Arbitrum’s NFT Sales Skyrocket 119%: Ethereum and Solana Left in Awe 😮🚀

Arbitrum's NFT Sales Skyrocket 119%: Ethereum and Solana Left in Awe 😮🚀

Arbitrum (ARB), the Ethereum Layer 2 scaling solution, has experienced a bearish week as its price dropped below $2 and failed to establish a new price floor. Additionally, the upcoming unlocking event in March could further impact the token’s price. However, despite this downturn, Arbitrum has seen significant success in the non-fungible token (NFT) market, surpassing both Ethereum and Solana.

Arbitrum: Top Gainer In The Last Day

According to data from Crypto Slam, the daily NFT sales volume on the Arbitrum blockchain has shown a strong recovery in the past 24 hours. In fact, it is currently the fourth largest blockchain in terms of total NFT volume sales, outperforming Ethereum and Solana.

In the last day alone, Arbitrum has experienced a 119.41% surge in sales volume, reaching over $1.26 million. The blockchain also saw an 8.09% increase in wash sales compared to the previous day. However, these wash sales only account for 0.11% of the total sales volume.

Wash trading is a manipulative practice used to artificially inflate the value of an asset. It involves buying and selling the same asset multiple times to create the appearance of high market activity.

The Arbitrum blockchain recorded a total of 8,094 transactions in the last day, representing a 9.04% increase. The demand and supply of NFTs on the platform also rose by approximately 10%, with 3,557 buyers and 1,904 sellers participating within the previous 24 hours.

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On the other hand, Solana and Ethereum saw smaller increases in their daily volume sales. Solana reported a total sales volume of $10.9 million, with $9.17 million coming from authentic sales and $1.77 million from wash sales. This accounts for 16.21% of the total volume and represents a 9.37% surge from the previous day. However, the demand and supply on Solana experienced a significant drop, with a 21.21% decrease in transactions and a 15.6% decrease in buyers.

Ethereum also saw a 2.9% drop in its total daily sales volume for NFTs. The number of transactions decreased by 3.79%, with a total of 23,931 transactions recorded. However, it’s important to note that wash sales on the Ethereum blockchain decreased by 19.33%, totaling $7.14 million in the last 24 hours.

Is An NFT Resurgence In The Horizon?

The recent daily sales volume suggests a growing interest in NFTs offered on Arbitrum and other top blockchains. However, it’s essential to consider the bigger picture by examining data from a 7-day timeframe.

Looking at the chart below, we can see that five of the top ten blockchains by NFT sales volume have experienced growth over the past week. Arbitrum, Bitcoin, and BNB Chain are among the top gainers during this period.

Arbitrum stands out as the biggest winner with an impressive surge of 373.18%. The number of buyers and sellers on the platform also increased significantly, with a 69% surge (approximately 35,000 buyers) and a 56% increase (27,000 sellers) in the past week.

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While Ethereum takes the lead as the blockchain with the largest NFT sales volume at $202.5 million, Solana remains dominant in terms of transactions and users. Over the past week, Solana recorded 860,714 transactions, with more than 242,041 buyers and 144,395 sellers.

These numbers indicate a growing interest in the NFT market within the past week across these top ten blockchains. However, it’s important to note that these figures still fall short of the market performance observed over a 30-day period.

Hot Take: NFTs on Arbitrum Show Resilience Amidst Price Drop

Despite the recent price drop and potential challenges ahead, Arbitrum has demonstrated resilience in the NFT market. Its daily sales volume has surpassed Ethereum and Solana, showing a strong recovery in the past 24 hours. Additionally, the blockchain has experienced significant growth in both transactions and participants.

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While it’s uncertain whether this surge in interest will continue in the long term, it indicates that there is still demand for NFTs on Arbitrum and other leading blockchains. As the market evolves and new opportunities emerge, keeping an eye on these developments will be crucial for crypto enthusiasts like you.

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