NFT market shrinks to $58M as Bitcoin stalls near $70K and risk appetite fades
The NFT market has logged another weak week, with total sales volume sliding to 58.34 million dollars — a 20.34% drop compared with the previous seven days. The pullback marks the second consecutive weekly decline and comes against the backdrop of a broader crypto market cooldown, as Bitcoin struggles to hold the 70,000‑dollar level and Ethereum trades close to 2,000 dollars.
Despite the drop in nominal volumes, participation in NFT trading actually increased. The number of unique buyers climbed 21.97% to 296,018, while the number of sellers rose 24.63% to 270,495. Overall transaction count slipped 4.33% to 660,674, suggesting more users were active, but the average value per trade moved lower as risk sentiment weakened and speculative high-ticket purchases became rarer.
The macro picture in crypto remains a clear headwind. The total market capitalization of digital assets has retreated to 2.41 trillion dollars, down sharply from 2.83 trillion a week earlier. Bitcoin’s inability to firmly break away from 70,000 dollars and Ethereum’s drift around 2,000 dollars have cooled enthusiasm across the board. Historically, sustained rallies in BTC and ETH tend to lift NFT valuations and volumes; the current phase shows the opposite dynamic, with blue-chip coins losing momentum and NFTs feeling the pressure almost immediately.
Ethereum still dominates NFT activity — but with shrinking volume
Ethereum remains the primary home for NFTs by a wide margin. Over the past week, it generated 34.97 million dollars in NFT sales. However, that figure represents a steep 23.63% week-on-week decline, underscoring how even the leading NFT network is not immune to the market reset.
Interestingly, the number of Ethereum-based NFT buyers rose 20.44% to 33,663 during the same period, indicating that while total dollar value fell, smaller and mid-range trades became more common. Wash trading volume on Ethereum reached 2.91 million dollars, a reminder that a portion of activity still comes from artificial volume designed to game rewards or visibility, although it remains a relatively small slice of total sales.
Bitcoin NFTs lose ground, Base and BNB show mixed performance
Bitcoin secured the second position among NFT blockchains, but its numbers also weakened noticeably. NFT sales on Bitcoin reached 4.66 million dollars, a decline of 32.81% compared to the previous week. Despite that, the network drew 12,770 buyers, a 17.10% increase, again mirroring the broader trend of more participants but lower average spend.
Base, the Ethereum Layer‑2 network, moved into third place with 4.14 million dollars in NFT sales. Unlike Ethereum and Bitcoin, Base managed to post growth: sales rose 8.46% week-over-week. The network attracted 83,552 buyers, up 6.09%, signaling that cheaper fees and a flourishing ecosystem of experiments and lower-cost collections are continuing to attract new users even as blue-chip markets cool.
BNB Chain took fourth place with 3.93 million dollars in weekly NFT sales, down 20.62%. Yet its buyer base expanded 21.37% to 39,715, reinforcing the pattern visible across multiple chains: more wallets are interacting with NFTs, but the market is skewing toward smaller ticket sizes and budget-conscious trading.
Solana rounded out the top five, registering 2.61 million dollars in NFT sales. That figure reflects a modest 1.14% increase week-over-week. What stands out on Solana is the dramatic surge in unique buyers — up 56.69% to 80,610. This suggests Solana remains one of the most dynamic retail hubs for NFTs, appealing to users who prioritize low transaction fees and rapid execution.
Just outside the top five, Immutable (IMX), a network focused on gaming and digital collectibles, slipped to sixth place with 2.34 million dollars in NFT sales, a significant 29.10% decline. For a chain heavily associated with Web3 gaming and long-term IP strategies, the pullback underlines how even more “utility-driven” segments are not fully insulated from cyclical downturns.
Collections: Flying Tulip PUT cools, CryptoPunks roar back
At the collection level, Ethereum’s Flying Tulip PUT maintained its status as the week’s top seller by volume, generating 11.41 million dollars. However, that leadership position masks a sharp correction: sales for the collection dropped 49.06% from the prior week. Flying Tulip PUT recorded 530 transactions from 259 buyers, indicating that while the project still commands attention, speculative fervor is easing and fewer large purchases are being made at peak prices.
CryptoPunks, one of the most established NFT brands, delivered a striking rebound. The collection captured second place with 4.71 million dollars in weekly sales, surging 146.56% after posting a 52.35% decline the week before. In total, CryptoPunks saw 69 transactions across 44 buyers, with both figures more than doubling week-on-week. This pattern is typical of blue-chip NFT collections: when the broader market wobbles, some capital rotates into historically resilient, highly recognizable assets rather than riskier, unproven projects.
A collection on the Base network took third position with 2.11 million dollars in sales, up 15.82%. While not yet a household name among NFT brands, its performance highlights Base’s growing role as a venue for active trading and experimentation, particularly for users hunting for lower costs and early-stage opportunities.
Pudgy Penguins, another well-known Ethereum collection, recorded 2.09 million dollars in sales, a 6.96% decline from last week. Meanwhile, Bored Ape Yacht Club (BAYC) saw a stronger week, generating 1.90 million dollars in volume — a 59.79% jump. For Pudgy Penguins and BAYC, these moves illustrate diverging short-term sentiment, even as both remain central pillars of the NFT profile-picture and brand-building narrative.
TokenVestingPlans on Ethereum secured sixth place with 1.65 million dollars in sales, rising 67.85%. Guild of Guardians Heroes completed the top tier with 1.50 million dollars in volume, down 22.82%. Both collections sit at the intersection of NFTs and utility or gaming, showing that while interest in “use case” NFTs remains, it, too, is being repriced along with the rest of the market.
CryptoPunks also dominated the leaderboard for high-value individual sales, capturing three of the five largest NFT transactions of the week. That concentration at the top underscores how, even in a risk-off environment, deep-pocketed collectors still gravitate toward the most iconic and historically significant digital assets.
More users, less money: what the numbers are really saying
The headline figures might suggest a market in retreat, but the underlying metrics paint a more nuanced picture. Across several major chains, the number of buyers and sellers increased even as total dollar volumes shrank. This divergence can signal a few key trends:
– Average deal size is falling, indicating a move away from speculative, high-priced acquisitions.
– Retail traders and new entrants remain active, but they are cautious with capital.
– Blue-chip collections attract the majority of large sales, while lower-tier collections compete for smaller discretionary spends.
Such behavior is consistent with a cooling phase after a period of strong price appreciation in broader crypto markets. When Bitcoin hovers below recent highs and Ethereum fails to break out, many NFT traders switch from aggressive flipping to more conservative positioning or exploration of cheaper chains.
How Bitcoin and Ethereum prices shape NFT sentiment
NFTs are still closely tied to the health of the larger crypto ecosystem. When Bitcoin approaches psychological thresholds — such as 70,000 dollars — but fails to decisively break higher, traders often reassess risk. The same holds true for Ethereum hovering around major levels like 2,000 dollars. Without a strong uptrend in these base assets, the willingness to pay record prices for NFTs naturally declines.
Moreover, valuations for many NFTs are implicitly quoted in ETH, SOL, or other native tokens. If those tokens have recently rallied, holders may be more tempted to lock in profits by selling NFTs and reverting to the underlying currency. Conversely, during sharp bull runs, traders often feel richer in token terms and are more willing to buy into new collections or upgrade into expensive blue chips.
The recent slide in total crypto market capitalization from 2.83 trillion to 2.41 trillion dollars is therefore not just a macro statistic — it is a direct lens into the shrinking pool of speculative capital available to fuel NFT bidding wars.
Layer‑2s and alternative chains: quiet winners of the downturn
While headline numbers show contraction, Layer‑2s like Base and cost-efficient chains such as Solana are quietly gaining ground in terms of user count. Their appeal becomes even more obvious when volatility is high and risk appetite is low:
– Lower transaction fees reduce the cost of experimentation, letting users mint, trade, and test new collections without committing large sums.
– Faster confirmation times support gaming, micro-collectibles, and social NFTs that rely on frequent, low-value interactions.
– Builders are increasingly deploying cross-chain strategies, launching on both Ethereum mainnet and cheaper environments to capture different segments of the market.
The recent uptick in buyers on Base and the surge in participation on Solana suggest that, even during a downturn, users are not abandoning NFTs altogether. Instead, they are migrating to ecosystems that better match the new risk-reward profile they are comfortable with.
What this means for collectors and traders right now
For active participants, the current environment brings both challenges and opportunities:
– Price discovery is ongoing: with volumes down, floor prices on many collections may become more volatile and less reliable as indicators of true demand.
– Blue-chip resilience: collections like CryptoPunks, BAYC, and dominant newcomers continue to attract the highest-value sales, reinforcing their role as relative safe havens within the NFT landscape.
– Liquidity risk: thinner trading can make it harder to exit positions quickly at desired prices, particularly in niche or low-cap collections.
– Entry points: for long-term believers in specific projects, lower average sale prices can provide more attractive entry levels, albeit with increased uncertainty on short-term price movements.
Caution, rigorous research, and realistic expectations about liquidity and time horizons are increasingly important in this phase of the cycle.
Builders and brands: focusing on utility over hype
For creators, game studios, and brands using NFTs as part of their digital strategy, the current market is a stress test. Collections heavily reliant on speculative momentum are finding it harder to maintain interest, while projects that offer clear utility — whether in gaming, digital identity, loyalty, or IP licensing — are better positioned to weather the downturn.
The shift in buyer behavior toward lower-cost chains and more affordable assets also pushes builders to:
– Reassess mint prices and on-chain cost structures.
– Prioritize user experience over immediate revenue maximization.
– Experiment with hybrid models that blend free or low-cost mints, in-game earnings, and off-chain benefits.
Networks like Immutable, despite the recent pullback, sit at the center of this pivot as more Web3 games and collectible ecosystems launch with a long-term roadmap rather than a quick speculative cycle.
Outlook: consolidation, rotation, and slow rebuilding
If Bitcoin and Ethereum remain range-bound, the most likely scenario for NFTs over the near term is continued consolidation rather than a dramatic rebound. Volumes may stay subdued, with capital rotating:
– From riskier, illiquid projects into established blue chips.
– From high-fee environments into more cost-effective chains.
– From speculation-driven use cases into projects with tangible or narrative utility, such as gaming, digital identity, and brand loyalty.
However, the steady rise in the number of NFT buyers and sellers indicates that the underlying interest in digital ownership has not vanished. Instead, the market is recalibrating after a period of exuberance, re-pricing assets and forcing participants to differentiate between noise and durable value.
Bottom line
Weekly NFT sales falling 20.34% to 58.34 million dollars, combined with Bitcoin hovering at 70,000 dollars and Ethereum near 2,000 dollars, signal a market in transition rather than outright collapse. Ethereum still leads with nearly 35 million dollars in sales, Bitcoin retains the second spot, and Base, BNB Chain, and Solana are carving out meaningful niches. Collections like Flying Tulip PUT and CryptoPunks illustrate both the fragility and resilience of top-tier projects, with sharp drops and explosive rebounds occurring side by side.
As crypto’s total market cap retreats and volatility reshapes risk appetite, NFTs are moving into a more mature phase — one where participation remains broad, but capital is more selective, narratives matter more than hype, and long-term execution beats short-lived speculation.