Fresh blockchain data points to a sharp cooldown in the NFT market at the start of February. According to figures from cryptoslam.io, total NFT sales for the first week of the month came in at $119.49 million, marking a 33.73% decline from the previous seven-day period. Market participation also weakened dramatically, with buyers falling 95.33% and sellers down 94.06%.
Even so, transfer activity did not collapse at the same pace. The market logged 1.44 million NFT transfers during the week, only 1.35% lower than the final week of January. That suggests the downturn was more visible in trading value and active counterparties than in raw onchain movement, indicating a market slowdown rather than a complete standstill.
Ethereum Leads the Decline, Mythos Stands Out
By blockchain, Ethereum-based NFTs posted the steepest pullback. Weekly sales on Ethereum dropped to $62.71 million, a 38.41% decline. The most expensive Ethereum NFT transaction of the week was f(x) wstETH position #373, which sold for $803,297 on Feb. 7.
Polkadot’s Mythos moved against the broader trend and ranked second among blockchains with $13.97 million in weekly sales. Solana placed third at $11.09 million, down 32.56% from the prior week. Five days earlier, a Solana-minted Portals #14 changed hands for $172,956. Polygon ranked fourth with $8.13 million in sales, posting a 10.98% increase, while Bitcoin came in fifth at $6.78 million, suffering a steep 71.31% drop from the closing week of January.
Top Collections Show Mixed Performance
At the collection level, Ethereum’s Pudgy Penguins was the top performer by total sales, generating $9.20 million over seven days despite a 37.55% decline. On Mythos, Dmarket brought in $8.80 million, up 7.98%, helping lift total weekly sales on the chain by 4.66%.
Elsewhere, Polygon’s Courtyard rose 25.78% to $7.35 million. Ethereum’s Cryptopunks fell 30.01% to $5.26 million, while Azuki rounded out the top five with $5.08 million in sales, though its weekly performance plunged 79.17%. Overall, the latest data shows an NFT market that is shrinking in headline sales, while still leaving room for isolated strength in select chains and collections.