In the last seven days, the sales volume in the non-fungible token market has significantly spiked. NFT sales were up 10.10%, and total sales volume totaled $85.97 million. This marks the first time we have experienced a weekly total of $120M plus NFT since September 27th, 2023, when the NFT Weekly was first introduced.
In addition to the increase in sales volume, there was a 21.73% increase in the number of NFT buyers. On average, there were 794,763 active buyers during the past week, compared to 377,771 sellers who made a transaction. The more buyers (and fewer sellers) want NFTs and less need to sell their own digital assets, is a sign that demand for NFTs is on the rise.
NFT transactions increase by 64.72 Percent
A significant increase in NFT transactions has complemented the success of NFT sales. Transaction counts increased by an impressive 64.72 percent in the past week, reaching a total of 1,295,620 transactions. The increasing number of individuals engaging in the buying and selling of these unique digital assets has contributed to this uptick in the Non-fungible token space.
According to the data, however, it’s some blockchain networks that are really driving these sales, with Ethereum still dominating. Ethereum topped Cryptoslam’s rankings for non-fungible token sales volume over the past week, pulling in $27.48 million in sales volume during that time.
However, not all of Ethereum’s sales are organic. ‘Wash trading,’ which involves selling and repurchasing an asset almost instantly, accounts for about $3.3 million of Ethereum’s sales. However, the number of individuals buying Non-fungible tokens on Ethereum, while still on the rise, rose by 12.49%, with 55,859 buyers registered during the week.
The total NFT sales volume for the week put Bitcoin in second place at $12.62 million. While this puts Bitcoin firmly in the top three, the figure also indicates a 40 percent decline in sales volume from previous weeks, suggesting a potential cooling off in demand for Bitcoin-based NFTs.
Solana Achieves $11.8 Million in Weekly NFT Sales
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Solana finished in third place, followed by $11.8 million in non-fungible token sales. Despite a significant portion of Solana’s revenues ($701,810) coming from wash trading, the platform saw the highest number of active buyers, with 393,044 users purchasing NFTs in a single week.
Solana’s non-fungible token buyer numbers indicate a healthy demand in the ecosystem, whereas other networks experience slowdowns. Other blockchains also saw notable sale volume over the last seven days. MYTH sold for $11.8 million, and POL sold for $10.6 million. The remaining two members of the top 10 were Binance Coin ($3.35 million) and Chiliz ($3.1 million).
In terms of individual non-fungible token collections, DMarket took first place on the chart last week with $11.29 million in sales over 396,801 transactions. DMarket performs well enough to solidify its status as one of the top players in the Non-fungible token market.
Second place went to Guild of Guardians with $3.19 million in revenue, posted via 5,389 transactions. Meanwhile, Ethereum’s CryptoPunks secured third place with a sales volume of $2.89 million for the week. During that period, a number of notable sales occurred following transactions of non-fungible token collectables.
The sale of Autoglyphs #209 brought in 240,347.95 ETH (99 ETH), while Known Origin #70104 sold for 200,000 USDC (200,000). Autoglyphs #512 fetched $160,000 (160,000 USDC), while Autoglyphs #293 fetched $150,008.22 (56 WETH). Beeple Special Edition (#100030016) was also sold for 50 WETH (123,542.80).
Conclusion
In general, the NFT market has recovered its composure and development, as evidenced by increasing sales volumes and heightened buyer participation. With blockchain ecosystems growing and more unique collections lining up for market visibility, the market’s trajectory looks promising, but challenges such as wash trading persist. Sustaining long-term interest will rely upon continued innovation.
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