As a seasoned analyst with over a decade of experience in the crypto market, I must say this surge in NFT sales volume is nothing short of remarkable. The double-digit growth and Ethereum dethroning Bitcoin in terms of volume are telling signs that we’re witnessing a paradigm shift in the digital art world.
The weekly sales volume of non-fungible tokens (NFTs) has jumped by 22.5%, reaching a current total of approximately $93 million, as reported in the most recent data.
With cryptocurrency markets starting to show tentative signs of revival, it’s worth noting that the NFT (Non-Fungible Token) market is experiencing a surge in activity, as evidenced by increased volumes and various key indicators. Here’s a quick look:
- NFT sales volume pumped to $93 million from last week’s $77.6 million.
- The Ethereum (ETH) network has dethroned the Bitcoin (BTC) network in terms of volume.
- NFT buyers almost doubled from last week’s 263,804 to 494,666.
- The number of NFT sellers also witnessed a 108% surge and stands at 252,401.
Ethereum vs. Bitcoin
In recent times, Ethereum has overtaken Bitcoin as the leader in daily transaction volumes for the past week.
This week’s Ethereum NFT sales have significantly increased compared to the previous week, reaching a total of approximately $33.4 million as of now, marking a rise of more than 30%.
Bitcoin has also exhibited a 36% surge, with the weekly sales volume standing at $21.6 million.
In contrast, a significant portion of trading activity on Ethereum, about $5.3 million, can be attributed to wash trading. On the other hand, this practice accounts for only around $902,000 in Bitcoin’s trading volume.
Cryptoslam data shows that Solana (SOL) has stood robust in its third position, just like last week. Solana’s weekly NFT sales volume stood at $16.6 million.
In the rankings, it was Mythos Chain (MYTH) and Polygon (POL) that came in second and third place, recording sales of approximately $5.5 million and $3.9 million respectively.
As a researcher delving into the realm of Non-Fungible Tokens (NFTs), I’ve noticed that Solana has continued to hold its lead with approximately 192,543 buyers this week. This is an impressive jump of 220% compared to last week’s figure of 60,115.
DMarket maintains its first position for over three weeks
Over the past fortnight, I’ve observed that DMarket has continued to hold its top position in terms of sales, raking in approximately $5.2 million. Nevertheless, it’s important to note a noticeable dip in sales compared to the previous week, with a drop of nearly 30%, from last week’s impressive figure of $8.02 million.
In second place on the sales list is Uncategorized Ordinals, boasting a total of $4.86 million in transactions. Over the past week, this NFT collection has experienced an astounding increase of approximately 1,800% in sales volume.
According to Cryptoslam, these are the top NFT sales from the last seven days:
- Ordinal Maxi Biz (OMB) #882b65…a96ei0 sold for $109,079 (1.5942 BTC).
- Ordinal Maxi Biz (OMB) #32b13f…6c26i0 sold for $91,085.87 (1.3371 BTC).
- Ordinal Maxi Biz (OMB) #591165…c718i0 sold for $87,895.17 (1.2857 BTC).
- CryptoPunks #6409 sold for $79,237.16 (29.99 ETH).
- CryptoPunks #8135 sold for $78,503.09 (29.75 ETH).
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2024-10-19 21:20