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
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
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.