The NFT market is down 50%, and Pudgy Penguins is leading the market decline

The non-fungible token market has seen a major decline with Bitcoin falling 4% over the past week to $94,000 and Ethereum falling to $3,300.

According to the latest data from CryptoSlamthe NFT market has seen a major correction: total sales volume fell by 49.77% in the past week to $152.7 million.

Despite the sharp decline in trading volume, market participation metrics show continued interest from new and existing traders.

• The number of NFT buyers increased by 50.97% to 531,208
• NFT sellers grew 47.14% to 308,666
• NFT transactions decreased by 13.26% to 1,477,340
• NFT sales are down from last week $302.2 million in total sales

Ethereum and Bitcoin are seeing sharp declines

Ethereum (Ethereum) NFT blockchain saw its sales drop 62% to $75.3 million. Despite the drop in volume, the network saw 63,054 buyers, representing a 42.91% increase. Wash trades also decreased significantly by 80.04%, reaching $21.6 million.

Bitcoin (Bitcoin) The NFT ecosystem follows a similar pattern with sales down 30% to $28.0 million. However, the network is showing strong growth in the number of users with 59,311 buyers, representing a 52.13% increase over the previous period.

Solana (Sol) maintained its third position despite a 58.71% drop in sales to $13.9 million. The network continues to show strong user engagement with 180,111 buyers, representing a 68.43% increase.

Mythos Series and ImmutableX (IMX) showed resilience, with Mythos Chain posting a modest 4.38% increase to US$11.4 million and Immutable sales growing 15.93% to US$8.1 million.

Obese penguins lead market decline

Pudgy Penguins saw a major reversal, with sales falling 76.65% to $12.6 million. The project saw declines across all metrics, with transactions down 71.82% and buyer engagement down 69.92%.

Azuki jumped to second place with sales of $9.3 million, despite a decrease of 41.94%. BRC-20 NFTs fell to third place with sales of $6.5 million, showing a decline of 30.68%.

DMarket and Guild of Guardians Heroes completed the top five, with DMarket showing growth of 8.96% and Guild of Guardians Heroes growing by 22.23%.

Notable individual sales this week include:

• Azuki #3535 sold for $427,000 (125 ETH)
• CryptoPunks #6797 sold for $159,792 (49 ETH)
• CryptoPunks #3017 sold for $156,815 (47 ETH)
• CryptoPunks #704 sold for $156,488 (46 ETH)
• CryptoPunks #5792 sold for $155,949 (45.9849 ETH)

The global cryptocurrency market capitalization fell to $3.29 trillion from $3.41 trillion last week, highlighting the bearish trend prevailing across the market.