NFTs
Bitcoin leads with 50% jump 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 US$145.3 million, involving around 230,000 active buyers and sellers.
Blockchains by NFT Sales Volume
Bitcoin (Bitcoin) the network led the attack NFT Cross-blockchain sales reached $47.74 million – a notable 50.33% increase from last week.
The network also recorded more than US$39,000 in wash trades – 15.39% above last week’s figures.
Despite the improvement in sales volume, the Bitcoin NFT space has seen a nearly 96% drop in the number of active buyers. Only 2,056 addresses actively participated in the week’s trading.
Following closely in weekly NFT sales volume was Ethereum (ETH) blockchain, which, according to data of CryptoSlam, recorded more than US$35 million in sales between June 2nd and 8th.
In the previous week, as reported per crypto.news, Ethereum had the highest NFT sales volume, with total sales of $37.43 million. This week’s numbers fell slightly by 0.31% and relegated the Ethereum blockchain to second best in terms of number of NFT sales.
The network’s wash trading numbers also fell by around 6.87% to $24.7 million. In terms of buyers, Ethereum has been much more active than Bitcoin over the past seven days, with more than 15,000 buyers participating in NFT transactions. However, the number still represents a drop of 59.67% compared to last week, according to data from CryptoSlam.
Polygon (MATIC) NFT sales also saw a significant jump, increasing more than 22% to $19.63 million. Solana (SUN) came in fourth place, with US$18.225 million in sales, a drop of 4.53%. Immutable X (IMX) came next, with sales increasing 13.15%.
Top 5 Blockchains by NFT Sales Volume | Source: CryptoSlam
This recent increase in activity is noteworthy because it shows that interest in NFTs is not just coming from a few big players, but from a broad base of collectors and investors. It’s a community-wide resurgence, suggesting potential for sustained growth.
Top NFT Crowdsales
The biggest NFT sale of the week came from Cardano (ADA) blockchain, with an NFT selling for $219,102 just three days ago. Following closely was an Ethereum-based Cryptopunk #1002, which raised $193,372 two days ago. Polygon was also represented among the top NFT collectibles sales, with a Matr1x Fire Weapon NFT changing hands for $97,685.
The fourth most expensive NFT sold last 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’s PIZZA NFTs came out on top, generating $17.932 million over the past seven days. Immutable X’s Guardians Guild, which generated $7.014 million, an increase of 23.90%, came in second. Polygon’s Moongirl NFTs secured third place with $5.799 million in sales, which represented a whopping 643.51% increase from the previous week.
Are NFTs back?
This week’s data shows multiple growth rates among leading platforms like Bitcoin, Solana and Polygon, pointing to a diverse market. The upward trend, highlighted by impressive sales in collections like PIZZA NFTs, suggests renewed interest from collectors.
What is driving this renewed interest in NFTs? Several factors may be at play. First, the recent market crash likely provided a buying opportunity for savvy investors looking to capitalize on lower prices. Second, the growing utility of NFTs across sectors, from gaming to digital art, may be attracting a diverse group of investors.
Furthermore, the overall growth of the crypto market tends to positively impact NFTs. As major cryptocurrencies such as Bitcoin and Ethereum increase in value, their associated NFT markets often benefit as well.