Well, it’s another rough week for NFTs, if we’re being honest. The numbers are in, and the overall sales volume has dipped again, this time by about 8.5%. That puts the total market at roughly $129.6 million. It’s not a complete freefall, but it’s a clear continuation of the slump we’ve been watching.
And it’s hard to separate that from what’s happening in the wider crypto world. Everything seems a bit shaky right now. Bitcoin’s price has slipped back to around that $108,000 mark, and Ethereum is down near $4,300. When the big players catch a cold, the rest of the market often sneezes. The total value of all cryptocurrencies has fallen from nearly $4 trillion to about $3.75 trillion. That kind of shift tends to make everyone a little more cautious with their spending, especially on digital collectibles.
Not All Bad News in the Slump
But here’s the interesting part. Even with sales down, more people are actually getting involved. The number of NFT buyers jumped by over 18%, and sellers increased by 17%. There were nearly two million transactions. So, people are still trading, perhaps just at lower price points or with different expectations. It feels less like people are running for the exits and more like they’re just being more careful.
Some Collections Buck the Trend
A few projects are actually doing quite well despite the broader mood. Pudgy Penguins, for instance, had a fantastic week. Its sales shot up by 63%, pushing it into the top three collections. It saw growth across the board—more buyers, more sellers, more transactions. It’s a real standout.
Then you have the old guard. CryptoPunks might have slipped to second place in collection rankings, but it still commands respect. All five of the highest-value sales this week were Punks, with one fetching over $446,000. It shows that for the truly established blue-chip assets, there’s still a strong appetite, a belief in their long-term value that isn’t easily shaken by weekly market fluctuations.
Shifting Dynamics on the Blockchains
Ethereum is still the dominant platform for NFT sales, even with a slight drop. But look at Polygon—its sales actually grew by over 16%. Other chains like Mythos also saw modest gains, while Bitcoin and Solana-based NFT sales fell significantly. It suggests a shuffling of interest, maybe a search for value or different utility elsewhere.
So, what does it all mean? It’s a mixed bag, really. The market is definitely quieter in terms of raw money moving around. But the increase in participants hints at a foundation being built, perhaps. People are still curious, still engaging, just maybe with a bit more restraint than during the frenzy of previous years.
