Weekly NFT sales hit $109m: Ethereum, Polygon lead charge despite decline in buyers

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As an experienced analyst, I’ve been closely monitoring the NFT market, and this week’s data presents an intriguing mix of trends. While the sales volume increased by 7.68%, the number of buyers and sellers declined significantly. This paradoxical situation raises several questions about the current state of the NFT market and its future trajectory.

As an analyst, I’ve observed a noteworthy increase of 7.68% in the sales volume of non-fungible tokens (NFTs) this week, reaching a total of $109 million. Particularly active markets include Ethereum (ETH) and Polygon (MATIC) blockchains.

As a crypto investor, I’ve noticed an unexpected surge in the price of a particular cryptocurrency or NFT asset. However, this upturn occurred amidst a stark decline in the number of buyers and sellers in the NFT market. Personally, I saw a decrease of 68.00% in the number of buyers and 67.78% fewer sellers compared to previous periods.

It’s intriguing that despite a decrease in market participants, NFT transactions saw a significant surge, jumping approximately 21% to total 2,435,539 trades as reported by CryptoSlam.

Over the past week, let’s explore the significant happenings and emerging patterns that have left an indelible mark on the dynamic NFT (Non-Fungible Token) scene.

Ethereum, Polygon lead charge

In terms of blockchain platforms, Ethereum continued to dominate the Non-Fungible Token (NFT) market with sales amounting to $32,711,790, despite the widespread occurrence of wash trades.

Over the past week, the competition to secure the number two position intensified significantly. Notably, Polygon experienced a remarkable surge, surpassing both Bitcoin (BTC) and Solana (SOL), following a substantial 90% increase in its NFT trading volumes.

As a researcher examining NFT market data, I’ve discovered that Polygon witnessed over $27 million in weekly sales. However, it is important to note that approximately $3.1 million of this total can be attributed to wash trading transactions.

Noteworthy is the fact that Polygon’s performance enhanced despite a significant 78.98% decrease in NFT purchasers on its blockchain.

Solana, Bitcoin drop

As a crypto investor, I’d say: Last week, Solana generated approximately $22.9 million in sales from digital collectibles. However, this represents a 2% decrease compared to the revenue it generated the week prior.

An increase of over 32% was observed in Solana’s wash trading volume. This led to a modest enhancement of approximately 0.37% in the total sales revenue for its NFT market.

Despite a significant decrease of 70%, Solana still led the way among the top 5 blockchains with the greatest number of distinct purchasers, totaling 88,090.

Bitcoin, long recognized for its role as a valuable asset, has been striving to maintain significance within the realm of Non-Fungible Tokens (NFTs).

Last week, the network raked in approximately $15.1 million from NFT sales, representing a almost 5% decrease compared to the earnings of the preceding week. Consequently, Bitcoin slipped to fourth place in weekly sales volume.

Although Mythos (MYTH) came in fifth place with sales of only $4.16 million, it fell significantly short of the superior performance of the top blockchain.

Top NFT collections: DMarket, DogeZuki shine

This week, the DMarket collection on Mythos took the lead among NFT collections with a total sales volume of $3,915,145 from approximately 166,053 individual transactions.

Although there was a 3.83% decrease in statistics compared to the last week, this figure highlights the growing popularity of Mythos Chain as a destination for NFT transactions.

The DogeZuki Collection on the Solana platform generated significant buzz, bringing in a total of $3,038,960 from 71,566 individual transactions. Industry observers believe that the collection’s success may serve as evidence of Solana’s ability to attract major projects and keep buyer interest high.

Notable collections besides these included Base Ape Polygon, which raked in sales amounting to $2,809,791, and Froganas, a Solana-based collection with sales totaling $2,759,532.

The most significant surge in sales during the week was observed in a Solana collection called “Send it.” Sales for this collection spiked an impressive 1752.43% percent, reaching a total of $2,723,251.

High-profile NFT sales

This week also saw several high-value NFT sales that grabbed headlines:

    TokenVestingPlans #582 on Ethereum sold for $360,611.
    Bitcoin Punks’ Punk #3100 sold for $115,430.
    gUSDC Locked Deposit #205 on Arbitrum (ARB) sold for $88,908.
    DeezNode #045 on Solana sold for $75,548.

Furthermore, fan tokens, a burgeoning sector within NFTs, notably influenced the market this past week, most notably on the Chiliz (CHZ) platform.

  • Galatasaray’s fan token sales skyrocketed 70,149% to $280,537,908.
  • FC Barcelona had a sales volume of $50,162,146.
  • Paris Saint-Germain registered a sales volume of $46,709,324.

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2024-07-14 16:42