- NFTs saw a decline in sales volume in the last 24 hours by 9.80% as transactions and the number of sellers rose.
- NFT sales declined by 10.61% this week, with buyers plummeting by over 73%.
- Ethereum and Polygon remained dominant in the NFT trading volume in November, but Base, Flow, and BNB Chain showed a relatively high increase.
The NFT market remains under pressure due to macroeconomic conditions, as the recent weekly numbers reflect a downward trend in the number of concerned figures. According to CryptoSlam, NFT sales over the last week declined by 10.61% to $88.37 million. This led to a 73.68% decline in the NFT buying count to 161,309 as investors became more cautious about risks.
Additionally, the global NFT market has been down for the last 24 hours, with the sales volume shrinking to $10.92 million, a decline of 9.80%. The buyer count was stable at 35,781, but NFT transactions increased by 9.53%.
There was also an increase in sales, reaching 26,510, an increase of 8.52%. The increase in the number of transactions and sellers has been accompanied by a decline in the value, reflecting a reduction in average transaction values in the current conditions.
Market participants cited macroeconomic factors as the reason behind the decreased spending on NFT. Earlier this month, President Donald Trump increased tariffs on imports, starting at 10% and going up to 25%. These measures led to a risk-off event in both cryptos and equites.
Since the beginning of the year, the digital asset market has pulled back more than $800 billion, and Bitcoin has gone under the $80,000 mark. Whereas the tariffs were seen primarily as friendly or even beneficial for the American crypto markets, they are now attributed to aggressive selloffs across risk assets.
Ethereum and Polygon Lead, the NFT sales
Ethereum remained the leading platform for NFT sales by daily sales volume at $3.12 million, but this has declined by 16.84%. Polygon was ranked next, receiving $2.59 million in sales, which was 5.64% less than the previous month. However, Mythos Chain and Solana fell by 11.27% and 12.14% respectively.
While the overall picture of the top chains’ performances is grim, Base sees a significantly better picture with an 8.83 % increase in sales, reaching $400,836. Even after taking into account wash trades, Base’s total drastically increased by 145.51% to $3.27 million, especially due to speculative trading. Similarly, Flow and Blast also saw a 24-hour increase of 102.77% and 92.19%, which signaled that there was increased activity in emergent ecosystems.
BNB Chain had the most substantial growth rate in terms of sales volume, a 31.52% increase of $ 232,908. However, the total adjusted volume amounted to a moderate level of $ 277,840, which indicates a wash trading component.
Also, Ethereum remained the most used blockchain for NFT sales at $30.60 million last week. However, this figure was slightly lower, at only 2% lower, and the total trading volume dropped by 2.91%.
Top NFT Collections See Mixed Results
Polygon’s Courtyard collection remained the bestseller with $2,360,716, though it was 4.2% lower than the previous month. Mythos’ DMarket came in second with $1.41 million, which was down by almost 18%. Immutable’s Guild of Guardians is down 3.56% to $531556. Booming sales of Ethereum’s f(x) wstETH rose to 84.6%, and CryptoPunks made $361,76 in additional revenue, up 24.87%.
Overall, the NFT market is experiencing higher participation with rising transactions and seller numbers. However, a relatively low average trade value and external factors such as the imposition of tariffs by the Trump administration dampen the overall market sentiment.
