The NFT market experienced a slight 10 percent decline in sales volume last week despite a 45 percent increase in NFT buyers, with the number of traders totaling 522,464.
According to on-chain market data aggregator CryptoSlam, the last seven days saw a trading sales volume of $153 million and a 45 percent increase in NFT buyers. Last week, the NFT market recorded $177 million in trading sales volume, with Ethereum in the lead and Bitcoin NFTs at number two.
Despite the decline in sales volume, the surge in transactions pushed the global NFT market to surpass 2 million in total transactions, reflecting a seven percent increase compared to the previous week.
Competition in the market: Bitcoin leading
Ethereum and Bitcoin have been battling for market dominance in the past week. Introduced earlier this year by Bitcoin developer Casey Rodarmor, Bitcoin Ordinal NFTs have recorded over 9 million inscriptions. Ordinals have also surpassed Solana NFTs to become the second most traded NFTs. In the past 24 hours alone, Bitcoin NFTs have experienced a 110 percent increase, resulting in a trading sales volume of $8.4 million.
Among the top-performing NFT collections, $OXBT BRC-20 NFTs came out as the top, surging by 95 percent to become the most traded NFT in the global market. As of writing, The sales volume of $OXBT BRC-20 NFTs has surpassed $3.1 million, with approximately 6,165 transactions. The number of investors purchasing this NFT collection in the past 24 hours has increased by 40 percent as well.
Meanwhile, Ethereum has been facing criticism for its significant increase in NFT wash trading, a practice where the same person acts as both the buyer and seller in an NFT transaction. This technique is used to manipulate prices and create a false perception of high demand.
Within the past seven days, Ethereum has witnessed over $117 million in wash trading, representing 57 percent of its total sales volume. Although Bitcoin also saw a 24,576 percent surge in wash trades in this period, it only accounted for $2 million.
LookRare, a digital market platform for Ethereum NFTs, is leading 96 percent of the observed wash trading. The X2Y2 NFT market platform is another platform that recorded notable NFT wash trading.
Top NFTs in the past week
As of writing, Cryptoslam recorded $OXBT BRC-20 as the leading NFT, with over $7.2 million in sales and over 19,000 transactions.
DMarket NFTs, a collection hosted on the Mythos Chain network, follows closely behind with $6.9 million in total sales volume, a drop of 9.8 percent from last week.
The Bored Ape Yacht Club, a limited edition NFT collection by Yuga Labs, has garnered attention this week and placed number three. The collection, comprising 10,000 NFTs, has achieved a trading sales volume of $6.4 million in the past 24 hours. However, it experienced an 18 percent decrease in sales compared to the previous week.
The NFT trading cards of the strategic, skill-based card game Gods Unchained placed fourth. These cards are owned by players and hosted on the Ethereum network. Within the past week, the collection has collected more than $4.5 million in sales volume.
Another collection from Yuga Labs, the Mutant Ape Yacht Club, is number five. In the past seven days, the collection of 20,000 fixed NFTs has generated a sales volume of $4.5 million, a 15 percent decline compared to the previous week.