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NFT Market Contracts Sharply as Weekly Trading Volume Slides
Latest figures from Crypto.news reveal significant contraction in the NFT sector this week, with overall trading volume declining to $66.71 million—a 10.18% drop from the previous period. The downturn extends beyond transaction values, as buyer participation has plummeted by 66.91% to just 165,759 participants, while seller activity retreated 70.44% to 120,912. Transaction counts also compressed, falling 13.88% week-over-week.
Multi-Chain Performance Diverges Sharply
Divergent trends across blockchain networks paint a mixed picture for NFT trading volume. Ethereum, the dominant platform, recorded $24.93 million in trading volume despite experiencing a modest 3.02% decline.
The story brightens considerably on Layer 1 alternatives. BNB Chain demonstrated resilience with $10.83 million in trading volume, surging 45.64%—a notable outperformance relative to Ethereum’s weakness. Solana’s network similarly impressed with $5.65 million in trading volume, accelerating 48.27% and signaling robust demand on alternative chains.
This bifurcated market dynamic suggests NFT trader interest may be rotating away from congested networks toward faster, more cost-efficient platforms, even as aggregate trading volume faces headwinds.