The NFT Market Tumbles As Crypto Market Blossoms – What’s Really Happening?

Today, the crypto market traders and investors are disguised in bright and smiley faces after the flagship crypto ‘Bitcoin’ hit another all-time record high for the first time in crypto history. Sadly, their sisters and brothers from the non-fungible token market are in grey faces since the NFT market is still experiencing negative growth. In this article, we shall assess in depth what is really happening.

The NFT Market Falls 10% As Bitcoin Hits All-Time Highs

Data fetched by Cryptoslam.io, an on-chain crypto market data aggregator, shows that the non-fungible token market is down today despite the crypto market breaking its record barriers. In the past 24 hours, the global NFT market has amassed a sales volume of $45 million, representing a 10% drop from the previous day.

Earlier today, Bitcoin, the largest digital asset by market cap, climbed beyond $72,000, setting a new all-time high for the first time in crypto history. Ethereum, the second-largest digital asset by market cap, has also been rallying rapidly over the last few weeks, breaking its past several resistance levels. Ethereum also recently soared past $4,000, eying to break its all-time high.

Ethereum, the same blockchain network powering the crypto asset Ethereum, has been the most traded blockchain network today. In the past 24 hours, the Ethereum-based NFT collection has raised a trading sales volume of $19 million. However, Ethereum NFT sales volume has dropped 23% from the previous day.

Source: Cryptoslam.io, NFT sales by blockchain networks

Bitcoin, the blockchain network that powers the flagship crypto “Bitcoin,” has been the second most-selling blockchain network in the NFT market today. In the past 24 hours, the Bitcoin-based NFT collection has recorded a trading sales volume of $11 million. Bitcoin NFT sales are down 12.54% from the previous day.

Five Top-Selling NFT Collections Today

1. Bitcoin Ordinals NFT Collection

Bitcoin Ordinals, the non-fungible token collection created on the Bitcoin blockchain network using Satoshi Nakamoto’s Ordinal theory, is today’s top-selling NFT collection. In the past 24 hours, the Bitcoin Ordinal collection has attracted a trading sales volume of $3.2 million. Bitcoin NFT sales volume is just 3.25% from the previous day.

2. The Peplicator NFT Collection

The Peplicator, an NFT collection from digital artist Matt Furie featuring a limited edition of 22065 NFT hosted on the Ethereum blockchain network, is today’s second most selling NFT collection. In the past 24 hours, the Peplicator NFT collection has amassed a trading sales volume of $2.3 million, down 72% from the previous day.

Source: Cryptoslam.io, top selling NFTs In the past 24 hours

3. Blast Box NFT Collection

Blast Box, a non-fungible token collection created using the ERC-424, the new fusing of the ERC-20 and ERC-721 token standard, is today the third most-selling NFT collection. In the past 24 hours, the Blast Box NFT collection has recorded a trading sales volume of $2.3 million.

4. CryptoPunks NFT Collection

CryptoPunks, the popular blue-chip NFT collection previously from the digital asset firm Larva Labs but now owned by Bored Ape Yacht Club creator Yuga Labs, is today’s fourth most-selling NFT collection. In the past 24 hours, the NFT collection, featuring a fixed supply of 10,000 NFTs, has amassed a trading sales volume of $2.1 million.

5. Bored Ape Yacht Club NFT Collection

Bored Ape Yacht Club, an all-time top-selling NFT collection from the digital asset firm Yuga Labs featuring a limited edition of 10,000 NFT hosted on the Ethereum blockchain network, is today’s fifth most-selling NFT collection. In the past 24 hours, the Bored Ape NFT collection has recorded a trading sales volume of $2 million, closing our five top-selling NFT lists today.

Why Are NFTs Down Despite Crypto Bull Run?

The non-fungible token market has written a non-usual pattern this time around after failing to shine despite its counterpart crypto market blossoming. In most cases, industry experts have related the NFT market and crypto relationship to that of a parent and a child, meaning that whatever drives the crypto market drives the NFT Market, too.

During the late 2021 and early 2022 market bull run, the crypto market boomed, pushing the NFT market to explode in trading sales volume. This time around, the crypto market appears booming on its own, showcasing that something went wrong.

It’s worth noting that the general crypto market suffered an extended market downturn, which impacted the NFT market heavily. In September 2023, DappGambl, an on-chain analytic firm, released a report claiming that 95% of NFTs had dropped to nearly zero floor price value. The current response from the NFT market shows that investors are yet to heal from recent trauma and are not ready to risk their investments.

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