2024 witnessed the largest weekly drop in NFT sales, with 5 key blockchains posting double-digit declines

Between January 20 and January 27, 2024, there was a notable 21.25% decline in sales volume associated with non-fungible tokens (NFTs) compared to the previous week. The top seven-day blockchains, Ethereum and Bitcoin, experienced significant losses, ranging from 28.78% to 12.62%, respectively.

The NFT market faces a sharp decline

At the start of 2024, NFT sales were down 1.31%, below the last week of 2023. The following week saw a slight increase in NFT sales, up about 0.05%, but last week saw a 5.05% drop in digital collectibles sales.

This week saw the sharpest drop in 2024, with sales down more than 21% from the previous seven days. According to data from cryptoslam.io, the total amount was $228,327,660.