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Drop in NFT sales hits $104.5 million mark, CryptoPunks sales buck the trend and show a spike

NFT market faces a significant decline: Sales volume plummets by 22.65%, reaching $104.5 million - one of the sharpest drops seen in recent weeks.

NFT sales plummet to $104.5 million, CryptoPunks sales showing growth
NFT sales plummet to $104.5 million, CryptoPunks sales showing growth

Drop in NFT sales hits $104.5 million mark, CryptoPunks sales buck the trend and show a spike

In the dynamic world of Non-Fungible Tokens (NFTs), this week has been marked by significant shifts and notable transactions. Here's a roundup of some of the key events:

NFT Sales on BNB Chain

The NFT marketplace DKTNFT on the BNB Chain held onto its fourth position with sales of $3.9 million, recording an impressive increase of 7.84%. Meanwhile, Guild of Guardians Heroes slid into sixth place with $2.8 million in sales, despite a 27.50% decline. A surprising entrance into the top five was Panini America, with sales of $3.1 million, surging 46.16%. DMarket, currently in third place, experienced a 4.81% decrease, recording sales of $4.8 million.

CryptoPunks' Dominance

CryptoPunks, the culturally relevant NFT series, maintained its second place with $8 million in sales, showing a modest growth of 4.73%. The collection had the largest share of high-value sales this week, supported by OpenSea's significant investments and acquisitions in this series. Notable high-value sales this week include CryptoPunks #5898 for 100 ETH ($445,786), CryptoPunks #843 for 90.1 ETH ($403,268), CryptoPunks #9721 for 81 ETH ($361,995), CryptoPunks #490 for 80 ETH ($345,757), and Known Origin #88512 for 70 ETH ($307,384).

Regulatory Scrutiny and Trials

The Securities and Exchange Commission (SEC) is currently under scrutiny following the deletion of texts during the FTX collapse. Meanwhile, Kazakhstan is trialling the use of USD stablecoins for regulatory fee payments, signalling a potential shift in the regulatory landscape for digital assets.

These developments underscore the ongoing evolution of the NFT market, with continued growth and regulatory scrutiny shaping the future of this exciting space. Stay tuned for more updates as the NFT landscape continues to evolve.

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