Blockchain-based NFTs, also known as non-fungible tokens, ensure that any digital content is licensed and belongs only to the person who purchased it. Once NFTs are purchased, their owners’ rights are protected and they are never transferred to anyone else.
In the NFT craze, many people spent huge amounts of money and owned various NFTs. However, the NFT market started to decline a while ago and this decline is still continuing.
Even though NFT buyers were up 17%, sales were down 9.91%.
Image: Cem Yılmaz, NFT
$72.76 million in NFT sales occurred this week, which is 9.91% lower than the previous week. The number of NFT buyers increased by 17.77% to 569,407 people, and the number of sellers also increased by 15.82% to 714,889 last week. In the field of cross-blockchain NFT sales, Ethereum was at the forefront with $37.27 million in sales among 22 networks. This means that a significant 51.22% of this week’s NFT trading originates from the Ethereum blockchain.
The Mythos NFT sales that followed took second place, collecting $7.83 million in sales, an increase of 13.12% since last week. Polygon took third place this week, collecting $7.12 million in NFT sales, while Solana took fourth place with $5.86 million. From September 24 to October 1, Immutable X earned $5.47 million in sales, placing it in fifth place.
The fact that NFTs are still in demand despite losing so much value surprises users. Although NFTs became very popular when they were announced, it seems that they will not make users very happy in the future.
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