The NFT Market Defies Skepticism with 23% Sales Increase
Despite recent skepticism and criticism from social media influencer Andrew Tate, the global non-fungible token (NFT) market has continued to thrive. According to data from CryptoSlam.io, NFT sales have increased by 23.19% in the past week, reaching a total volume of $90 million.
Ethereum-Based NFTs Dominate Trading Volume
Ethereum remains the leading blockchain network for NFTs, with Ethereum-based NFTs accounting for the highest trading sales volume in the past week. These NFTs saw a 50.36% increase from the previous week, reaching a trading volume of $57.6 million.
Other popular NFT collections include Mythos Chain and Solana-based NFTs, which ranked second and third in terms of trading volume, respectively. Mythos Chain-based NFTs recorded a sales volume of $7.4 million, while Solana-based NFTs reached $6.6 million in trading volume.
Bitcoin Ordinals and Polygon-based NFT collections also made the list, with trading volumes of $5.8 million and $4.9 million, respectively.
Top 5 Traded NFT Collections
1. Bored Ape Yacht Club NFTs
The Bored Ape Yacht Club, hosted on Ethereum by Yuga Labs, was the most traded NFT collection in the past week. With a sales volume of $8.4 million, this collection experienced a 108% increase compared to the previous week.
2. DMarket NFTs
DMarket, an NFT collection hosted on Mythos Chain, ranked second in terms of trading volume. It recorded a sales volume of $7.3 million, representing a 22.45% decrease from the previous week.
3. The Captainz NFTs
The Captainz, a limited edition NFT collection hosted on Ethereum by Memeland, secured the third spot in trading volume. With a sales volume of $4.2 million, this collection experienced a significant increase of 184%.
4. CryptoPunks NFTs
CryptoPunks, previously owned by Larva Labs and now owned by Yuga Labs, ranked fourth in trading volume. This NFT collection recorded a sales volume of $4.1 million, marking a 91% increase.
5. Mutant Ape Yacht Club NFTs
Mutant Ape Yacht Club, another NFT collection from Yuga Labs, rounded out the top five with a sales volume of $3.8 million. This collection experienced a 120% increase in trading volume.
The most expensive NFT collection sold during this period was Voting Token Vesting Plans #02, which fetched $206,917. Other notable sales include Cardanians Loyalty Two #0095 for $186,613 and Matic Atlantic Straddle #4157 for $99,936.
Andrew Tate’s Criticism
Social media influencer Andrew Tate voiced his skepticism towards crypto and NFTs in a video posted on Rumble. In the video, Tate referred to them as scams.
Watch the full Tatespeech video exclusively on Rumble:
https://t.co/SSAlVCe3fT https://t.co/ZZD740Fbvf— Andrew Tate (@Cobratate) October 26, 2023
The Future of the NFT Market
The NFT market is expected to continue its upward trend in the coming weeks and months. According to Statista, the market is projected to reach $3.2 billion by 2027, with a compound annual growth rate of 18.55%.
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Hot Take: NFTs Thrive Despite Skepticism
The recent skepticism expressed by Andrew Tate has not hindered the growth of the non-fungible token (NFT) market. In fact, NFT sales have increased by 23.19% in the past week, reaching a total volume of $90 million. Ethereum-based NFTs remain the most popular, with a trading volume of $57.6 million. The top five traded NFT collections include Bored Ape Yacht Club, DMarket, The Captainz, CryptoPunks, and Mutant Ape Yacht Club. Despite criticism, the NFT market is predicted to reach $3.2 billion by 2027, showcasing its resilience and potential for future growth.
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