NFT Market Sees 20% Sales Growth This Week
The NFT market saw a notable recovery this past week, with $91 million in total transactions. CryptoSlam.io, a popular statistics website for the crypto market, reports that after a period of slow development, global sales have increased by 20.58% due to a surge in activity across multiple blockchain networks.
In the NFT area, Ethereum remains the market leader with $32 million in transactions over the past seven days, a staggering 25.43% rise from the previous week. For huge, often requested NFT collections, Ethereum is the preferred platform.
Bitcoin is now second among the most active blockchain for NFTs.NFTs based on Bitcoin, including Runes and Bitcoin Ordinals, experienced a rise of 32% in sales this week, reaching $21 million. Bitcoin has become increasingly appealing to investors and collectors as frequent NFTs have grown in popularity.
With its swift and cheap transactions, Solana saw a 34% increase in NFT traded volume to $16 million. This increase ensures that Solana remains among the 3 most traded blockchain in the NFT market. Its adaptable environment continues to attract a lot of new NFT projects.
Mythos Chain, known primarily for supporting in-game assets, moved up to the fourth position this week with a 21.22% rise in sales, hitting $5.5 million. This performance allowed Mythos to surpass Polygon in overall trading volume, particularly within the gaming space.
The well-liked scaling solution for Ethereum, Polygon, completes the top five blockchains. Sales of NFTs based on polygons increased by a slight but steady 1.02% to $4 million. Despite growing more slowly than other blockchains, it is still a significant player in the NFT ecosystem.
A number of NFT collections also stood out this week. DMarket, part of the Mythos Chain, topped the charts with $5.2 million in sales, up by 22.2%. In the meantime, sales of Bitcoin’s Uncategorized collection grew by an amazing 1,652%, generating $4.8 million.
Sales of the consistently popular Bored Ape Yacht Club (BAYC) increased by 45% to $2.87 million, demonstrating its continued strength. Other notable collections include Guild of Guardians, which recorded $3 million in sales, and Ordinal Maxi Biz, which surged by 76% to $2.6 million.
Emerging collections are also making their mark. Froganas, a collection of humanoid frogs on Solana, enjoyed a 444% increase in sales, hitting $2.5 million. Another collection, Bitcoin Puppets, illustrated by a 12-year-old artist, continued to gain attention despite a 27% drop in sales this week.
Yuga Labs is in Lisbon, Portugal, planning for ApeFest 2024. This event, which focuses on investors of Bored Ape and Mutant Ape NFTs, will feature prominent people from the NFT and crypto sectors. The festival is expected to boost awareness of NFTs, which may result in another spike in sales. These events are key in building community bonds and restoring trust in the market.
The NFT sector appears to be recovering, with rising sales and increasing interest in new collections. As major events like ApeFest2024 approach, the market is likely to experience further growth, helping to solidify its presence and attract long-term interest.
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