Ethereum Surpasses Bitcoin in Weekly NFT Sales as Market Declines
The latest data reveals a decrease in non-fungible token (NFT) sales this week, with a 5.05% drop compared to the previous week. However, the number of buyers has increased by 82.40%, and sellers have also seen a 77.46% rise. Ethereum has taken the lead in NFT sales, generating $106 million, marking a 28.15% increase from the previous week. On the other hand, Bitcoin’s total sales amount to $70 million, reflecting a 35.25% downturn according to data from cryptoslam.io.
Solana experienced a 35.07% increase in sales, reaching $59 million, while Polygon saw a decline of 43.02%, with sales totaling $25.33 million. Among the top five blockchains for NFT sales, Avalanche saw a 22.13% increase, amounting to $14.24 million in volume. Arbitrum also stood out with a significant 26.02% increase, securing $3.27 million in NFT sales.
Solana’s Cryptoundeads Tops NFT Collection Sales This Week
The leading NFT collection of the week was Solana’s Cryptoundeads, with $15.9 million in sales. Bitcoin’s Uncategorized Ordinals followed closely behind with a total of $13.32 million in NFT sales, experiencing a 41.53% decrease. From the Bitcoin blockchain, only two collections made it into the top ten rankings, with Bored Ape Yacht Club (BAYC) and Cryptopunks securing spots as well.
High-Priced NFT Sales across Different Blockchain Networks
The highest-priced NFT sale this week was “Lif3 V3 Positions NFT #9” which sold for $698K. Polygon’s “Lif3 V3 Positions NFT #15” closely followed, fetching $245K. Solana’s “Boogle #047” secured third place with a selling price of $219K. Additionally, notable sales were observed on the BNB, Bitcoin, and Flow blockchain networks, with prices ranging from $40K to $73K.
Hot Take: Ethereum Dominates the NFT Market Over Bitcoin
The NFT market has experienced a decline in sales, but Ethereum has emerged as the dominant platform. With $106 million in sales, Ethereum has outperformed Bitcoin, which garnered $70 million in the same time frame. This shift in leadership indicates changing trends within the digital collectibles market. Ethereum’s success can be attributed to its growing popularity and adoption by artists and collectors alike. As the NFT market continues to evolve, it will be interesting to see how different blockchain networks compete for dominance and innovation in this emerging industry.
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