The nonlinear NFT market was down, with sales down 4.7% to $94.7 million. At the same time, several collections and blockchain platforms proved highly resilient during this blender. Amidst the fluctuating sales figures, OpenSea has requested clarity from the U.S. Securities and Exchange Commission (SEC) regarding the classification of NFTs under U.S. securities law. The market saw significant shifts in collection rankings and blockchain dominance, highlighting the dynamic nature of the NFT space.
Even with the overall NFT sales drop, some NFTs sold for high values. Image & Caption In July, CryptoPunks #1182 sold for 142 ETH ($209,310) and Pixel Vault Founders DAO #4 sold for 97.08 RETH ($161,511). Autoglyphs #462 sold for a staggering 98.5 WETH or nearly $149,724. At the same time, CryptoPunks #5361 was sold for 69.69 ETH, which is about $108,204.
Top Performing Collections
Once again, Courtyard on Polygon held onto its top spot with $15.6 million in sales, which was a 6.1% boost. Rising to the second spot, CryptoPunks had a 168.3% increase, earning $9.1 million in sales.
Most famously, a CryptoPunks #3100 was sold for 4,000 ETH ($6,042,922 at the time). Heroes of Guild of Guardians ranked in the top five, with $3.7 million in sales. This tremendous showing is an increase of 29.4% over last week.
Market Trends
The total NFT buyers took a major hit, crashing by 77.9% down to 128,244. Likewise, NFT sellers were down 75.2% to 85,792. NFT transactions dropped 6.3% down to 1,441,009.
Polygon is in the wash trading leader’s seat right now at $2.6 million. Ethereum’s wash trading dropped, down 9.2% to $2.5 million.
Blockchain Performance
The Ethereum blockchain continues to rule the NFT market with phenomenal sales of $36.1 million. This is an incredible 41.3% jump from last week! This is a sign of ongoing confidence and developing activity on the Ethereum network in the face of overall market volatility.
