NFT sales surge 34% to $196.2m, Ethereum network showcases 97% spike in sales

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As a seasoned crypto investor with a knack for recognizing emerging trends, I can confidently say that the surge in the NFT market is undeniably exciting. Having closely followed the crypto landscape since the early days of Bitcoin, I’ve witnessed countless ups and downs, but the current growth spree is truly remarkable.

The market for unique digital assets known as Non-Fungible Tokens (NFTs) has demonstrated strong growth alongside Bitcoin‘s record surge surpassing the $100,000 mark.

Cryptocurrency prices are on an upward trend, with Ethereum (ETH) solidifying its stance and rising by 3.5% over the past day, pushing back up to the $4,000 mark.

The global cryptocurrency market capitalization has expanded to $3.67 trillion from last week’s $3.42 trillion. This is a 2.3% increase over the last day, with Bitcoin (BTC) trading around $99,611 at last check Saturday. See below.

Based on recent figures from CryptoSlam, it appears that the NFT market is seeing a significant surge in activity. The cumulative sales volume has now reached an impressive $196.2 million, which represents a 34.23% jump from the previous week’s total of $146.5 million.

The market metrics show expansion across all key indicators:

  • NFT buyers have increased to 693,833, showing a healthy 20.29% growth
  • NFT sellers have grown to 402,069, with a 15.97% increase
  • NFT transactions have slightly decreased by 1.92% to 1,405,054

Ethereum Leads with major Growth

The Ethereum NFT blockchain has demonstrated exceptional performance, nearly doubling its sales volume to reach $100.9 million over the past week. This represents a staggering 97.33% increase. The network has drawn in approximately 61,020 new buyers, signifying a growth of 23.15%. It’s worth noting that wash trading activity has also risen by 52.79%, amounting to $18.2 million, suggesting a surge in market activity.

In its second spot, the NFT market linked to Bitcoin saw a modest dip of 6.84%. Despite this decrease, the sales volume for the Bitcoin network amounted to approximately $45.1 million. Interestingly, there was a significant surge in user engagement with around 67,188 buyers – an uptick of 22.38% compared to the preceding period.

Solana’s third spot remains unchanged as it records sales worth approximately $16.2 million. While its growth is relatively small at 6.58%, it boasts a robust user base with around 269,871 active buyers.

In fifth place, we find Mythos Chain and ImmutableX (IMX), each reporting sales figures of approximately $11.2 million and $10.6 million respectively.

Pudgy Penguins Lead Collection Rankings

The unveiling of their PENGU token propelled Pudgy Penguins to the number one spot, raking in a total of $21.6 million in sales over the past week. Remarkably, this represents an impressive surge of 384.26% compared to the previous seven days.

Introducing $PENGU, the official coin of Pudgy Penguins.

Launching in 2024. Learn more below.

— Pudgy Penguins (@pudgypenguins) December 6, 2024

1) CryptoPunks ranks second after a significant surge of 173.86%, earning approximately $21.3 million in sales. Meanwhile, BRC-20 NFTs climb to third place with around $9.9 million in sales. The top five are rounded out by Guild of Guardians Heroes and Uncategorized Ordinals, which recorded sales of $8.9 million and $8.4 million respectively.

Notable individual sales this week include:

  • Uncategorized Ordinals #876 sold for $7,512,996 (76.9998 BTC)
  • CryptoPunks #2202 sold for $455,287 (125 ETH)
  • MADinArt 18: iSteef #asset18 sold for $388,073 (365,481.5277 ADA)
  • Azuki #5889 sold for $362,345 (100 ETH)
  • Autoglyphs #328 sold for $328,314 (90 WETH)

This week’s data indicates that the NFT market is maturing significantly, showing substantial expansion in both well-established collections as well as newcomers.

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2024-12-07 20:38