NFT Sales Rise 3% This Week as Buyer and Seller Activity Surges

Non-fungible tokens are steadily gaining popularity in the cryptocurrency market, and this time they are more reasonably priced and accessible than many traders anticipated. This week, the global non-fungible token market has experienced a slight rise in trading sales volume, ending a recent downward trend that had kept trading sales volume under $100 million for several weeks.

NFT Sales Increase 3% This Week

According to data gathered by CryptoSlam.io, a crypto market data aggregator and a non-fungible token explorer supported by billionaire Mark Cuban, the global non-fungible token market has shown signs of positive growth this week. Over the last seven days, the global NFT market has registered a trading sales volume of $82 million, marking a 3.09% increase compared to the previous week.

During this timeframe, the number of investors purchasing non-fungible token collections has risen. In the past week, the global NFT market welcomed 220,000 crypto traders buying NFTs, indicating a remarkable 552% increase compared to the previous week. Conversely, the number of traders selling their NFTs surged by 436% this week, totaling 139,962. Overall, the NFT market recorded over 1.6 million transactions in the week, reflecting a 48% increase from the last week.

Ethereum, the blockchain known for hosting Ethereum and driving most high-value non-fungible token collections, has emerged as the leading blockchain in NFT trading for this week. In the last seven days, Ethereum-based NFT collections have generated a trading sales volume of $27 million. However, during this period, Ethereum NFT trading sales volume experienced a decline of 5.97% from the previous week.

Bitcoin, noted for its role in powering Ordinals and BRC-20 non-fungible token collections, has reclaimed its market dominance from Solana, making it the second most-traded blockchain network in the NFT space this week. Over the past week, Bitcoin-based NFT collections have generated a sales volume of $15 million, marking a 29% increase.

Solana, a public blockchain that supports smart contracts along with non-fungible tokens and various decentralized applications, has experienced a slight decline and is now the third most-traded NFT blockchain. In the last seven days, Solana-based NFT collections have recorded a trading sales volume of $13 million, reflecting a 4.45% increase from the earlier week.

BNB Chain, a blockchain network from the Binance digital asset exchange, has gained popularity among traders, surpassing large blockchains like Polygon and Mythos Chain to become the fourth most-traded blockchain in the NFT market. In the past week, BNB Chain-based NFT collections achieved a trading sales volume of $7.2 million.

Mythos Chain, known as an Ethereum scaling solution and a leading platform for developing web3 games on the Ethereum ecosystem, has emerged as the fifth most-traded blockchain network in the NFT space this week. In the last seven days, Mythos Chain-based NFT collections achieved a trading sales volume of $5.9 million, reflecting a staggering 680% increase compared to the previous week.

Top Five Selling NFTs In The Past 7 Days

1. DMarket NFT Collection

The DMarket NFT collection, part of the virtual asset marketplace and hosted on the Mythos Chain network, has emerged as this week’s top-selling NFT collection, achieving a trading sales volume of $5.6 million over the last seven days. DMarket’s NFT sales surged by an impressive 791% in the past week, significantly contributing to the Mythos Chain’s success.

2. CryptoPunks NFT Collection

CryptoPunks, a unique non-fungible token collection consisting of a limited amount of 10,000 Ethereum NFTs originally created by Larva Labs and now managed by Yuga Labs, ranks as the second best-selling NFT collection this week. Over the past week, the CryptoPunks series recorded a trading sales volume of $5.2 million, reflecting a 5.73% increase from the previous week.

3. $?? BRC-20 NFT Collection

The $?? BRC-20 NFT collection, developed on the Bitcoin blockchain using the BRC-20 protocol, ranks as this week’s third top-selling NFT collection, achieving a trading sales volume of $3.7 million over the past week. This collection’s trading volume soared by 455% compared to last week.

4. Guild of Guardians NFT Collection

Guild of Guardians, a non-fungible token collection from the mobile RPG Guild of Guardians, where teams of heroes navigate dungeons to gather resources, has become the fourth most-selling NFT collection this week. In the last week, the Guild of Guardians NFT collection raised a trading sales volume of $2.9 million; however, this marks an 11% decrease from the previous week.

5. Luxemarathoner NFT Collection

Luxemarathoner, a non-fungible token collection based on the BNB Chain associated with the American exchange Binance, has emerged as the fifth best-selling NFT collection this week. In the past seven days, the Luxemarathoner collection recorded a trading sales volume of $2.3 million, which represents an 11% decline from the prior week.

Future of the NFT Market

The global non-fungible token market has demonstrated remarkable resilience amidst the current climate of fear, uncertainty, and doubt. Recently, the NFT market faced scrutiny from the United States Securities and Exchange Commission, which began examining NFT marketplaces, including OpenSea. Nevertheless, as the NFT market appears to be successfully weathering this storm, more positive growth is anticipated in the week ahead.

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