NFT Market Faces Lowest Weekly Sales Since Mid-June
- Weekly NFT sales dropped to $104.5 million, the lowest since June.
- CryptoPunks sales rose by 4.7% this week.
- Ethereum and Base maintain strong transaction activity.
Weekly NFT sales fell to $104.5 million, the lowest since mid-June, as CryptoPunks witness a 4.7% sales increase, highlighting market turbulence yet blue-chip resilience.
This decline highlights shifting investor preferences, trading activity persistence despite reduced volumes, and the NFT market’s adaptability as platforms like Courtyard gain prominence.
NFT market weekly sales have declined to their lowest level since mid-June, totaling $104.5 million. CryptoPunks remains a rare bright spot, with notable high-value sales.
This decline comes as the market experiences a 22.6% sales drop, signaling challenges amidst fluctuating NFT buyer activity and transaction volumes.
NFT Market Plummets 22.6% to $104.5 Million
The NFT market saw a 22.6% drop in weekly sales, totaling $104.5 million. CryptoPunks, defying the trend, recorded a 4.7% sales increase. Base, a Coinbase-affiliated platform, became a leading NFT chain by August volume.
Base’s rise to the third-largest NFT chain reflects a shift beyond traditional blue-chip collections. Courtyard emerged as a daily volume leader, drawing investor attention with a $1.67 million volume across 20,150 trades.
Unique NFT Buyers Fall Below 200,000
The sales decline impacted unique NFT buyers, which fell below 200,000—a 58% decrease since June. Despite this, buyer and seller counts rose, indicating trading vigor. Ethereum holds its top position, and Bitcoin remains stable.
The falling sales mark a continued market cool-off. Ethereum transactions remained unaffected, Bitcoin prices held firm, and Base sustained surging activity. Investors are reevaluating strategies amid shifting NFT interest.
“Strong NFT performances in the last two months have been driven by increasing NFT adoption, including major gallery openings and the rise of Base as a top chain.” — Sara Gherghelas, Analyst, DappRadar
Past Mid-Year Slumps Hint at Recovery Potential
This dip mirrors similar mid-year slumps in 2023 and 2024, after which market recoveries followed due to new NFT launches. Expert insights indicate potential market revitalization following product launches or influential campaigns.
Looking ahead, forecasts suggest potential rebounds and NFT resale booms. Historical data show that market rebounds often occur post-launches, with Ethereum being the focal point for recovery amid NFT cycles.
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