According to Cryptoslam.io, NFT volume sales witnessed a minor increase within seven days, reaching $206,442,080, indicating a rise of 28.64 percent.
Based on data recorded on May 15, Ethereum NFT sales maintained their dominant position at $111,160,464, marking a 12.89 percent increase. Following ETH, Bitcoin NFT sales reached $51,120,994, experiencing a significant surge of 141.28 percent.
Mythos blockchain’s NFTs also saw a significant bump, with NFT sales climbing by 70.21 percent to reach $11,998,833. This notable increase propelled Mythos into the third position among the leading blockchains in terms of NFT sales volume.
Previously holding the second position, Solana has now slipped to the fourth spot for NFT sales among blockchains. Over the past seven days, Solana recorded $9,182,784 in sales, indicating a decrease of 15 percent compared to the previous week.
Polygon, with $7,874,631 in sales, secured the fifth position in sales volume, recording an increase of 8.04 percent.
Data from cryptoslam.io reveals that Uncategorized Ordinals, a collection of random Ordinals not associated with any specific category, emerged as the best-selling NFT collection in the past seven days. The sales of Uncategorized Ordinals reached a total of $15,539,195, firmly establishing it as the top collection in terms of NFT sales.
In the past seven days, Ethereum’s Bored Ape Yacht Club (BAYC) secured the second position with total sales amounting to $13,426,200. The Dmarket collection on the Mythos chain claimed the third spot, with a significant portion of Mythos’ NFT sales attributed to transactions from the Dmarket collection.
Ethereum’s Milady Maker NFT collection secured the fourth position, with sales totaling $10,129,184 during the same period. Following closely in fifth place were the ORDI BRC-20 NFTs, which recorded weekly sales of $9,953,405.
An impressive performer in terms of NFT sales is Space Pepes, based on the Bitcoin blockchain. The collection accumulated $4,609,082 over the past seven days. This number represents a surge of 2,137.96 percent.
Bitcoin’s bleak outlook, institutional traders withdrawing investments
Despite Bitcoin’s impressive performance in 2023, with a year-to-date surge of 67 percent as of May 9, the cryptocurrency sector suffered a significant setback. This setback was caused by the collapse of Sam Bankman-Fried’s crypto exchange FTX and its sister company Alameda Research in 2022.
The repercussions of this event are expected to have a long-lasting impact, and Congress will play a crucial role in deciding the necessary regulations for the future of Bitcoin.
According to reports, institutional traders are withdrawing their investments from Bitcoin and other cryptocurrencies due to concerns related to regulations and liquidity.
The issues surrounding Bitcoin have become so pronounced that even Binance, a prominent cryptocurrency exchange, temporarily halted BTC withdrawals on two separate occasions earlier this week.
While Binance attributed the withdrawal pauses to “network congestion,” some individuals within the cryptocurrency industry have speculated that underlying factors might be at play. These insiders point to significant movements of Bitcoin within Binance’s ledgers, raising suspicions of potential legal risks or insolvency.
Cezary Graf, a renowned investment analyst, has offered a pessimistic view on the price of Bitcoin, suggesting a potentially significant decline to catastrophic levels.
The Polish financial advisor maintained that if Tether or Binance, or even both, were to collapse, the consequences could be severe — a significant decline in the value of Bitcoin, from the current rate of $27,000 per BTC to just $2.7 per BTC.