The non-fungible token (NFT) market experienced a notable decline this past week, with overall sales volume dropping by 4.2%. According to recent data from CryptoSlam, NFT sales for the last seven days amounted to $73.75 million, down from the previous week’s $109 million. While the numbers fell, there were some interesting developments, particularly in the Solana network.

NFT Sales Decline, But Buyer Numbers Surge

Despite the drop in sales volume, the NFT market witnessed a significant increase in the number of buyers. The number of NFT buyers surged by an impressive 132%, reaching 521,640, compared to 270,413 sellers during the same period. However, the number of NFT transactions fell sharply, down 26%, with a total of 1,217,967 transactions recorded.

Ethereum and Solana Lead the Market

Ethereum continues to dominate the NFT landscape, with $23.9 million in sales this week. However, the Ethereum network experienced a 9.6% decrease in sales volume compared to the previous week. Notably, 12.24% of these sales were attributed to wash trading.

Solana emerged as a strong contender, claiming the second spot with $16 million in sales. Solana’s sales volume surged by 17.89%, indicating growing interest in NFTs on this blockchain. Bitcoin, Polygon, and Binance Coin followed, with sales of $13 million, $7.5 million, and $3.3 million, respectively.

Wash trading, a practice where assets are bought and sold to inflate volume numbers, was most prominent on Ethereum, with 12.24% of sales being flagged. Solana recorded a much lower rate of wash trading at 6.41%, and Bitcoin at 4.54%. Interestingly, Binance Coin had the least amount of wash trading recorded.

Top NFT Collections: Guild of Guardians Leads the Pack

Guild of Guardians, an NFT collection on the Immutable-Zk chain, topped the charts for the week, generating $2.86 million in sales from 5,786 transactions. This marked the highest sales volume across all collections.

DogeZuki, a popular collection on the Solana blockchain, maintained its strong position, securing second place with $2.4 million in sales from an impressive 61,447 transactions.

Other Notable Collections

Ethereum-based Sorare ranked third with $2.368 million in sales from 108,690 transactions. Meanwhile, CryptoPunks, one of the most iconic NFT collections, saw $2.2 million in sales across just 25 transactions, landing it in fourth place. Rounding out the top five, DMarket on the Mythos blockchain recorded $2.1 million in sales from 80,713 transactions.

While the NFT market saw a dip in overall sales this week, the surge in the number of buyers and the rising popularity of the Solana network suggest that there is still strong interest in NFTs. As Solana continues to grow, it could challenge Ethereum’s dominance in the space. For now, the market remains volatile, but with collections like Guild of Guardians and DogeZuki maintaining strong positions, the future of NFTs looks promising.