NFT Market Witnesses 21% Weekly Plunge in 2024: Ethereum, Bitcoin, Solana, Polygon and Avalanche Face Double-Digit Losses
Cryptocurrency market observers noted a notable decline in the non-fungible tokens (NFTs) sector during the week from January 20 to January 27, 2024, with sales falling significantly by 21.25% compared to the previous week. The decline impacted major blockchains, including Ethereum and Bitcoin, which experienced significant double-digit losses ranging from 28.78% to 12.62% respectively.
The decline in NFT sales has reached an all-time low.
At the start of the new year, NFT sales saw a slight decline of 1.31%, followed by a slight increase of 0.05% the following week. However, the most recent week saw a significant decline in digital collectibles sales by 5.05%, reaching a total of $228,327,660, marking the steepest decline of 2024.
Ethereum has regained its top position amid changing trends.
The recent downward trend contradicts the surge in NFT sales witnessed in late 2023, which was primarily driven by Bitcoin blockchain-based transactions. Ethereumgave up the lead and regained first place with $74.97 million in NFT sales over the past seven days, despite a 28.78% decline. Bitcoin fell 12.62% compared to the previous week, recording sales of $55.92 million.
Double-digit losses across the top five blockchains
Solana, which ranked third, recorded sales of $53.69 million, down 11.85%. Polygon and Avalanche, ranked 4th and 5th, saw even bigger declines, down 36.40% and 41.25%, respectively. The top five blockchains by weekly revenue all experienced double-digit losses.
Outstanding performance and highest sales
In the realm of unique digital collectibles, Cryptopunks emerged as the best-selling series with cumulative sales of $13.67 million, a notable increase of 32.23% from the previous week. Solana’s Froganas recorded sales of $7.04 million, showing an impressive increase of 420.77%.
Highest priced digital collectibles
The highest priced digital collectible this week was Cryptopunk #6,940, which sold for $507,618. Notable sales include BNB’s Lockdealnft #18,858 ($147,157), Axie Infinity NFT ($143,559), Uncategorized Ordinal ($88,386), and Cardano’s Meld Diamond Hand #2,813 ($56,186). Sales of Cryptopunk #6,940 and Axie Infinity NFTs contributed significantly to the chain’s increased sales.
Industry reflection and future outlook
NFT sales have struggled throughout 2022 and much of 2023. Bitcoin’s entry initially boosted sales, but has seen a decline in recent weeks, with a reported 28.15% decline the week before. Solana and Polygon saw growth in late 2023, but digital collectibles sales have recently declined slightly. The industry is waiting for signs of a potential rebound or a continuation of the current downtrend.
Disclaimer: This article is informational for news purposes only and does not constitute financial advice. Readers are advised to do their research before making any investment decisions.
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