Courtyard Surges Past Cryptopunks: NFT Market’s Unexpected Shift Revealed!

NFT Market Faces Decline Amid Crypto Slump

The NFT market is experiencing a downturn, mirroring the broader crypto market’s struggles. Sales volume has dropped by 4.7% to $94.7 million, according to CryptoSlam.This follows last week’s $102.8 million in sales.

Buyer and seller activity has also taken a hit. NFT buyers have decreased by 77.9% to 128,244, while sellers have fallen by 75.2% to 85,792. Transactions are down by 6.3% to 1,441,009.

This decline coincides with Bitcoin (BTC) dropping to $83,000 and Ethereum (ETH) losing 13.5% of its value in the past week. The global crypto market cap now stands at $2.63 trillion.

Ethereum Dominates Despite Price Fall

ethereum remains the leading blockchain for NFT sales, with $36.1 million in transactions, up 41.3% from last week. However, other chains have seen declines.

• polygon (POL) is second with $17.4 million in sales,up 4.3%.
• Mythos Chain follows with $14.1 million, up 2%.
• Solana (SOL) struggles with a 33.4% drop to $6.5 million.
• Immutable rounds out the top five with $5.5 million, up 15.4%.

Wash trading patterns have shifted, with Polygon leading at $2.6 million, a 232.6% increase. Ethereum’s wash trading decreased by 9.2% to $2.5 million.

top NFT Collections and High-Value Sales

Courtyard on Polygon leads NFT collections with $15.6 million in sales, up 6.1%. CryptoPunks has surged to second place with $9.1 million, a 168.3% increase. DMarket is third with $8.9 million, up 4.4%. Newcomer f(x) wstETH is fourth with $5.8 million. Guild of Guardians Heroes completes the top five with $3.7 million, up 29.4%.

Notable high-value sales include CryptoPunks #3100 for 4,000 ETH ($6,042,922) and Pixel Vault Founders DAO #4 for 97.08 RETH ($161,511).

OpenSea Seeks SEC Clarification

OpenSea has requested the U.S. Securities and Exchange Commission (SEC) to clarify that NFTs are not “exchanges or brokers” under U.S. securities law. In a letter to SEC Commissioner Hester Peirce,OpenSea argued that NFTs typically have one seller per token,unlike traditional stock exchanges.

They emphasized that NFT transactions occur on-chain via smart contracts, with OpenSea acting as a discovery tool. To avoid confusion