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The NFT market is showing signs of sustained growth, with sales volume increasing by 10.69% to reach $115 million. This marks the second consecutive week of growth for the sector, as per the latest data. However, despite the rise in sales, market participation has dropped significantly, suggesting a shifting landscape for investors and enthusiasts alike.

NFT Market Overview: Sales vs. Participation

The global crypto market cap has risen to $3.33 trillion, up from last week’s $3 trillion. Yet, while sales volumes are climbing, the number of NFT buyers has plummeted by 76.8%, totaling just 126,075. Similarly, NFT sellers have decreased by 74.42% to 72,336. Additionally, NFT transactions have dipped by 11.57% to 1,524,846 over the same period.

Ethereum NFT Sales Surge Amid Market Fluctuations

Ethereum continues to dominate the NFT space, recording $37.5 million in sales—a 54.17% increase from the previous week. However, wash trading activity on Ethereum has also grown, rising by 50.24% to $4.9 million. This growth highlights Ethereum’s robust position in the NFT ecosystem despite ongoing market volatility.

Top Blockchains by NFT Sales Volume

  • Ethereum: $37.5 million (up 54.17%)
  • Polygon: $19.1 million (down 8.08%)
  • Mythos Chain: $15.6 million
  • Bitcoin: $14 million (up 4.65%)
  • Solana: $7.9 million (down 5.71%)

The buyer count has declined across all major blockchains, with Bitcoin experiencing the largest drop at 86.99%, followed by Solana at 86.51% and Mythos Chain at 76.68%.

Top NFT Collections and Notable Performances

In terms of individual collections, Courtyard on Polygon continues to lead the market, generating $17.4 million in sales. However, the collection’s seller count has dropped by 42.18%, indicating a potential slowdown in activity. Other notable collections include:

  • DMarket: $10.5 million in sales (up 4.59%)
  • Guild of Guardians Heroes: $5.6 million in sales (up 15.44%)
  • Doodles: $5.6 million in sales (up 490.68%)
  • CryptoPunks: $3.5 million in sales

Doodles has seen remarkable growth, with transactions increasing by 769.68%, buyers up 618%, and sellers up 469.57%. This surge is likely attributed to the launch of their native token, DOOD.

High-Value NFT Sales of the Week

Several high-value NFT sales have made headlines this week, showcasing the continued demand for premium digital assets:

  • Known Origin #30101: Sold for 410,532.5625 USDC ($410,532)
  • CryptoPunks #7261: Sold for 150 ETH ($274,119)
  • Mutant Ape Yacht Club #30001: Sold for 194,815.0469 USDC ($194,815)
  • Mutant Ape Yacht Club #30003: Sold for 194,815.0469 USDC ($194,815)
  • CryptoPunks #5767: Sold for 69 ETH ($155,383)

These transactions underscore the ongoing interest in high-value NFTs, even as overall market participation declines. Investors and enthusiasts should keep an eye on these trends as the market continues to evolve.

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