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 <p class="is-style-lead">The global <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> for NFTs has witnessed a downward trend in trading volumes, marking a consistent decline for the third week of January.</p>
 <p>According to the latest figures from CryptoSlam.io, a prominent on-chain data aggregator, the trading <a rel="noopener noreferrer nofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> volume in the NFT sector has fallen to $223 million over the last week. This represents a significant 22.5% drop compared to the previous week’s figures.</p>
 <p>Contrastingly, the NFT <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> has observed an uptick in the number of active participants. Recent data shows that over 734,000 collectors engaged in NFT purchases across various platforms in the last week. This surge, amounting to a 34% increase, indicates a growing interest in non-fungible tokes despite the overall decrease in trading volume.</p>
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   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2024/01/30/e3438a81f1eaab4ffa0c946a40a3c64d.webp.webp">
   <img decoding="async" width="922" height="368" src="https://cdn.thebittimes.com/images/2024/01/30/e3438a81f1eaab4ffa0c946a40a3c64d.webp" alt="NFT sales volume"> 
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  <figcaption class="wp-element-caption">
   NFT montly sales volume across major blockchains | Source: CryptoSlam.io
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 <p>However, wash trading has been notably high, speceially across Solana and Avalanche collections. Wash trading is a form of market manipulation where an investor simultaneously sells and buys the same NFT to create misleading, artificial activity in the marketplace. The notably high levels of wash trading on Solana and Avalanche suggest a significant portion of their NFT transactions may be artificial, potentially inflating the perceived market activity and skewing genuine economic indicators.</p>
 <p>Bitcoin Ordinals collections took the hardest hit in January, as <a rel="noopener noreferrer nofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> declined by nearly 35%. Ethereum and Solana-based NFTs also saw a significant decline. However, non-fungible tokens on Polygon experienced a massive 70% increase in <a rel="noopener noreferrer nofollow" title="sales" href="https://thebittimes.com/tag/sales.html">sales</a> this month. Polygon’s most popular collection, Trump Digital Trading Cards Series 2, saw a notable 25% increase in floor price. This is potentially due to the hype around the current election season in the U.S. and Trump’s campaign.&nbsp;</p>
 <figure class="wp-block-image size-full is-resized"><picture loading="lazy" decoding="async" class="wp-image-14243479" style="width: 100%;height:auto">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2024/01/30/e97b93df2143cb1a90a7abf6efeac404.webp.webp">
   <img loading="lazy" decoding="async" width="892" height="684" src="https://cdn.thebittimes.com/images/2024/01/30/e97b93df2143cb1a90a7abf6efeac404.webp" alt="Trump NFTs"> 
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  <figcaption class="wp-element-caption">
   Weekly floor price movement of the TRUMP2 collection | Source: CoinGecko
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 <p>On the other hand, popular Ethereum-based collections saw a notable decline in the past few weeks, with the floor price of CryptoPunks and BAYC both down nearly 8% in the past two weeks.&nbsp;</p>
 <p>Although the <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> significantly recovered from its prolonged downtrend in Q4 2023, it’s again seemingly going through a bearish phase, perhaps an indication of user interest shifting to the less popular networks — like Polygon and Avalanche-based collections — which have both seen remarkable growth this month, it appears the NFT business may be shifting and diversifying, rather than strictly shrinking.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/global-nft-market-sees-a-22-dip-in-sales-yet-trump-nfts-continue-to-soar-tbt78201.html">https://thebittimes.com/global-nft-market-sees-a-22-dip-in-sales-yet-trump-nfts-continue-to-soar-tbt78201.html</a></p>

Global NFT market sees a 22% dip in sales, yet Trump NFTs continue to soar

TheBitTimes

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