Transaction values in the non-fungible token (NFT) market have dropped dramatically, says CryptoSlam. As of May 5, 2024, the current rate has dropped by 30.3% in the last seven days. In monetary terms, this was $159.37 million. The total amount of transactions also fell to 1.63 million, a decrease of 26.7%.
Take note that compared to the performance of prior months, the outcomes on the global NFT market in the first five days of May were quite modest. A total of $95.02 million was transacted by market participants in just 5 days. After reaching $1.53 billion in March, the total result reached $1.14 billion in April. Consequently, the present values show that, similar to the rest of the industry worldwide, the NFT market is seeing a decrease in buying power and liquidity.
This week, the “uncategorized Ordinals” reclaimed their position as the most popular collection type. In all, $29.77 million was the sales figure. Noteworthy to mention is the fact that compared to a week ago, the volume of transactions for Uncategorized Ordinals decreased by 52.05%. With $6.43 million and $4.62 million, respectively, NodeMonkes (Bitcoin) and DMarket on Mythos rounded out the top three this time around.
With only $4 million, the renowned CryptoPunks collection comes in at #4. When compared to the data from the final week of April, this figure dropped by 74.01 percent. With $3.91 million in trading volume, down 48.7 percent from seven days ago, Bored Ape Yacht Club (BAYC) fell one spot.
Among digital artworks, CryptoPunks #7846 was the most costly this week. It went for 557.8k three days ago. A punk rocker donning anaglyph spectacles and a multi-colored children’s cap featuring a propeller is depicted in it.