NFT Market Takes a Hit as Crypto Slump Deepens

The NFT scene is reeling from the crypto market's nosedive, with sales plummeting 4.7% to a cool $94.7 million. It's like watching a high-stakes game where the chips are falling fast!

CryptoSlam's numbers don't lie—this is a brutal follow-up to last week's $102.8 million. It's not just the sales that are tanking; NFT buyers have crashed 77.9% to 128,244, and sellers are down 75.2% to 85,792. Even transactions are down 6.3% to 1,441,009. It's a full-blown retreat!

This downward spiral syncs up with Bitcoin (BTC) hitting the $83,000 mark. Meanwhile, Ethereum (ETH) has shed 13.5% of its value over the last week, now hovering around $1,500. It's like watching your favorite stocks take a beating!

The global crypto market cap? It's now sitting at $2.63 trillion. That's a lot of zeros, but it's not the high we're used to seeing.

Despite the gloom, Ethereum's blockchain is still the king of the hill, raking in $36.1 million in sales, up a solid 41.3% from last week. But even this surge couldn't save the day for the other chains.

Polygon (POL) is holding strong in second place with $17.4 million in sales, up a modest 4.3%. Mythos Chain isn't far behind, snagging third with $14.1 million, up 2%. It's a battle for the top spots!

Solana (SOL) is feeling the heat, with sales dropping a harsh 33.4% to $6.5 million. Immutable is rounding out the top five with $5.5 million, up 15.4% from last week. It's a rollercoaster ride for these chains!

Wash trading? It's getting wild. Polygon's now leading the pack at $2.6 million, up a whopping 232.6%. Ethereum's wash trading took a 9.2% hit, down to $2.5 million. It's like watching a high-stakes poker game!

When it comes to the top NFT collections, Courtyard on Polygon is still the champ with $15.6 million in sales, up 6.1%. CryptoPunks has surged to second place with $9.1 million, up a staggering 168.3%. It's like watching the leaderboard change in real-time!

DMarket is holding third with $8.9 million, up 4.4%. A fresh face, f(x) wstETH position on Ethereum, has stormed into fourth with $5.8 million in sales. Guild of Guardians Heroes is closing out the top five with $3.7 million, up 29.4% from last week. It's a fierce competition!

The week wasn't without its blockbuster sales. CryptoPunks #3100 went for a jaw-dropping 4,000 ETH ($6,042,922). Other high rollers made their mark too:

OpenSea to SEC: 'We're Not Exchanges!'

This week, OpenSea threw down the gauntlet at the SEC, demanding they declare NFTs aren't "exchanges or brokers" under U.S. securities law. It's like watching a heavyweight fight!

In a letter to SEC Commissioner Hester Peirce, OpenSea laid it out: NFTs usually have one seller per token, so platforms like theirs aren't your typical stock exchanges or brokers. It's a bold move!

They hammered home that all NFT transactions happen on-chain via smart contracts, with OpenSea just acting as a discovery tool—not an intermediary, custodian, or advice-giver. It's like they're saying, "We're just the map, not the road!"

To clear up any future confusion, OpenSea is pushing the SEC to issue clear guidance, like a bulletin or interpretive release, to confirm NFT marketplaces aren't covered by exchange rules. It's a high-stakes game of regulatory chess!

This push comes after OpenSea's close call with a Wells notice last year. But the SEC dropped the investigation in early 2025 after President Donald Trump told the agency to hit pause on crypto enforcement. It's like watching a plot twist in a blockbuster movie!