The NFT market has taken another hit amid the ongoing crypto slump, with weekly sales sliding 4.7% to $94.7 million, according to CryptoSlam. This continues the drop from $102.8 million in the previous week.
It’s not just about the dollars—user engagement has cratered:
- Buyers down 77.9% to 128,244
- Sellers down 75.2% to 85,792
- Total transactions fell 6.3% to 1.44 million
The declines align with broader crypto pullbacks. Bitcoin dropped to $83,000, and Ethereum shed 13.5%, now trading near $1,500. The overall crypto market cap sits at $2.63 trillion.
Top Chains: Ethereum Leads, But Others Falter
- Ethereum: $36.1M in sales, +41.3%
- Polygon: $17.4M, +4.3%
- Mythos Chain: $14.1M, +2%
- Solana: $6.5M, -33.4%
- Immutable: $5.5M, +15.4%
Interestingly, Polygon leads wash trading volume at $2.6M—a 232.6% jump, overtaking Ethereum, which saw wash trades fall to $2.5M.
Courtyard Dethrones CryptoPunks
- #1 – Courtyard (Polygon): $15.6M, +6.1%
- #2 – CryptoPunks: $9.1M, +168.3%
- #3 – DMarket: $8.9M, +4.4%
- #4 – f(x) wstETH Position: $5.8M (new entry)
- #5 – Guild of Guardians Heroes: $3.7M, +29.4%
Among high-value trades, CryptoPunks #3100 sold for 4,000 ETH ($6M+), joining other notable transactions like:
- CryptoPunks #1182 – 142 ETH
- Pixel Vault DAO #4 – 97.08 RETH
- Autoglyphs #462 – 98.5 WETH
OpenSea Pushes Back: “We’re Not Exchanges”
OpenSea is pushing the SEC for clarity. In a formal letter, the NFT marketplace said it shouldn’t be treated like a stock exchange under U.S. securities law.
Their argument? NFTs are unique and have a single seller per token. Transactions occur on-chain, and OpenSea simply acts as a discovery tool—not a custodian or broker.
This follows the SEC dropping its Wells notice against OpenSea earlier this year after the Trump administration paused aggressive crypto enforcement.
