During the first week of H2 2023, non-fungible token (NFT) sales witnessed a 23.39% decline compared to the previous week, marking a two-week downward trend. A total of $195.95 million worth of NFT sales occurred, with Ethereum-based NFTs accounting for $130.77 million.

NFT Sales Take a Hit: Week-Over-Week Drop of 23% in the First Week of July 2023

Cryptoslam.io data reveals a 23.39% drop in NFT sales this week compared to the earlier week. Along with this downturn, there was a notable 96.48% decrease in NFT buyers and a 15.26% slide in the number of NFT sales. ETH-based NFT sales led the pack with 66.73% of total sales, reaching $130.77 million last week.

Despite their dominance, ETH NFT sales saw a 14.77% dip compared to the previous week. Among 22 networks, Bitcoin (BTC) ranked second in terms of sales, recording $23.37 million last week and experiencing a 34.99% slump week-over-week. Ethereum and Bitcoin were followed by Solana, BNB, and Polygon in weekly sales.

Bored Ape Yacht Club (BAYC) emerged as the highest-selling NFT collection over the past week, generating $22.57 million in revenue and growing by 1% compared to the prior week. Azuki, Mutant Ape Yacht Club (MAYC), Uncategorized Ordinals, and Fram BRC20 trailed behind BAYC. Fram BRC20 NFT sales surged by an impressive 97.47%. Captainz and Degods also recorded significant gains between 43% and 70%, respectively.

Of the top five NFT collectible sales this week, three originated from the Bitcoin blockchain while two were based on Ethereum. The priciest sale was an Uncategorized Ordinal that fetched $832K; however, no single NFT or digital collectible breached the million-dollar mark this week.

What do you think is driving the recent decline in weekly NFT sales? Share your thoughts and insights in the comments section below.