The Non-Fungible Tokens (NFTs) have been experiencing a significant decline in their sales over the last month. According to the recent updates, the NFT market has dipped by more than 13% in sales from the previous week.

Notably, the NFT marketplaces’ downtrend is in stark contrast to the astounding achievements of the other sectors throughout March and the last week. The crypto trading volume reached an all-time high (ATH) in March, with spot trading volume rising by 108% to $2.94 trillion.

Similarly, the demand for Spot Bitcoin ETFs has also seen increasing over the month, especially over the past month. Reportedly, Bitcoin ETFs have surpassed $12.6 billion in total net inflows with BlackRock’s IBIT leading the pack, boasting a total inflow of $14.77 billion.

However, the NFT marketplaces plummeted in sales, with a 13.72% decline from the past week, marking the fourth consecutive week of sales decline. From March 29 to April 5, the market saw a steep downturn, with the top NFT blockchains experiencing weekly dips in sales.

It is noteworthy that Bitcoin-based NFT sales witnessed a 17.99% decrease from the previous week, despite achieving over $66 million over the last seven days. Ethereum followed with a total of $63.98 million in sales in the week, marking a fall of 8.89%.

Other leading NFT blockchains, such as Solana, Mythos, and Polygon, have also experienced dips in sales by 12.70%, 4.36%, and 19.7%, respectively. Considering the leading NFT collections, Uncategorized Ordinals boasts the top position in NFT sales over the week with $21.11 million, and the Bored Yacht Club (BAYC) follows with $6.68 million.

Source : Coin Edition / Apr 9, 2024