The volume of non-fungible tokens in the Bitcoin network rebounded last week as the industry stabilized.
Bitcoin NFT sales have skyrocketed
according to CryptoSlamSales of Bitcoin (BTC) NFTs have jumped 56% in the past seven days to more than $20 million. The number of buyers in the network increased by 48% to 29,403.
NodeMonkes, a relatively new group, was the best-performing NFT in the ecosystem with over $3.4 million in sales and 302 transactions. Only Immutable X’s Guild of Guardian Heroes set had more sales during the week.
Bitcoin Puppets’ sales volume reached $3.03 million. This represents an increase of 239% from the previous week.
This was followed by Ordinal Maxi Biz, whose sales rose to more than $1.89 million. Meanwhile, Taproot Witches sold for $1.3 million.
Ethereum, Solana
Ethereum (ETH) remained the most active network for NFTs, handling $28 million in sales. Solana (SOL) generated $13 million in sales while BNB Chain generated $3.7 million.
September was another bad month for NFTs with total sales falling 48% to $318 million. Ethereum, Bitcoin, and Solana sales amounted to $108 million, $63 million, and $61 million, respectively.
Bitcoin is making a comeback
Weekly NFT sales have risen as prices of most cryptocurrencies rebound. Bitcoin rose to $66,000 for the first time since July, while the total market cap of all currencies jumped to $2.3 trillion.
More importantly, the closely watched Cryptocurrency Fear and Greed Index rose into the greed zone of 60 for the first time in two months. Historically, traders move into riskier assets like stocks and cryptocurrencies when there is greed in the market — most recently due to the Fed cutting interest rates, Chinese stimulus, and the ongoing decline in stablecoin holdings among smart money investors.
As shown below, the amount of stablecoin holdings among these investors has fallen to a two-year low.
The Nansen chart also shows that these holdings – after rising in 2022 as the FTX and Terra ecosystem collapsed – have been trending lower since then. Smart money investors will likely reduce their stablecoin holdings and shift to cryptocurrencies and non-fungible tokens (NFTs).
The main risk investors face with NFTs is that the industry has become too saturated, with thousands of new combinations. Modern a report It reveals that 96% of the over 5,000 NFT collections in existence are “dead.”
In other words, they have zero trading volume, no sales for more than seven days, and no activity on social networks.
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