NFT market slumps 50%, Pudgy Penguins lead market downturn

The non-fungible token market has seen a major downturn as Bitcoin declined 4% over the past week to $94,000 and Ethereum retreated to $3,300.

According to the latest data from CryptoSlam, the NFT market has seen a substantial correction: total sales volume plummeted 49.77% this past week to $152.7 million.

Despite the sharp decline in trading volume, market participation metrics show continued interest from new and existing traders.

• NFT buyers have increased by 50.97% to 531,208 
• NFT sellers have grown by 47.14% to 308,666 
• NFT transactions have decreased by 13.26% to 1,477,340 
• NFT sales has dropped from last week’s $302.2 million in total sales

Ethereum, Bitcoin see sharp declines

The Ethereum (ETH) NFT blockchain has seen its sales fall 62% to $75.3 million. Despite the volume decline, the network has…