NFT Sales Experience a Rebound
Between October 29 and November 5, 2023, sales of non-fungible tokens (NFTs) saw a significant increase of 18.30% compared to the previous week, reaching a total of $106.32 million. This surge in NFT activity is reflected in the rising number of buyers and sellers, which grew by 17.77% and 15.82% respectively.
Ethereum Leads the Way
After a period of decline in October, NFT sales have bounced back in the past week. Ethereum-based NFTs dominated the market with sales totaling $60.91 million, experiencing an increase of 8.55%. Following closely behind, Bitcoin-based NFTs performed strongly with sales reaching $13.17 million, a remarkable 154.75% rise compared to the previous week.
Other Blockchains and Top-Selling Collections
Solana and Mythos secured the third and fourth positions in terms of NFT transactions, generating sales worth $8.53 million and $7.46 million respectively. Immutable X rounded off the top five blockchains with $5.69 million in NFT sales.
The Bored Ape Yacht Club (BAYC) emerged as the highest-selling NFT collection of the week, recording $10.79 million in sales. It was followed by The Captainz with $8.54 million in sales, Dmarket with $7.39 million, and Bitcoin’s BRC20 NFTs with $7.3 million in sales. Gods Unchained experienced a significant surge of over 53%, amounting to $5.42 million in sales.
Notable Transactions
The most expensive NFT transaction of the week was BAYC #6022, which sold for $303K. This was followed by a BRC20 NFT that fetched $56K. Other notable transactions include “Tigris Position #10505,” an Arbitrum NFT, sold for $39K, and Emurgo, a Cardano-based asset, which reached $32K in sales. Solana’s “Mad Lads #5364” rounded out the top five with a transaction value of $31K.
Looking Ahead
While an 18% increase in sales is a positive development, it is essential to sustain this upward trend and achieve consistent gains in the coming weeks to offset the recent slump in the NFT market.
Hot Take: NFT Sales Surge With Ethereum Leading the Way
The past week has witnessed a revival in the NFT market, with sales experiencing an 18.30% increase compared to the previous week. Ethereum-based NFTs have emerged as the dominant force, driving the market’s growth. As more buyers and sellers enter the space, it remains crucial to maintain this momentum and establish a sustainable trend for future success.
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