Weekly NFT Sales Reach $311 Million With Bitcoin Leading, Ethereum and Polygon See Impressive Growth
Over the past week, the NFT market recorded sales amounting to $311.31 million, with a slight increase of just 0.05% compared to the previous week. However, there was a significant decrease in market participation, with the number of NFT buyers falling by 69.40% and the number of sellers declining by 68.09% in the same period.
Bitcoin Dominates NFT Sales with Decreased Performance
Sales of NFTs on the Bitcoin blockchain accounted for 34.42% of the total sales, reaching $107.16 million. Nevertheless, there was a decline of over 19% compared to the previous week.
Ethereum and Polygon Experience Growth
NFT sales on the Ethereum blockchain saw a growth of 18.29%, reaching approximately $84.62 million. Meanwhile, Polygon NFTs experienced a substantial increase of 81.33%, totaling $44.67 million and securing the third spot in sales among blockchain networks.
Solana and Avalanche Face Downturns, Flow Gains Momentum
Solana NFT sales declined by 19.47% to $41.48 million, while Avalanche NFTs saw a 46.83% increase. Additionally, Flow-based NFTs jumped by 25.65%.
Uncategorized Ordinals Leading in Sales
The top-selling NFT collection in the past week was Uncategorized Ordinals, generating $22.68 million. However, this marks a 53.70% decrease from the previous week.
Gas Hero and Bored Ape Yacht Club Experience Sales Surges
Gas Hero Common Hero NFTs from Polygon achieved $18.82 million in sales, marking a significant 261% increase. Bored Ape Yacht Club NFTs also enjoyed a substantial surge of 170% compared to the previous week.
High-Priced NFT Sales from BNB, Polygon, and Ethereum
The highest-priced NFT sale in the past week originated from the BNB chain, with the “Lock Deal” collectible selling for $452K. “Token Vesting Plans” from Polygon and “Cryptopunks #8,639” from Ethereum were also notable high-priced sales, amounting to $299K and $240K respectively.
Hot Take: NFT Market Shows Mixed Performance with Bitcoin Leading
In the last week, the NFT market saw overall sales of $311.31 million, with Bitcoin dominating the market. While Bitcoin NFT sales have consistently outperformed other blockchain networks since November 2023, there has been a recent decrease of 19.12% in Bitcoin-based NFT sales. However, Ethereum and Polygon experienced impressive growth in NFT sales. The market also saw a decline in overall market participation. Despite these mixed performances, the NFT market continues to show its potential and attract significant sales.
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