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The NFT market experienced a steep decline, with sales decreasing by 29% to $107 million in the current week. Notwithstanding the decrease, Ethereum continues to be the leading blockchain for NFTs, with sales of $25.3 million. Bitcoin-based NFTs are, however, narrowing the gap, posting sales of $24.3 million.
Important Highlights from the NFT Market
Ethereum Still Dominates, But Bitcoin is Closing the GapEthereum remains the number one blockchain for NFT sales, but Bitcoin NFTs are gaining incredible traction, almost catching up to Ethereum’s figures.
Courtyard Surpasses Pudgy PenguinsThe most-selling NFT collection was Courtyard, according to CryptoSlam’s data, with $12.1 million in sales. Meanwhile, Pudgy Penguins, once a market leader, dropped to tenth position after experiencing an 81% drop in sales.
Book NFTs Rule Individual SalesIndividual sales of the week were led by two NFT-based books on Book.io. A digital version of Dr. Jekyll and Mr. Hyde sold for $390,410 (600,000 ADA), and its second edition at $386,179 (600,000 ADA) was hot on its heels.
What’s Next for the NFT Market?
The sharp drop in NFT sales indicates a cooling trend in the market, but competition between Ethereum and Bitcoin-based NFTs is still fierce. While certain collections falter, new forms of digital assets, like tokenized books, are gaining traction as high-value items in the NFT market.
Keep watching for more news on the changing NFT landscape!
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