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Bitcoin NFT Sales Rebound: Key Insights and Market Trends
The volume of non-fungible tokens (NFTs) in the Bitcoin network bounced back last week as the industry stabilized.
Bitcoin NFT Sales Surge
According to recent data, sales of Bitcoin (BTC) NFTs jumped by 56% in the last seven days, reaching over $20 million. The number of buyers in the network increased by 48%, totaling 29,403.
NodeMonkes, a relatively new collection, was the best-performing NFT in the ecosystem with sales exceeding $3.4 million and 302 transactions. Only Immutable X’s Guild of Guardian Heroes collection had more sales during the week.
Bitcoin Puppets saw a significant rise with a sales volume of $3.03 million, marking a 239% increase from the previous week. Ordinal Maxi Biz followed closely, with sales rising to over $1.89 million, while Taproot Witches sold $1.3 million.
Market Performance of Ethereum and Solana
Ethereum remained the most active network for NFTs, handling sales worth $28 million. Solana had $13 million in sales, while BNB Chain saw $3.7 million in transactions.
However, September has been challenging for NFTs overall, with total sales dropping by 48% to $318 million. Ethereum, Bitcoin, and Solana’s sales were $108 million, $63 million, and $61 million, respectively.
Cryptocurrency Market Dynamics
The weekly NFT sales rise coincided with the rebound in cryptocurrency prices. Bitcoin rose to $66,000 for the first time since July, while the total market cap of all coins jumped to $2.3 trillion.
Importantly, the closely watched crypto fear and greed index rose to the greed zone of 60 for the first time in two months. Historically, traders tend to move to riskier assets like stocks and cryptocurrencies during periods of market greed. This recent trend has been influenced by the Federal Reserve’s interest rate cuts, China’s stimulus measures, and a decline in stablecoin holdings among smart money investors.
The volume of stablecoin holdings among these investors has dropped to the lowest point in two years.
These holdings, which surged in 2022 following the collapse of the FTX and Terra ecosystems, have been trending downward. Smart money investors likely reduced their stablecoin holdings and shifted to cryptocurrencies and NFTs.
Risks in the NFT Market
One key risk investors face with NFTs is the industry’s high saturation, with thousands of new collections emerging. A recent report reveals that 96% of more than 5,000 existing NFT collections are considered “dead,” meaning they have zero trading volume, no sales for more than seven days, and no activity on social networks.
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