NFT market cools down? Weekly trading volume drops 10%, but Solana and BNB Chain are rising against the trend

Question

【CryptoWorld】The NFT market showed an overall decline in the past week. According to CryptoSlam data, the market trading volume decreased by 10.18% week-on-week to $66.71 million, with a significant drop in participation — the number of buyers plummeted by 66.91% to 165,759, and the number of sellers also fell by 70.44% to 120,912, with the total number of transactions decreasing by 13.88% week-on-week.

However, there are notable differences in performance across different chains. Ethereum, as the traditional main force in the NFT market, achieved a trading volume of $24.93 million this week, slightly declining by 3.02% week-on-week, but still maintaining a core position. In contrast, Solana and BNB Chain demonstrated strong growth momentum — Solana’s network transaction volume surged by 48.27% to $5.65 million, and BNB Chain increased by 45.64% to $10.83 million, with both emerging public chains gradually eating into Ethereum’s market share.

In terms of high-value transactions, blue-chip NFT projects like CryptoPunks remain market focal points. This week saw four large transactions: CryptoPunks #6615以153,356.75美元（47.99 ETH）易手；#309 sold for $134,530.52 (42 ETH); #4566以123,808.45美元（39.9 ETH）出售；#4172 was completed at $111,232.08 (33 ETH). Although these transactions reflect the valuation floor of top-tier NFTs, the sharp decline in overall market participation is still noteworthy.

LayerZeroHero · Accepted Answer

It has been proven that the 66.91% drop in the number of buyers is not a coincidence—this is validated by real-world data from chain migration. The interoperability advantages of Solana and BNB are eroding Ethereum's existing user base. I have already transferred most of my assets from the mainnet to Solana. Although the bridging mechanism still has security risks, the benefits are too significant to ignore.

BanklessAtHeart · Answer

This wave of SOL really took off, while ETH is still dozing off.

AirdropHuntress · Answer

Wait a minute, this data is quite interesting... Buyers have plummeted by 66.91%? Isn't this a typical scene after a rug pull? ETH is still supporting the market, but the gains of Solana and BNB... After research and analysis, the surge in trading volume on these two chains is very likely due to wash trading or project team hype. It is recommended to pay attention to the risks.

MEV_Whisperer · Answer

The surge of SOL and BNB is truly awesome, ETH is a bit dragging behind, I have to say.

BearMarketMonk · Answer

Wow, Solana is booming again. This is real trend reversal, while ETH is still lying low.

Degen4Breakfast · Answer

SOL is taking off again, while ETH is still lying flat. The gap is getting bigger and bigger.

ReverseTradingGuru · Answer

The surge in SOL and BNB is pretty good, while ETH is still lagging behind, indicating that the market is switching tracks.

DarkPoolWatcher · Answer

Sol and Bnb are draining aggressively, while ETH is still sleeping.

MEVHunter · Answer

sol and bnb eating eth's lunch rn... mempool's getting spicy, arbitrage spreads are juicy if u know where to look. 66% buyer collapse tho? that's not alpha, that's capitulation. toxic flow incoming fr fr