NFT market surges 17% to $145.3m: Bitcoin leads with 50% jump in sales

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As a researcher with a background in blockchain technology and a keen interest in non-fungible tokens (NFTs), I’ve been closely monitoring the market trends over the past few weeks. This week’s data has brought some positive news for the NFT community, as sales have climbed by more than 17%, reaching a total of $145.3 million.

The NFT market experienced a significant uptick this week, registering over 17% increase in sales following a slump.

The total sales reached $145.3 million, involving nearly 230,000 active buyers and sellers.

Blockchains by NFT sales volume

As an analyst, I’ve observed that the Bitcoin (BTC) network has been leading the way in Non-Fungible Token (NFT) sales among blockchains. Last week, we recorded sales amounting to $31.78 million. In just a short period, there’s been a significant surge, with sales reaching a total of approximately $47.74 million – representing a substantial increase of around 50.33%.

As a researcher examining the data, I discovered that the network recorded over $39,000 worth of wash trades – representing a 15.39% increase compared to the previous week’s figures.

As a researcher studying the Bitcoin NFT market, I’ve observed an intriguing phenomenon. Although sales volumes have seen significant growth, the number of active buyers has decreased by nearly 96%. In fact, only 2,056 unique addresses were involved in last week’s trading activities.

As a crypto investor keeping a close eye on the NFT market, I’ve noticed that Ethereum (ETH) blockchain came in a close second place in weekly NFT sales volume, with over $35 million worth of transactions recorded between June 2 and June 8, according to data from CryptoSlam.

Last week, according to crypto.news, I saw Ethereum leading the way with an impressive $37.43 million in NFT sales volume. However, just a week later, the numbers have shifted slightly, and Ethereum has been overtaken by another blockchain. The decrease in Ethereum’s NFT sales was only 0.31%, but it was enough to drop it down to second place in the NFT sales rankings.

Over the past week, Ethereum saw significantly higher buyer activity than Bitcoin in NFT markets, with approximately 15,000 buyers engaging in transactions. Nevertheless, this figure represented a substantial decrease of 59.67% compared to the previous week’s data from CryptoSlam. Meanwhile, the total wash trading volume on the network declined by nearly 7%, settling at roughly $24.7 million.

The sales of Non-Fungible Tokens (NFTs) based on the Polygon (MATIC) network experienced a substantial growth, reaching over $19.63 million – marking a rise of more than 22% compared to previous figures. Solana (SOL) recorded NFT sales worth $18.225 million, representing a decrease of approximately 4.53%. Immutable X (IMX) came in fifth place, registering a surge of around 13.15% in its NFT sales.

NFT market surges 17% to $145.3m: Bitcoin leads with 50% jump in sales

The surge in NFT-related activity we’ve seen lately is significant because it indicates that the market isn’t solely driven by a handful of prominent figures. Instead, it appears that a broad range of collectors and investors are showing interest, pointing towards a vibrant and potentially enduring community.

Top NFT collective sales

As a crypto investor, I’ve noticed some significant NFT sales in the past week. The most noteworthy transaction took place on the Cardano blockchain, where an NFT was sold for a staggering $219,102 only three days ago. Ethereum didn’t lag behind, as Cryptopunk #1002 fetched a hefty price of $193,372 just two days prior. The Polygon network also made an appearance in the top NFT sales, with a Matr1x Fire Weapon NFT being traded for a respectable $97,685.

As a crypto investor, I recently came across some fascinating NFT sales data from the last week. The fourth most costly NFT I discovered was DeezNode #033, which hails from the Solana blockchain and fetched an impressive price of $76,029. Surprisingly enough, this sale price was a mere $2,690 more than the fifth most expensive NFT of the week – a Bitcoin Ordinal, priced at $73,339.

Among the leading NFT collections, Bitcoin’s PIZZA NFTs took the crown with a sales volume of $17.932 million over the past seven days. Immutable X’s Guild of Guardians followed closely behind, bringing in $7.014 million – marking a substantial 23.90% rise compared to the previous week. Polygon’s Moongirl NFTs rounded out the top three with an impressive sales figure of $5.799 million, which represents a massive 643.51% surge from the preceding week.

NFT market surges 17% to $145.3m: Bitcoin leads with 50% jump in sales

Are NFTs making a comeback?

This week’s data reveals differing expansion paces amongst top cryptocurrencies such as Bitcoin, Solana, and Polygon, indicative of a broadening market. The surge, exemplified by strong sales in collections like PIZZA NFTs, underscores collectors’ renewed enthusiasm.

The reasons behind the current surge in popularity for NFTs are complex. Initially, the market downturn might have presented shrewd investors with a prime opportunity to acquire NFTs at reduced prices. Additionally, the expanding range of applications for NFTs, encompassing industries such as gaming and digital art, may be drawing in a broad spectrum of new investors.

As a crypto investor, I’ve noticed that the expansion of the larger crypto market generally has a favorable effect on NFTs. When cryptocurrencies such as Bitcoin and Ethereum experience growth, so do their respective NFT markets.

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2024-06-09 19:30