase in sales, reaching $25.88 million. This growth in Solana NFT sales highlights a shift in market dynamics, as investors and collectors explore alternative blockchain platforms for NFT transactions. The overall decline in NFT trading volume reflects broader market trends and investor sentiment, as the digital asset space continues to evolve and adapt to changing economic conditions.