NFTs
NFTs maintain upward momentum, sales volume surpasses $107 million
Non-fungible tokens, or NFTs, saw a surge in sales volume for the second week in a row, reaching $107 million — an increase of 8.5%.
A substantial increase in the number of NFT buyers followed suit, reaching 488,141 — an impressive 89.56% increase.
On the other hand, the number of NFT sellers also increased by 69.8% to 198,450, signaling an improved trading environment and increased market engagement.
Below is a breakdown of what happened in the NFT market last week.
Ethereum maintains lead as Solana and Bitcoin follow
Blockchains by Weekly NFT Sales Volume | Source: CryptoSlam
In recent weeks, Ethereum (ANDANDAND) continued to dominate the NFT market with $36.6 million in total sales, driven by 35,236 buyers — a 46.31% increase from the previous week.
Solana (SUN) emerged as a strong contender, recording $26.15 million in total sales, thanks to a substantial 114.07% increase in buyers.
Bitcoin (BTC) The NFT market also saw a notable surge, with total sales reaching $21.4 million, driven by a staggering 222.29% increase in buyers.
Polygon (MATIC), which had the second-best performance the previous week, saw its total sales volume drop by more than 15%, pushing it to the #4 position, just ahead of Immutable (IMX).
Other notable performances came from Zora and Blast, which recorded the two largest percentage increases in sales volume, 463% and 227% respectively.
Top Collections: Solana Monkey Business Shines
Among the top NFT collections, Solana Monkey Business led the pack with $4.86 million in sales, representing a 168.38% increase. The collection also saw a significant increase in transactions (137.34%) and the number of buyers (130.84%).
Close behind was the DMarket collection on the Mythos blockchain, which saw $4.01 million in sales. Interestingly, it was the only collection in the top 5 by sales volume that saw declines in both transaction and buyer numbers.
Immutable’s Gods Unchained Cards also made headlines with $3.8 million in sales, reflecting a 61.35% increase. This collection saw notable growth in transactions (76.31%) and buyers (41.21%), showing the growing popularity of blockchain-based trading cards.
Top-Selling NFTs and Fan Tokens
In terms of individual sales, Ethereum’s Autoglyphs #167 led the way with a sale of $274,561, followed by Bitcoin’s Protoshrooms at $148,574. Other notable sales included BNB’s kNFT: Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the NFT market across different blockchains.
As can be seen from the table above CryptoSlamFan tokens also continued to witness explosive growth, with Galatasaray’s token on the Chiliz blockchain recording $280.5 million in sales. This reflects an increase of 70149.47%.
FC Barcelona and Paris Saint-Germain followed with substantial sales volumes, indicating the growing popularity of sports-related NFTs.
Market implications
The NFT market’s latest performance marks a significant turnaround, showing resilience and renewed investor interest after a period of declining sales volumes.
This is the second consecutive week of improved sales, suggesting a potential uptrend. Notably, this resurgence comes amid a broader rally in the cryptocurrency market, which is currently valued at $2.55 trillion.
Major cryptocurrencies like Bitcoin, Ethereum, BNB, and Solana all have registered double-digit price increases last week, further fueling optimism in the digital asset space.
The correlation between rising cryptocurrency prices and the recovery of the NFT market could be an indication of strengthening confidence among investors, setting a positive tone for the coming weeks.