The global non-fungible token (NFT) market is currently riding a wave of excitement. In the past week, it has an astounding $109 million in trading sales volume. This number is indicative of a slight dip, reflected in a 16.77% drop in trading sales volume from last week. However, despite the declining state of the overall market, Immutable-based NFT collections have proven to be a powerhouse, accumulating $23 million in sales. Ethereum-based NFTs still account for 95% of the market. They’ve been catching serious whiplash, leading trading sales volume to drop 27% year over year to $20 million.
Today, we’re diving into how some of the largest NFT collections have fared as well as trends influencing overall NFT activity. In future posts, we’ll unpack what’s fueling these changes. Further, we will explore their further implications for the future of the NFT market.
Immutable's Lead in a Declining Market
Immutable-based NFT collections have taken over the ranking of trading sales volume. They brought in a humongous $23 million just in the past seven days! Immutable pulled off an amazing feat. All the good news couldn’t stave off a huge blow, with sales volume down 40% from last week. This rapid decline highlights the overall turbulence of the NFT market and the difficulty that even the top platforms are having.
The Guild of Guardians Heroes NFT collection has been instrumental in this success. Built on the Immutable platform, it has reached one of the highest sales volumes of $14 million. The Guild of Guardians Avatars NFT collection recently set a record-breaking sales milestone. So far, it’s created an eye-popping $5.8 million in trading sales volume. Together, these numbers show the surging popularity of the gaming category of NFTs and their ability to generate significant sales within the broader Immutable ecosystem.
So far, Immutable’s biggest achievement has been its NFT performance. Yet, the broader national trend of declining sales volume casts some doubt on whether these trends are sustainable. Market observers will be watching carefully to see how Immutable can hold on to that top spot as the volatility continues.
Ethereum and Polygon's Performance
Ethereum-layered NFT collections just completed a week of $20 million in trading sales volume according to NFTGO. This represents a 27% drop from last week. Taken at face value, it’s an unambiguous sign that activity on the Ethereum blockchain has drastically slowed. Ethereum’s NFT sales are falling for a few reasons. Increased competition from other platforms, high transaction fees, and a changing investor sentiment are all contributing factors.
Collectively, Polygon-based NFT collections drove a meaningful portion of global NFT market activity. In this time, they made some amazing progress with a trading sales volume of $18 million. Polygon’s robust performance underscores its meteoric ascent as a popular alternative to Ethereum. It saves users on transaction fees and transactions are processed much faster. This ultimately creates a Polygon ecosystem that is favorable to creators and collectors alike.
Even amidst the overall crypto market slump, the sustained demand on Ethereum and Polygon demonstrates that the allure of NFTs has proven to be long-lasting. These networked platforms attract the biggest pools of buyers and sellers. This trend is a clear testament to the fact that the NFT space still has so much untapped potential to offer.
Other Notable NFT Collections
DMarket NFT collections are coming off yards sales volume of $8.8 million for the seven days ending Wednesday, according to CryptoSlam. Meanwhile, DMarket faced the smallest drop off overall at just 1% down from last week. This drop shows an increased steadiness with a less volatile performance in comparison to the other top platforms.
Courtyard NFT collection curiously passes $14 million in seven day trading sales volume. This current boom is a testament to the overwhelming interest in distinct and valuable digital goods. During the past week, other NFT projects have amassed a remarkable $6 million in trading sales volume. This increase in sales is a reflection of the broader excitement in the market.
Just like any other great speculative bubble, the NFT market is so hot right now! Just in the last week alone, more than 1 million buyers have rushed into deals despite choppy sales activity on other platforms. This mass participation further emphasizes the growing acceptance and adoption of NFTs as an innovative and legitimate asset class.
