Markets
Surge in activity and strong sales boost market momentum
The NFT market has seen a significant increase in activity this week, with a 48% increase in buyers and several high-profile sales.
In a week full of events for the NFT Marketthe Ethereum (ETH) and Solana (SOL) blockchains have maintained their dominance, with digital collectibles on these chains seeing significant sales and capturing the attention of both buyers and sellers.
Second According to data from CryptoSlam!, the NFT landscape has seen significant growth, with total sales volumes reaching $107,965,224, marking a 7.05% increase from the previous week.
The growing number of buyers and sellers also reflects the overall health of the market. This week, more than 721,000 buyers entered the market, an increase of 48.05%, while nearly 263,000 sellers represented an increase of 32.74%.
The total number of NFT transactions also increased, reaching 2,870,607, an increase of 10.69% compared to the previous week.
Blockchain Highlights
As shown in the CryptoSlam snapshot below, Ethereum remained the top blockchain by NFT sales volume, generating $32.6 million in sales, up 7.54% on the week.
Blockchain by Weekly NFT Sales Volume | Source: CryptoSlam
Despite the growth, wash trading on the network accounted for 18% of the total sales volume. In addition, the blockchain recorded 46,043 buyers, an increase of 30.63% compared to the previous week.
Solana followed closely behind with $26,710,307 in sales, up 14.76%. The blockchain saw a notable 53.33% increase in buyers, totaling 289,036. Its wash trading volume made up 5.4% of its total sales.
Bitcoin (BTC) maintained its third position, although it saw a nearly 17% decline in sales volume, grossing $17,417,258. Interestingly, the number of NFT buyers on the network increased by 46.47% to 35,091.
In fourth place, Polygon (MATIC) generated $11.3 million in sales, up a notable 31.49%. NFT buyers on the blockchain increased by 48.75% to 147,368, while wash trading was relatively low at 2.39%.
Immutable (IMIX-ITA) remained in fifth place for the second consecutive week. It recorded about $6.7 million in sales, up 21.26%, with shoppers increasing 39.33% to 14,419.
Additionally, the blockchain saw the least amount of wash trades among the top 5 NFT networks in terms of sales volume, sitting at just $397.
The best NFT collections
As for the top-performing NFT collections, the Solana Monkey Business collection on Solana led the way with $4,630,626 in sales, followed by DMarket on Mythos with $4,174,797.
The DogeZuki Collection on Solana also made notable gains, securing $3,246,797 in sales. The Guild of Guardians Heroes on Immutable-Zk saw a surprising increase of 264.18%, generating $3,012,724.
Gods Unchained cards on Immutable rounded out the top five with $3,006,298 in sales, down 17% from the previous week.
Notable NFT Sales
Several high-profile NFT sales have made headlines this week:
- The ORDI BRC-20 NFT sold for a staggering $877,068.09 (13.0294 BTC).
- Uncategorized Ordinals NFTs brought in $297,102.89 (4,454 BTC).
- CryptoPunks #335 sold for $164,170.73 (49.99 ETH).
- CryptoPunks #9825 changed hands for $130,938.00 (38 ETH).
- CryptoPunks #3613 sold for $128,868.50 (37 ETH).
Market Insights
Some markets analysts attributed the surge in activity to rising investor confidence and growing interest in digital collectibles. The increase in unique buyers suggests a broadening of the participant base, indicating healthy market growth.
However, high levels of wash trading on some blockchains raise concerns about market manipulation and the need for better regulatory oversight.