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Bitcoin Dominates as Weekly NFT Sales Skyrocket to Over $423 Million

The past week witnessed a remarkable surge in non-fungible token (NFT) sales, with transactions totaling an impressive $423,004,860. Bitcoin emerged as the leading force in NFT transactions, contributing significantly to the overall sales volume.

According to data compiled by Cryptoslam.io, Bitcoin led the charge with $160.37 million in NFT sales, marking an astounding surge of 80.45%. Ethereum closely followed with $159.64 million in transactions, reflecting a respectable 14.41% increase in ETH-based NFT sales.

Other blockchain platforms such as Solana, BNB Chain, and Mythos Chain also experienced substantial growth in NFT sales during the period. Solana recorded approximately $65.129 million in weekly sales, while BNB Chain and Mythos ended the week with $9.019 million and $7.7 million in sales, respectively.

Notably, Bitcoin also saw a significant uptick in wash trading, with $465,000 generated through this practice, representing a nearly 2600% increase from the previous week.

The top-grossing NFT collections for the week were led by Bitcoin’s Uncategorized Ordinals, which generated $41,210,717 in sales, followed closely by the NodeMonkes collection with $35,128,917 in transactions. Other leading collections included Pandora, Creepz, and $NATCATS.

Individual transactions across various blockchains also garnered attention, with notable sales including a Bitcoin-based NFT “Burgie” fetching $1.44 million, a Solana-based “Composable Restaking Position” selling for $1.1 million, an Ethereum “Lif3 v3 Position” commanding $597,800, and a BNB Chain “Lockdeal” NFT being acquired for $416,504. Additionally, a Polygon-based “Dfyn” NFT sold for $100,000.

Despite the surge in NFT sales, popular marketplace Opensea faced a downturn in February, with only 33% of the total NFT sales for the month, the lowest figure since May last year. Active users on the platform also declined, with only 103,000 users making at least one sale in February.

Overall, the significant increase in NFT sales highlights the growing interest and diversity in the NFT market, with Bitcoin playing a prominent role in driving this momentum.

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