The NFT market has experienced a sharp drop, with sales volume falling by 18.43% to $116.9 million.

According to data from CryptoSlam, this marks a reversal from the previous week’s strong performance.

Bitcoin (BTC) price has dropped to $103,000. At the same time, Ethereum (ETH) has dropped 4% in the last seven days. The global crypto market cap is now $3.21 trillion, down from last week’s $3.29 trillion.

Despite the sales decline, market participation metrics show mixed results. NFT buyers remain flat at 1,061,348 (50.56% growth maintained), and NFT sellers rise by 8.09% to 38,494. NFT transactions have decreased slightly by 0.63% to 1,709,086.

Immutable retains its top position

Immutable (IMX) has retained its top position but with reduced sales of $28.3 million, falling 32.23% from the previous week. The blockchain’s wash trading has nearly disappeared, dropping 81.19% to just $3.

Polygon (POL) has surged to second place with $23.3 million in sales, growing 24.98% and overtaking Ethereum. Ethereum has dropped to third place with $20.4 million, declining 32.06%. Ethereum’s wash trading has also decreased by 18.29% to $1.8 million.

Mythos Chain maintains fourth position with $14.1 million, remaining essentially flat with a marginal 0.03% decline. Solana (SOL) has climbed to fifth place with $8.7 million, jumping 42.74%.

The buyer count has increased across most blockchains, with Polygon leading at 35.63% growth, followed by Solana at 27.41% and Mythos Chain at 19.32%.

In collection rankings, Courtyard on Polygon has reclaimed the top position with $17.4 million in sales, showing minimal growth of 0.56%. The collection has experienced major growth in sellers, up 1,264.81%.

Guild of Guardians Heroes has fallen to second place with $16.5 million, declining 33.60%. The gaming collection has seen decreases across all metrics, including transactions (35.26%), buyers (41.99%), and sellers (42.33%).

DMarket holds third place with $9 million, up 0.99%. Guild of Guardians Avatars remains in fourth with $7 million, though falling 31.19%.

Gods Unchained Cards has entered the top five with $4.7 million, declining 28.60%. Notably, Uncategorized Ordinals on Bitcoin has disappeared from the top collections.

Notable high-value sales from this week include:

• CryptoPunks #1831 sold for 150 ETH ($389,846)
• CryptoPunks #9778 sold for 150 ETH ($377,958)
• CryptoPunks #4868 sold for 76.5 ETH ($201,933)
• CryptoPunks #5586 sold for 70.07 ETH ($185,292)
• CryptoPunks #7516 sold for 60 ETH ($158,378)