The NFT market saw a huge increase in activity this week, with a 48% increase in buyers and several notable sales.
In an eventful week for the NFT market, the Ethereum (ETH) and Solana (SOL) blockchains maintained their dominance, with digital collectibles on these chains seeing significant sales and attracting the attention of buyers and sellers alike.
According to According to data from CryptoSlam!, the NFT scene has seen significant growth, with total sales volumes reaching $107,965,224, representing a 7.05% increase over the previous week.
The increase in the number of buyers and sellers also reflected the overall health of the market, as more than 721,000 buyers entered the market this week, an increase of 48.05%, while nearly 263,000 sellers represented an increase of 32.74%.
The total number of NFT transactions also saw an increase, reaching 2,870,607, an increase of 10.69% over the week.
The most prominent features of blockchain technology
As shown in the image below from CryptoSlam, Ethereum remained the top blockchain in terms of NFT sales volume, generating $32.6 million in sales, up 7.54% over the week.
Despite the growth, laundry trade on the network accounted for 18% of total sales volume. Additionally, the blockchain registered 46,043 buyers, up 30.63% from 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 trading volume accounted for 5.4% of its total sales.
Bitcoin (BTC) held on to third place, even as it saw a 17% drop in sales volume to $17,417,258. Interestingly, the number of NFT buyers on the network rose by 46.47% to 35,091.
In fourth place, Polygon (MATIC) generated $11.3 million in sales, up a significant 31.49%. The number of NFT buyers on the blockchain increased by 48.75% to 147,368, while fake trading was relatively low at 2.39%.
Immutable (IMX) remained in fifth place for the second week in a row, seeing sales of around $6.7 million, up 21.26%, with buyers up 39.33% to 14,419.
Furthermore, the blockchain had the lowest reported trading volume among the top 5 NFT networks by sales volume, at just $397.
Best NFT Collections
In terms of the best performing NFT collections, the Solana Monkey Business collection on Solana topped the rankings with sales of $4,630,626, followed by DMarket on Mythos with sales of $4,174,797.
The DogeZuki set on Solana also saw notable gains, with sales reaching $3,246,797. The Guild of Guardians Heroes set on Immutable-Zk saw a staggering 264.18% increase, with sales reaching $3,012,724.
Immutable’s Gods Unchained Cards took fifth place with sales of $3,006,298, down 17% from the previous week.
Notable NFT Sales
Several notable NFT sales made headlines this week:
- ORDI BRC-20 NFT sold for a staggering $877,068.09 USD (13.0294 BTC).
- The unclassified NFT reached a price of $297,102.89 (4.454 BTC).
- CryptoPunks #335 sold for $164,170.73 USD (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 Some analysts have attributed the surge in activity to growing investor confidence and increased interest in digital collectibles. The increase in the number of unique buyers indicates a broadening of the participant base, which points to healthy growth in the market.
However, high levels of illicit trading on some blockchains raise concerns about market manipulation and the need for better regulatory oversight.
