Ethereum

Immutable

Fantom

Polygon

The NFT market continues to experience a decline, with sales dropping 12% last week. 
Recall sales plunged 16% during the previous week.&nbsp; 
According to <a href="https://www.cryptoslam.io/" target="_blank" data-type="link" data-id="https://www.cryptoslam.io/" rel="">CryptoSlam</a>, total sales for the last seven days stood at just below $100 million and involved over $785,000 buyers and sellers in 1.4 million transactions.&nbsp; 
<h2 class="wp-block-heading" id="strong-ethereum-leads-the-pack-strong">Ethereum leads the pack</h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdADEZn0tSxS0dDiXMYXndmJvxs9nPla0ViP4ywsLvDRJ3Ru4wKfm8OgtX1hMiCW3r4zkt5NZxViEbRg5_9YyBtrdeDNfld1tdA7CZQSSDhIRxynG4By7FGJOQpMTgUXcgpSB4t-v2bUThGGCZq1Awo6B6L?key=4gPeXkxnd4uvn5fKE8oiaA" alt="NFT sales drop 12% as Ethereum dominates, Polygon surges - 23">
 <figcaption class="wp-element-caption">
 Blockchains by NFT sales volume | Source: CryptoSlam
 </figcaption>
</figure> 
Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) was <a href="https://crypto.news/nft-sales-drop-16-percent-122-million-what-happened/" data-type="link" data-id="https://crypto.news/nft-sales-drop-16-percent-122-million-what-happened/" rel="">once again</a> the most active blockchain for <a href="https://crypto.news/tag/nft/" target="_blank" rel="">NFT</a> sales, leading the pack with $38.4 million worth of transactions.&nbsp; 
Notably, Ethereum experienced a surge in wash trading last week, with money earned from the activity going up nearly 9.5% to $37.69 million. 
Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="">MATIC</a>) was one of the biggest winners last week. Sales jumped 11.2% to push it past the Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) network and into second place.&nbsp; 
Interestingly, wash trading on the platform has kept on rising. During the prior week, Polygon registered a 37.58% increase in wash trading. This past week, it went up 46% to $14.9 million, almost double the amount recorded previously. 
Dropping to third place in terms of sales volume, <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="">Bitcoin</a> was one of the biggest losers of the week. Its 40% drop in sales was only better than Fantom (<a href="https://www.coingecko.com/en/coins/fantom" target="_blank" rel="">FTM</a>) and Blast (<a href="https://coinmarketcap.com/currencies/blast/" target="_blank" rel="">BLAST</a>), which registered dips of 87% and 74%, respectively.&nbsp; 
Wash trading on the platform also went up nearly 200%, although the $63,072 that resulted from the activity is almost negligible compared to Ethereum and Polygon. 
Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="">SOL</a>) maintained its position with the fourth-highest sales volume of the week; however, last week’s fifth-placed network, Immutable (<a href="https://crypto.news/price/immutablex/" target="_blank" rel="">IMX</a>), had to drop to #6 after Mythos Chain (<a href="https://coinmarketcap.com/currencies/mythos/" target="_blank" rel="">MYTH</a>) overtook it with nearly $4.5 million in sales. 
Notable performances came from the likes of Zora, <a href="https://crypto.news/tag/bnb/" target="_blank" rel="">BNB Chain</a>, and Panini. Sales volume on Zora went up more than 50%, while Panini, which is home to NFT sports trading cards, recorded a 22% jump to earn $135,000.&nbsp; 
 You might also like: <a href="https://crypto.news/vatican-library-embraces-blockchain-to-preserve-manuscripts-engage-donors/" rel=""> Vatican Library embraces blockchain to preserve manuscripts, engage donors </a> 
<h2 class="wp-block-heading" id="strong-leading-nft-collection-strong">Leading NFT collection</h2> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXc6DIsYHkL1DyzUm58JIX3sjriPqYxiJmklSZrjeEiQo3KSl7m_92B011LzZto52c3CeH0m_soT6K29ajc6m-TrG7Xba3m8HvnoFkXajBb2RX9tUKgF9_lRleqO0G2BZuFYDvL62IjehvGEEPlJFMIMxvg?key=4gPeXkxnd4uvn5fKE8oiaA" alt="NFT sales drop 12% as Ethereum dominates, Polygon surges - 24">
 <figcaption class="wp-element-caption">
 NFT collection rankings by sales volume | Source: CryptoSlam
 </figcaption>
</figure> 
Among NFT collections, except for Mythos’ DMarket, all NFT collections that topped the sales chart in the previous week were nowhere to be seen. Instead, CryptoPunks made a comeback, registering a massive 155% jump in sales volume to make $5.26 million and become the top-selling NFT collection of the week. 
Next was the aforementioned DMarket, which, despite a 9.21% dip in sales, still managed to earn north of $4 million.&nbsp; 
Bored Ape Yacht Club (BAYC), another popular NFT collection built on Ethereum, managed to take the #3 spot after concluding 113 transactions that yielded nearly $3.5 million. The amount was impressive since it represented a 73.66% growth over the previous week’s sales. 
Other collections that did well over the last week were Ethereum’s Pudgy Penguins and Solana’s DogeZuki Collection, which raked in $3.69 million and $2.43 million, respectively. 
<h3 class="wp-block-heading" id="strong-top-selling-nfts-of-the-week-strong">Top-selling NFTs of the week</h3> 
In terms of individual pieces, the most expensive NFT of the week came from Ethereum. However, its $204,066 price tag pales in comparison to the previous week’s winner, which changed hands for $587,194.&nbsp; 
In second place was a Bitcoin Ordinal that sold for $113,465, only $2,548 more than Mad Lads #4575 from Solana, which came in third. 
With two major international soccer tournaments taking place in Europe and the Americas, fan token sales surged greatly last week. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdVMC6bWMAPXj1bXtC-ie5mTsOlYIZvXzJZaMMhCgbt0Bmy3-Euy6OByTrPqYKYM-4UOGTRtoQOtHsl7dxf031XyW19gPvM-plvYCurCOTj9XzSS8Y_5GL0K8ho8vtPVxnK2aDZ4mmt_WOrbptzUZOeuwgG?key=4gPeXkxnd4uvn5fKE8oiaA" alt="NFT sales drop 12% as Ethereum dominates, Polygon surges - 25">
 <figcaption class="wp-element-caption">
 Top fan tokens by sales volume | Source: CryptoSlam
 </figcaption>
</figure> 
As can be seen in the table above, the Galatasaray (GAL) fan token recorded the highest sales volume, jumping an incredible 70,149% to $280.5 million as Turkey overcame Georgia in their first match of Euro 2024.&nbsp; 
The token price is also up 2,542% and is currently priced at $2.87 per unit. Sales of FC Barcelona, PSG, and Juventus fan tokens also went up between 22,903% and 8,670% as Spain, France, and Italy started their Euro 2024 campaigns successfully. 
 Read more: <a href="https://crypto.news/french-magazine-paris-match-joins-the-nft-bandwagon/" rel=""> Paris Match auctions NFTs to commemorate the magazine’s 75th year </a>

NFT sales drop 12% as Ethereum dominates, Polygon surges

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