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NFT Sales Plummet 18% as Polygon Outshines Ethereum
- NFT sales dropped by 18.43% to $116.9 million, with Polygon surpassing Ethereum with $23.3 million in sales.
- Courtyard on Polygon led sales with $17.4 million, driven by a surge in sellers.
- Polygon recorded a 24.98% growth, while Ethereum experienced a 32.23% decline.
- Bitcoin decreased to $103,000, and Ethereum lost 4% in the past week, indicating a weak crypto market.
- Courtyard's dominance on Polygon contributed to the rise of real-world asset-backed NFTs.
- The broader crypto market saw challenges, with Ethereum wash trading volume decreasing by 81.19%.
- Solana moved to fifth place with $8.7 million in sales, a 42.74% increase, while Mythos Chain held sixth position with $14.1 million in sales.
- Buyer growth on Polygon and Solana suggests sustained market interest despite declining sales.
- Polygon's efficiency in terms of low transaction costs and scalability challenges Ethereum's traditional role in NFT trading.
- The data provided by CryptoSlam offers insights into blockchain sales trends.
- The rise of sellers and buyers on Polygon points to ongoing market engagement.
- The liquidity of real-world asset-backed NFTs like Courtyard and the efficiency of Polygon draw attention in the competitive NFT market.
- Ethereum's drawbacks, including high costs and slow transaction speeds, continue to pose challenges amidst market shifts.
- The market retraction in NFT sales indicates a shift towards more cost-effective blockchain networks.
- Polygon's status as an Ethereum layer-2 solution provides a fast and economical alternative for NFT traders.
- Despite declining sales, the trend towards Polygon and Solana showcases evolving preferences in the NFT market.
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