The NFT market saw a spike in activity this week. The top two blockchains were Solana and Ethereum, whose notable sales attracted interest from both buyers and sellers.
According to data from CryptoSlam, total sales volumes reached $107,965,224. This indicates that interest in NFTs is increasing, as seen by the 7.05% increase from the prior week. The market saw an increase in buyers and sellers. A 48.05% rise was indicated by the over 721,000 buyers. There were about 263,000 more sellers, up 32.74%. This increase suggests a robust market. NFT exchanges increased as well. With 2,870,607 transactions overall for the week, there was a 10.69% rise. The increase in transactions is evidence of the market’s thriving activity.
Ethereum and Solana Lead the Charge
The top blockchain by NFT sales volume was still Ethereum. Sales were $32.6 million, up 7.54% from the previous year. Even with this increase, wash trading only made up 18% of overall revenues. 46,043 buyers used the network, a 30.63% increase.
Solana came in second, with sales of $26,710,307, up 14.76%. The number of buyers on the blockchain increased by 53.33% to 289,036. 5.4% of total sales were made up of wash trades.
Third place went to Bitcoin. With a 17% decrease in sales volume, it made $17,417,258. On the other hand, the number of NFT purchasers rose 46.47% to 35,091, indicating a mixed result.
Sales for Polygon reached $11.3 million, a 31.49% rise. There were 147,368 NFT buyers, an increase of 48.75%. At 2.39%, wash trading was low, suggesting healthy exchanges.
Remaining in fifth position, Immutable saw a 21.26% increase in revenue to $6.7 million. The number of buyers rose by 39.33% to 14,419. With just $397 reported, it had the least wash trading among the top five networks.
Top NFT Collections
With $4,630,626 in sales, Solana Monkey Business on Solana lead NFT collections. DMarket came in second on Mythos with $4,174,797. Sales at DogeZuki Collection on Solana totaled $3,246,797. Immutable-Zk witnessed a 264.18% rise in Guild of Guardians Heroes revenue, totaling $3,012,724. With $3,006,298 in sales, Gods Unchained Cards on Immutable completed the top five.
The spike, according to analysts, is the result of rising investor confidence and growing interest in digital collectibles. An expanding participant base is suggested by the increase in unique buyers, which points to robust market expansion. On other blockchains, though, there is a lot of wash trading, which raises questions about possible market manipulation. Improved regulatory monitoring is required to guarantee an honest and open market.
Final Thoughts
The NFT market showed strong performance this week. Ethereum and Solana led in sales volume. The increase in buyers and transactions indicated a healthy market. However, concerns about wash trading highlight the need for regulatory measures to maintain market integrity. As interest in digital collectibles grows, the NFT market continues to evolve, drawing in more participants and driving momentum.
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