In a striking market downturn, NFT sales volume has nosedived 38% to $74.8 million over the past week, with Bitcoin transactions experiencing an even sharper drop of 71%. Despite the crumbling sales figures, market participation surprisingly rose. Ethereum continued to lead the NFT space with $46.9 million in sales, though this represents a steep 38.78% decline. Conversely, the number of NFT buyers surged by nearly 30%, indicating growing interest even amid falling prices.
Meanwhile, the broader cryptocurrency market cap saw a contraction, dipping below $3 trillion, with Bitcoin struggling to maintain support at the $83,000 level and Ethereum dropping under $2,700. This has rattled investors, though not entirely quelling the enthusiasm for blockchain-based assets, as evidenced by the rise in transactions on several networks.
On a more optimistic note, certain NFT collections like Moonbirds have shown remarkable growth in transactions, countering the overarching bearish sentiment. This mixed picture reflects the continuous evolution and complex dynamics of the cryptocurrency and NFT markets during challenging economic times.
