Ethereum, Polygon lead charge despite decline in buyers

The non-fungible token, or NFT, market saw a 7.68% increase in sales volume this week, reaching $109 million, with notable activity on the Ethereum (ETH) and Polygon (MATIC) blockchains.

However, this rise came against the backdrop of a massive decline in the number of NFT buyers and sellers, which fell by 68.00% and 67.78% respectively.

Interestingly, even with the decline in the number of market participants, NFT transactions saw a significant increase, rising by about 21% to 2,435,539 transactions, according to Data From CryptoSlam.

Here’s a comprehensive look at the key events and trends that have shaped the NFT landscape over the past seven days.

Ethereum, Polygon lead the charge

Blockchains by Weekly NFT Sales Volume | Source: CryptoSlam

Among blockchains, Ethereum maintained its position as the leading blockchain in NFT sales, generating $32,711,790 despite the prevalence of fake trading.

However, the battle for second place intensified throughout the week. Polygon overtook Bitcoin (BTC) and Solana (SOL) after seeing a 90% surge in NFT trading volume.

Data shows that Polygon’s weekly NFT sales have surpassed $24 million, with an additional $3.1 million coming from fake trading.

Notably, Polygon’s improvement came even as the number of NFT buyers on the blockchain dropped by a whopping 78.98%.

Solana and Bitcoin Drop

In third place was Solana, which sold $22.7 million worth of digital assets. This figure represents a 2% decrease from what the channel achieved the previous week.

However, Solana’s wash trading numbers increased by over 32%, resulting in a slight 0.37% improvement in the chain’s overall NFT sales numbers.

Additionally, despite the 70% drop, Solana had the highest number of unique buyers among the top 5 blockchains at 88,090.

Bitcoin has traditionally been known for its ability to store value, and it continues to fight for relevance in the NFT space.

The network generated around $15.1 million in NFT sales during the week, down around 5% from the previous week’s figures. This dropped Bitcoin to fourth place in terms of weekly sales volume.

However, it was still much better than the fifth-placed blockchain, Mythos (myth), which recorded sales of $4.16 million.

Best NFT Collections: DMarket and DogeZuki Shine

NFT Collection Rankings by Weekly Sales Volume | Source: CryptoSlam

DMarket on Mythos topped the charts this week among NFT collections, generating $3,915,145 in sales across 166,053 transactions.

While this performance represents a 3.83% decrease from the previous week’s figures, it still underscores the growing appeal of Mythos Chain as an NFT trading platform.

Solana’s Dogecoin Zuki pool was also a huge success, generating $3,038,960 from 71,566 trades. Market watchers suggest that the pool’s popularity may highlight Solana’s ability to attract high-profile projects and maintain high buyer engagement.

Other notable groups included Base Ape Polygon, which recorded sales of $2,809,791, and Froganas, also on Solana, with sales of $2,759,532.

But the biggest jump this week came from another Solana group called “Send It,” where sales surged 1,752.43% to $2,723,251.

High-profile NFT sales

This week also saw several high-value NFT sales that made headlines:

  • TokenVestingPlans #582 sold on Ethereum for $360,611.
  • Punk #3100 from Bitcoin Punks sold for $115,430.
  • The 205th locked deposit of gUSDC on Arbitrum (ARB) was sold for $88,908.
  • DeezNode #045 sold on Solana for $75,548.

Additionally, fan tokens, a growing frontier in NFTs, also had a major impact this week, especially on the Chiliz (CHZ) blockchain:

  • Galatasaray fan token sales increased by 70,149% to $280,537,908.
  • Barcelona Football Club’s sales volume amounted to $50,162,146.
  • Paris Saint-Germain recorded a turnover of $46,709,324.
BuyerschargeDeclineethereumleadPolygon
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