Immutable May Retain NFT Market Lead Despite Sales Decline Amid Ethereum and Polygon Shifts

• The NFT market has seen a significant downturn this week, with sales volume dropping 18.43% to $116.9 million, signaling a shift in market momentum.

• Despite the decline in sales, participation remains robust as NFT buyers hold steady and sellers increase, reflecting a complex market dynamic.

• According to COINOTAG, Immutable continues to lead the blockchain NFT sales rankings, though its sales have decreased by over 30%, while Polygon has surged ahead of Ethereum in second place.

NFT sales volume falls 18.43% to $116.9M amid shifting blockchain rankings; Immutable leads, Polygon surges, and market participation shows mixed trends.

NFT Market Sales Decline Amid Shifting Blockchain Leadership

The NFT market experienced a notable contraction this week, with total sales volume declining by 18.43% to $116.9 million, according to CryptoSlam data. This downturn follows a previous period of strong performance, suggesting a market correction or temporary cooling phase. Bitcoin’s price retreat to $103,000 and Ethereum’s 4% drop over seven days have likely contributed to the subdued investor sentiment. The overall crypto market capitalization also decreased slightly to $3.21 trillion from $3.29 trillion, reflecting broader market pressures.

Immutable Maintains Dominance Despite Sales Drop

Immutable (IMX) remains the top blockchain for NFT sales, though its weekly sales fell by 32.23% to $28.3 million. Notably, Immutable’s wash trading—a practice that can artificially inflate sales figures—has almost vanished, plunging 81.19% to just $3. This reduction enhances the credibility of Immutable’s sales figures and indicates a healthier trading environment. Meanwhile, Polygon (POL) has surged to second place with $23.3 million in sales, marking a 24.98% increase and overtaking Ethereum, which dropped to third place with $20.4 million in sales, down 32.06%. Ethereum’s wash trading also declined by 18.29%, signaling a broader trend toward cleaner market activity.

Market Participation and Collection Performance Insights

Market participation metrics reveal a nuanced picture. The number of NFT buyers remains stable at approximately 1,061,348, maintaining a 50.56% year-over-year growth rate. Sellers increased by 8.09% to 38,494, while transactions slightly decreased by 0.63% to 1,709,086. Polygon leads in buyer growth at 35.63%, followed by Solana at 27.41% and Mythos Chain at 19.32%. In terms of collections, Polygon’s Courtyard reclaimed the top spot with $17.4 million in sales and an extraordinary 1,264.81% increase in sellers. Conversely, Guild of Guardians Heroes fell to second place with a 33.60% sales decline, alongside decreases in buyers and transactions, highlighting varying performance across gaming and utility-focused NFTs.

High-Value NFT Sales Highlight Market Activity

Despite the overall sales decline, several high-value NFT transactions underscore ongoing interest in iconic collections. CryptoPunks dominated the top sales, with notable transactions including CryptoPunks #1831 and #9778 each selling for 150 ETH, valued at approximately $389,846 and $377,958 respectively. Other significant sales include CryptoPunks #4868 at 76.5 ETH and #5586 at 70.07 ETH, demonstrating sustained demand for rare digital collectibles even amid market headwinds.

Conclusion

The NFT market’s recent sales decline reflects a complex interplay of broader crypto market trends and shifting blockchain leadership. Immutable’s continued dominance, combined with Polygon’s rapid ascent, illustrates evolving investor preferences and platform strengths. While sales volume has contracted, stable buyer numbers and increased seller activity suggest sustained engagement within the ecosystem. Market participants should monitor these dynamics closely as the NFT sector navigates this period of adjustment and potential consolidation.