NFT Market Sees Decline In Trading Volume But Rise In Participants

According to PANews, recent data from CryptoSlam indicates that NFT trading volume has decreased to $112.7 million over the past week, marking a 35.15% drop compared to the previous week. Despite the decline in overall value, market engagement has notably increased, suggesting growing interest from new traders. The number of NFT buyers surged by 624.41% to 203,994, while the number of sellers rose by 519.61% to 158,805. However, the total number of NFT transactions saw a slight decrease of 1.41% to 1,443,007. On the Ethereum network, trading volume fell by 41.25% to $56 million, although the number of buyers increased by 81.43% to 30,598. The Mythos Chain network ranked second with a trading volume of $13.9 million, reflecting a 4.66% increase. Despite a 32.56% decline, the Solana network maintained its third position with $11 million in trading volume. The Polygon network, formerly known as MATIC, showed strong performance, ranking fourth with a trading volume of $8.1 million, up by 10.76%. The Bitcoin network dropped to fifth place with a trading volume of $6.7 million, a decrease of 71.42%. The top-selling NFTs for the week included Uncategorized Ordinals #8912771, which sold for $7,749,449 (80.1296 BTC), followed by CryptoPunks #2550 at $331,955 (125 ETH), CryptoPunks #793 at $146,683 (53.5 ETH), CryptoPunks #9634 at $128,988 (47.5 ETH), and CryptoPunks #9701 at $122,883 (45 ETH).