The non-fungible token (NFT) marketplace is wildly dynamic, with declines and increases on various blockchains and collections. Overall sales volume crept down slightly. On the positive side, platforms such as Ethereum and Polygon experienced remarkable performance as the market exhibited an ever-growing dynamic and resilient nature. The week of July 3 – 10 had a collective NFT sales volume of $93.6 million, down 4.38% from the week prior. Despite this downturn, important players and collections are continuing to lead the pack on even larger achievements.
Ethereum's Continued Dominance
Ethereum still reigns over the NFT space. Over the last week, it has reached a sales dollar volume growth of 3.13%. The blockchain saw $36 million in sales, a significant 42% increase. This performance is a reminder of Ethereum’s important role to play in the NFT ecosystem. Its underlying infrastructure and growing adoption are attracting creators and collectors alike.
Wash trading volumes on Ethereum experienced a significant decline of around 8.8%, concluding at $2.55 million. We see this decline as a sign of market integrity restored and a more authentic representation of buyer interest on the Marketplace. Currently, the F(x) wstETH position is undeniably unique on Ethereum. It has literally taken a seat in the top five of all-time NFT collections!
Blockchain Performance Varies
Ethereum is thriving, the story is more complex across other blockchains. Solana followed closely behind, taking a 34.5% fall in NFT sales to $6.44 million. By comparison, Immutable saw $5.22 million in sales — up 12.2% from last week.
On the Solana blockchain, NFT wash sales were up 232.18% to $2,637. The Polygon-based Courtyard Arcanum is the clear frontrunner in the collection rankings with a 5% increase in sales to $15.7 million. Guild of Guardians Heroes on the Immutable blockchain comes in fifth place.
Top Collections and Market Trends
Looking at the highest collections gives you even more insight into what’s really going on in the market. DMarket on the Mythos blockchain holds a second in collection rankings with weekly sales increasing 4.25% to $9.014 million. CryptoPunks takes third place with an impressive 153.1% rise in sales, reaching $9.011 million.
Most importantly, CryptoPunks #3100 had the largest value sale, selling for 4,000 ETH, or $6.042 million. The NFT space sustained a massive drop-off in sellers. Only 85,650 sellers took part last week, a whopping 75% decrease from the week before.
