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The NFT market saw a big shake-up during the last week. Overall sales dropped by 35% to $112.7 million, but there was a silver lining: an increase in the number of buyers and sellers, which indicates renewed activity in digital collectibles.
Ethereum Remains Dominant Despite Dip
Ethereum still held the title of top-performing blockchain for NFTs, but with a 41% decline in sales to $56 million. Its dominance would indicate that with or without fluctuations in price, Ethereum is the best platform favored by creators and investors.
Platform Highlights: DMarket Takes the Lead
Among the NFT platforms, DMarket led the pack with $8.7 million sales, closely trailed by Courtyard at $7.3 million. Both platforms are popular for their rising marketplaces and novel offerings, bringing in a loyal following.
Market Dynamics: More Participants, Less Volume
While decreasing sales numbers might be cause for alarm, the increase in market players presents a different narrative. More sellers and buyers may suggest that new players are dipping their toes in the water ahead of a possible rebound in the market.
The NFT market is unstable but resilient. With increased activity and sustained interest in key platforms such as Ethereum, the next wave of expansion may be looming despite recent drops.
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