As a seasoned crypto investor with a knack for deciphering market trends, I must say this past week has been a rollercoaster ride in the NFT sector. The dip in sales volume might have given some investors a pause, but the surge in buyer activity is certainly intriguing.
This past week, the overall non-fungible token market was a mixed bag.
Last week, the value of NFTs sold decreased by approximately 11.92%, amounting to around $81.8 million. On a positive note, however, the number of individuals purchasing NFTs experienced a significant surge, rising by an impressive 173.25% to reach a total of 327,594 buyers.
Over the past week, I’ve been diving deep into the world of NFTs, and let me tell you, it’s been quite a journey! Using data from CryptoSlam, I’ve analyzed some critical metrics that have shaped the NFT market during this timeframe. The insights I’ve gathered are fascinating, and I can’t wait to share them with you. Let’s delve into the trends and patterns that have emerged in the NFT sphere over the last seven days!
Key blockchain performances
Last week saw Ethereum (ETH) maintain its lead in NFT sales volume, despite experiencing a decline of more than 10% compared to the previous week. However, this dip didn’t deter the network from generating over $28 million in sales. This significant figure was also accompanied by an increase in buyer activity, which soared by a substantial 42.5%.
Solana (SOL) ranked second place in terms of earnings, raking in over $16 million from NFT sales. Despite this substantial achievement, the figure marked a 15% decrease compared to previous periods. Interestingly, the network experienced a significant boost of approximately 245.93% in the number of buyers. Furthermore, wash trading activities decreased by nearly 6%. In simpler terms, Solana saw a drop in NFT sales but had more people buying its NFTs and less wash trading than before.
For three consecutive weeks, Bitcoin (BTC) has held its position as the third most profitable cryptocurrency. However, the $13.8 million earned during this period represents a 6.1% decrease compared to the earnings from the preceding week.
Wash trading on the network went up by more than 4%, although the $410,863 realized from that activity pales in comparison to other blockchains. For instance, fourth-placed Polygon (MATIC) had the highest amount of funds from wash trading at $9.1 million. The amount was markedly higher than the $6.6 million that came into Polygon from owner to owner NFT sales.
Completing the list of the top five, we find Mythos Chain, which saw a significant drop in NFT sales volume, decreasing nearly 30% to slightly over $5 million.
Notable collections and sales
In terms of NFT collections, it’s worth noting that Mythos Chain emerged as the top seller this week, generating a staggering $4.99 million through its DMarket collection over a span of seven days.
Nevertheless, there was a significant decrease – close to 30% – compared to last week’s figures, and the number of transactions in the collection also experienced a drop of approximately 33%.
Simultaneously, Sorare, which ranks second and operates on Ethereum, demonstrated tenacity as sales climbed 8.3% to reach $3.65 million. The quantity of transactions for the collection also grew by nearly 8%, and buyer activity surged over 10%.
The surge in action aligns with the commencement of well-known European soccer leagues such as the Premier League and La Liga, possibly reigniting enthusiasm for our fantasy sports platform.
Nevertheless, it was Bitcoin’s Uncategorized Ordinals that truly shone this week, experiencing an astonishing surge in sales by a factor of 864.66%, reaching a total of $3.1 million.
Top NFT sales of the week
One significant sale of an individual NFT piece was a Bitcoin-linked Uncategorized Ordinal, fetching an impressive $2.4 million.
As a crypto investor, I was astounded to see that Ethereum’s Bored Ape Yacht Club #2579 was sold for an impressive $342,542, yet this figure pales in comparison to the Ordinal sale. Other significant transactions from the week included Solana’s Froganas #4559, which garnered $82,689, and a BNB Paraluni Perpetual Bond that was sold for an impressive $134,751.
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2024-08-17 21:48