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NFT Sales Dip By 32% In The Last Week, Ordinals Squeeze Into Top 10 Collections Via Emblem Vault

05 Mar 2023

After a significant spike in February, sales of non-fungible tokens (NFTs) in the last seven days are 32.32% lower than last week. Of the 19 different blockchains, Ethereum accounted for $148.56 million out of the total $186.20 million in NFT sales settled this week.

During the past seven days, NFT sales totaled $186.20 million among 760,857 buyers. Although the number of buyers increased by 55.41% last week, sales volume decreased by 32.32%, and NFT transactions fell 91% compared to the previous week. Ethereum dominated the market, capturing $148.56 million or 79.78% of the total. However, sales of ETH-based NFTs decreased by 37.78% compared to last week. Solana (SOL) NFT sales increased by 12.93% this week, reaching $17 million, and Polygon recorded just over $6 million in sales, a decrease of 17.34% from the previous week.

The top five NFT collections in terms of sales this week are all Ethereum-based. The best-selling collection over the past seven days was MG Land, with just over $10 million in sales, an increase of 25.49% compared to last week. The second best-selling NFT collection is Momoguro Holoself with $8,848,317 in sales, followed by Sewer Pass, which generated $7,268,598 in sales over the last seven days. The NFT collections Bored Ape Yacht Club ($6.2M) and Otherdeed ($5.35M) follow MG Land, Momoguro Holoself, and Sewer Pass.

Interestingly, Bitcoin-based NFTs, or Ordinal inscriptions, have made their way into this week’s market data via Emblem Vault. Data from cryptoslam.io shows that Emblem Vault version four (v4) is a collection with a significant number of Ordinal inscriptions, including Bitcoin Punks and Counterparty-crafted collections such as Rare Pepe blockchain trading cards. Emblem Vault v4 is the eighth-largest collection in sales this week, rising 287% compared to last week and reaching $4.25 million. The most expensive NFT sold this week was Sewer Pass #21,915, which sold six days ago for $1.63 million.

In terms of NFT marketplaces, Blur is still the top market this week, capturing 79.7% of the market share. The NFT marketplace Opensea recorded 14.9% of the market share over the last week. Thirty-day metrics indicate that more than $2 billion in NFTs were sold, with Blur capturing 74.5% of the market share and Opensea obtaining 22.4%. X2Y2’s market share was around 2.5%, and the marketplace Looksrare recorded 0.7% market share last month.

What do you think about this week’s NFT sales sliding 32% lower than the previous week? Share your thoughts about this subject in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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