NFT market roundup: Ethereum, Solana dominate, CryptoPunks lead the pack

As a seasoned crypto investor with a keen interest in NFTs, I’ve closely monitored the market trends this week. The NFT scene has shown significant improvement, particularly on Ethereum and Solana blockchains. Ethereum’s dominance was evident with its impressive $44.3 million sales volume, while Solana’s fast transactions and cost-effectiveness helped it secure a strong second place.

As a researcher studying the NFT market, I’ve observed some noteworthy developments in the week ending July 6. The market experienced a welcome upturn, with substantial sales volumes reported on both Ethereum (ETH) and Solana (SOL) blockchains. In this analysis, I will delve into the top-performing NFTs and emerging trends from the past week.

Top 5 blockchains by NFT sales volume

As a crypto investor, I’ve been closely monitoring the NFT sales data on Crypto Slam this week. To my surprise, Ethereum has taken the lead with an impressive $44.3 million in sales volume. This figure is broken down into $36.77 million from genuine transactions and a further $7.538 million attributable to wash trading. Ethereum’s dominance within the NFT ecosystem is undeniable.

Last week’s direct sales figures showed a notable increase of 15.66%, yet overall sales fell short by over 8%.

Solana experienced a significant jump in sales, reaching a total of $24 million through swift and affordable transactions – marking a 34.3% growth compared to the previous week’s earnings. Direct transactions accounted for $22.4 million of this amount, while $1.6 million was attributed to wash trading.

As an analyst, I’ve noticed some intriguing trends in the market activity on Solana. Specifically, there was a significant increase of over 83% in wash trading compared to the prior week. Furthermore, direct sales showed a noticeable uptick, improving by approximately 31%.

Bitcoin falters

Bitcoin, renowned for its leading role in cryptocurrencies, reported sales of approximately $15.886 million during the past week – representing a 14.51% decrease compared to the sales figure from late June. Direct sales accounted for around $15.63 million of this total, while wash trading contributed a comparatively smaller amount at $255,349.

Despite its scalability, Polygon (MATIC) experienced a disappointing week with total sales of merely $20.11 million. This amount was distributed between $12.03 million in legitimate transactions and $8.08 million derived from wash trading. This figure represented a significant drop of over 18% compared to the previous week.

Mythos Chain (MYTH) ranked among the top five with sales amounting to $3.8 million. A significant portion, approximately $3.79 million, was generated through direct transactions, indicating a substantial expansion of its user base with minimal wash trading.

Top 5 NFT collections by sales volume

As a crypto investor closely following the NFT market, I’ve noticed that DMarket on the Mythos Chain has topped the list of top NFT collections by sales volume for the week, with a total of $3.53 million in transactions. This figure represents 153,277 separate transactions between 11,568 buyers and 9,295 sellers. However, it’s important to note that this number is around 16% lower than the sales volume recorded the previous week.

As an analyst, I’ve observed that Ethereum’s Pudgy Penguins collection managed to generate a substantial trading volume of $3.45 million with just 99 transactions. This intriguing statistic underlines the significant worth attached to each transaction in this particular marketplace.

The DogeZuki Collection on the Solana platform raked in sales totaling $3.19 million from a impressive 73,404 transactions, demonstrating strong demand among collectors. On the other hand, the Mad Lads Collection on Solana reported sales of $3.12 million derived from only 239 transactions, suggesting substantial collector interest and engagement.

In the world of NFTs on Ethereum, the renowned Bored Ape Yacht Club (BAYC) ranked among the top five with a total sale of $2.57 million from 83 separate transactions. This significant figure reinforces its esteemed position within the NFT community.