NFT Market Sees 17% Surge to $145.3M: Bitcoin Leads with 50% Sales Increase

NFT Market Sees 17% Surge to $145.3M: Bitcoin Leads with 50% Sales Increase

This week, the non-fungible token (NFT) market experienced a significant resurgence, with sales surging by over 17% after a recent slump. The total sales reached $145.3 million, involving nearly 230,000 active buyers and sellers, marking a positive shift in the NFT landscape.

Blockchain Performance in NFT Sales

Bitcoin (BTC)

Bitcoin dominated the NFT sales among blockchains, recording $47.74 million in sales — a remarkable increase of 50.33% from the previous week. However, the network saw a nearly 96% drop in the number of active buyers, with only 2,056 addresses participating in the week’s trading. Additionally, Bitcoin’s NFT space registered over $39,000 in wash trading, up 15.39% from last week.

Ethereum (ETH)

Ethereum followed closely, with weekly NFT sales of over $35 million between June 2 and June 8. This was a slight decline of 0.31% from the previous week’s $37.43 million, relegating Ethereum to the second spot in terms of NFT sales volume. Ethereum also experienced a decrease in wash trading by about 6.87%, settling at $24.7 million. Despite this, Ethereum had over 15,000 active buyers, although this number represented a 59.67% drop from the previous week.

Other Blockchains

  • Polygon (MATIC) saw a significant jump in NFT sales, increasing by more than 22% to $19.63 million.
  • Solana (SOL) recorded $18.225 million in sales, a decline of 4.53%.
  • Immutable X (IMX) had a sales increase of 13.15%.

Top NFT Collective Sales

The highest NFT sale of the week came from the Cardano (ADA) blockchain, with an NFT selling for $219,102. This was followed by an Ethereum-based Cryptopunk #1002, which sold for $193,372. Polygon also had a notable sale with a Matr1x Fire Weapon NFT fetching $97,685. Solana’s DeezNode #033 sold for $76,029, and a Bitcoin Ordinal NFT sold for $73,339.

Leading NFT Collections

  • Bitcoin’s PIZZA NFTs led the collections, generating $17.932 million in the last seven days.
  • Immutable X’s Guild of Guardians came in second with $7.014 million, marking a 23.90% increase.
  • Polygon’s Moongirl NFTs secured third place with $5.799 million in sales, representing an impressive 643.51% increase from the previous week.

Renewed Interest in NFTs

The recent uptick in NFT market activity suggests a broad-based resurgence in interest among collectors and investors. Various factors may be driving this renewed interest:

  1. Market Opportunity: The recent market dip provided a buying opportunity for savvy investors looking to capitalize on lower prices.
  2. Increased Utility: The growing utility of NFTs across sectors such as gaming and digital art is attracting a diverse group of investors.
  3. Crypto Market Growth: As major cryptocurrencies like Bitcoin and Ethereum increase in value, their associated NFT markets often benefit as well.

This week’s data, highlighting growth across multiple platforms like Bitcoin, Solana, and Polygon, points to a diversifying and potentially sustained growth in the NFT market. The strong performance of collections like PIZZA NFTs underscores this renewed interest and suggests that NFTs may indeed be making a notable comeback.

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