The non-fungible token market experienced another setback last week, with trading volume declining for the third consecutive week in January. In this article, we will evaluate some of the factors responsible for the recent decline in NFTs and what investors should expect in the last week of January.
NFT sales fell 22% last week.
The global non-fungible token market plunged for the third week this month, according to data compiled by on-chain aggregator CryptoSlam.io. Over the past seven days, the global NFT market recorded a trading volume of $223 million, a 22% decrease from the previous week.
Despite the negative growth, the number of NFT investors purchasing NFTs increased last week. Over the past seven days, the NFT market has seen more than 734,000 NFT collectors purchase NFTs across various marketplace platforms, a 34% surge over the previous week.
Non-fungible tokens hosted on the Ethereum blockchain network were the most traded NFTs last week. Ethereum-based NFTs have recorded $70 million in transaction sales over the past seven days. However, Ethereum-based NFT sales decreased by 35% compared to the previous week.
Source: cryptoslam.io, NFT sales by blockchain network
Digital collectibles hosted on Bitcoin, the popular blockchain network that powers the flagship cryptocurrency Bitcoin (BTC), were the second most traded NFT collections last week. Over the past seven days, Bitcoin-based NFTs have recorded a trading volume of $59 million. Bitcoin surged 2.34% in NFT trading volume.
Non-fungible tokens hosted on Solana, a decentralized blockchain network utilizing a proof-of-stake consensus mechanism, and Polygon, an Ethereum scaling solution, were the third and fourth most traded collection of NFTs last week. It was. In the past seven days, Solana-based NFTs recorded $49 million in transaction sales, while Polygon-based NFTs recorded $13 million in transaction sales. Solana NFTs fell 28%, and Polygon NFTs fell 42%.
Top selling NFTs last week
Source: cryptoslam.io, top selling NFTs in the last 7 days
1. Bitcoin Ordinal “Unclassified” NFT
Bitcoin Ordinals, a collection of NFTs created on the Bitcoin blockchain network using Satoshi Nakamoto’s Ordinal protocol, was the best-selling NFT collection last week. Over the past seven days, Bitcoin Ordinals recorded $9 million in transaction volume, a 2.84% jump from the previous week.
2. Proganas NFT Collection
Froganas, an NFT collection comprised of 5,555 NFT pinnings hosted on the Solana blockchain network, was the second most sold NFT collection last week. The Froganas NFT collection recorded $7.8 million in transaction sales over the past seven days. Proganas’ sales last week increased by 217% compared to the previous week.
3. Tokyo NFT Collection
Dokyo, a relatively new NFT collection featuring a limited edition of 5,555 NFTs hosted on the Avalanche blockchain network, was the third best-selling NFT collection last week. Over the past seven days, the Dokyo NFT collection has recorded $7.4 million in transaction sales. Tokyo fell 0.63% last week compared to the previous week.
4. CryptoPunks NFT Collection
CryptoPunks, an NFT collection previously from digital asset incubation studio Larva Labs but now owned by Yuga Labs, was the fourth best-selling NFT collection last week. The CryptoPunks NFT collection has recorded $6.2 million in transaction sales over the past seven days. CryptoPunks saw sales plummet 60% last week compared to the previous week.
5. $LIGO BRC-20 NFT Collection
$LIGO, a collection of non-fungible tokens created on the Bitcoin blockchain network using the BRC-20 protocol, was the fifth best-selling NFT collection last week. The $LIGO BRC-20 NFT collection has recorded $5.9 million in transaction sales over the past seven days. $LIGO saw its sales surge 16% last week compared to the previous week.
Source: cryptoslam.io, top selling NFTs in the last 7 days
6. $GBT BRC-20 NFT Collection
$GBTS, another collection of non-fungible tokens created on the Bitcoin blockchain network using the BRC-20 ordinal protocol, was the sixth most sold NFT collection last week. In the past seven days, the $GBT BRC-20 NFT collection has recorded $5 million in transaction sales. $GBT saw a 232% increase in sales last week.
7. Gods Unchained NFT Collection
Gods Unchained, an NFT collection of the digital trading card game Gods Unchained hosted on the Immutable The Gods Unchained NFT collection has recorded $4.8 million in transaction sales over the past seven days. Sales of Gods Unchained surged 9.14% compared to the previous week.
8. DMarket NFT Collection
DMarket, an NFT collection from NFT marketplace platform DMarket hosted on the Mythos Chain blockchain network, was the eighth best-selling NFT collection last week. Over the past seven days, DMaket NFT collections have recorded a trading volume of $4.5 million. DMarket NFT sales increased 8% compared to the previous week.
9. Gas Hero Common NFT Collection
Gas Hero Common, an NFT collection hosted on Polygon, the Ethereum scaling network, was the ninth best-selling NFT collection last week. Over the past seven days, the Gas Hero Common NFT collection has recorded $3.5 million in transaction sales. During this period, Gas Hero Common NFT sales decreased by 61% compared to the previous week.
10. CryptoUndeads NFT Collection
CryptoUndeads, an NFT collection of 10,000 unique undead collectibles in limited editions hosted on Solana, ranked among the top 10 best-selling NFT collections last week. Over the past seven days, the CryptoUndeads NFT collection has achieved $3.3 million in sales, topping the list of the top 10 best-selling NFTs of the past week. CryptoUndeads NFT collection sales decreased by 83%.
Most expensive NFT sold last week
Source: Cryptoslam.io, Most Expensive NFTs Sold in Last 7 Days
CryptoPunks #6505 was the most expensive NFT collection sold last week, selling for $458,889 6 days ago. gUSDC Locked Deposit #6 is the second most expensive NFT collection sold in the past week, selling for $335,733 a few hours ago. The Boogle #015NFT collection came in third place, selling for $241,943 a few hours ago.
NFT market prediction for this week
The non-fungible token market opened the last week of January down just 2% in 24-hour market action, a promising sign that the recent NFT market trend may be coming to an end. The NFT market continues to experience massive inflows, with the number of NFT investors purchasing NFTs increasing by 15% in the last 24 hours.
Source: cryptoslam.io, NFT sales in last 24 hours
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