Blockchain
Bitcoin leads with a 50% increase in sales
This week saw a positive turn for the non-fungible token (NFT) market, with sales rising more than 17% after a period of decline.
Total sales reached $145.3 million, engaging nearly 230,000 active buyers and sellers.
Blockchain by NFT sales volume
Bitcoin (Bitcoin) the network led the charge NFTs cross-blockchain sales reached $47.74 million, a notable increase of 50.33% compared to last week.
The network also recorded more than $39,000 in wash trading, 15.39% higher than last week’s numbers.
Despite the improvement in sales volume, the Bitcoin NFT space has seen a nearly 96% decline in the number of active buyers. Only 2,056 addresses actively participated in the weekly trading.
Following closely in weekly NFT sales volume is Ethereum (ET) blockchain, which, according to data from CryptoSlam, recorded over $35 million in sales between June 2 and 8.
In the week before, how reported according to crypto.news, Ethereum recorded the highest NFT sales volume, with total revenue of $37.43 million. This week’s data fell slightly by 0.31% and relegated the Ethereum blockchain to second place in terms of the number of NFT sales.
The network’s wash trading numbers also decreased by approximately 6.87% to settle at $24.7 million. In terms of buyers, Ethereum has been much more active than Bitcoin over the past seven days, with over 15,000 buyers participating in NFT transactions. However, according to CryptoSlam data, the number was still down 59.67% from last week.
Polygon (MATIC) NFT sales also saw a significant increase, rising more than 22% to $19.63 million. Solana (SOL) held fourth place with $18.225 million in sales, down 4.53%. X immutable (IMX) followed, with a sales increase of 13.15%.
The 5 best blockchains by NFT sales volume | Source: CryptoSlam
This recent increase in activity is noteworthy because it demonstrates that interest in NFTs is not just coming from a few major players but from a broad base of collectors and investors. It’s a community-wide renaissance, suggesting the potential for sustained growth.
Best NFT Collective Sales
The highest NFT sale of the week came from Cardano (ADA) blockchain, with an NFT selling for $219,102 just three days ago. It closely follows the Ethereum-based Cryptopunk #1002, which reached $193,372 two days ago. Polygon was also featured among the top NFT collectible sales, with a Matr1x Fire Weapon NFT trading for $97,685.
The fourth most expensive NFT sold in the past week was DeezNode #033 from the Solana blockchain, which sold for $76,029. That price was just $2,690 more than the fifth most expensive NFT of the week, a Bitcoin Ordinal priced at $73,339.
In terms of top-performing NFT collections, Bitcoin PIZZA NFTs were first, generating $17.932 million over the past seven days. In second place was Immutable X’s Guardian Guild, which generated $7.014 million, an increase of 23.90%. Polygon’s Moongirl NFTs secured third place with $5.799 million in sales, representing a whopping 643.51% increase from the previous week.
Are NFTs making a comeback?
This week’s data shows varying growth rates across leading platforms such as Bitcoin, Solana and Polygon, indicating a diversifying market. The upward trend, highlighted by impressive sales of collections like PIZZA NFT, suggests renewed interest from collectors.
What’s driving this renewed interest in NFTs? Several factors could be at play. First, the recent market decline has likely provided a buying opportunity for savvy investors looking to take advantage of lower prices. Second, the growing utility of NFTs in various industries, from gaming to digital art, could attract a diverse group of investors.
Furthermore, the overall growth of the cryptocurrency market tends to have a positive impact on NFTs. As major cryptocurrencies like Bitcoin and Ethereum increase in value, associated NFT marketplaces often benefit as well.