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The NFT market has shown a modest recovery, with sales volume increasing by 1.95% to reach $106.2 million. This stabilization follows a decline observed in the previous week. Meanwhile, the broader cryptocurrency market has also experienced notable movements.

Bitcoin and Ethereum Market Performance

As of now, Bitcoin‘s price has surged to an impressive $105,000, reflecting growing investor confidence. On the other hand, Ethereum has remained relatively stable, showing no significant changes in the past seven days. The total global crypto market capitalization has increased slightly to $3.28 trillion, up from last week’s $3.25 trillion.

Growing Market Participation in NFTs

According to recent data, market participation in NFTs has grown significantly. The number of NFT buyers has risen by 55.08%, reaching 826,992, while NFT sellers have increased by 18.12%, totaling 257,017. However, NFT transactions have seen a decline of 24.94%, dropping to 1,651,758.

Ethereum NFT Sales Decline

Ethereum continues to dominate the NFT space with $30.3 million in sales, although this marks a 15.57% decline compared to the previous week. Additionally, Ethereum’s wash trading activity has risen by 11.33%, amounting to $1.8 million.

Top Blockchains by NFT Sales Volume

  • Immutable: Secured the second position with $16.4 million in sales, reflecting a remarkable 123.21% growth.
  • Bitcoin: Ranked third with $15.1 million, up by 17.81%.
  • Mythos Chain: Achieved fourth place with $14 million, growing by 3.26%.
  • Polygon: Dropped to fifth with $13.9 million, down by 7.72%.
  • Solana: Recorded $6.1 million, falling by 13.31%.

Notably, buyer counts have risen across all major blockchains. Polygon leads with a 54.25% increase, followed by Solana at 34.99%, and Bitcoin at 33%.

Top NFT Collections by Sales

In terms of NFT collection rankings, Courtyard on Polygon maintained its leading position with $12.5 million in sales, despite a significant 77.08% drop in seller activity. Other noteworthy collections include:

  • Guild of Guardians Heroes: Climbed to second place with $10.6 million in sales, growing by 108.92%.
  • DMarket: Secured third place with $8.9 million, up by 6.11%.
  • Guild of Guardians Avatars: Entered fourth place with $5 million, surging 129.32%.
  • Bitcoin’s BRC-20 NFTs: Rounded out the top five with $4.8 million, showing increases in transactions (10.07%), buyers (4.74%), and sellers (2.96%).

Decline in CryptoPunks Sales

CryptoPunks, a historically significant NFT collection, fell to sixth place with $3.5 million in sales, marking a 22.23% decrease. The collection also experienced declines in transactions (13.79%) and sellers (36.36%), while buyer numbers remained steady.

Notable High-Value NFT Sales

Here are some of the most valuable NFT sales from this week:

  • CryptoPunks #1831 sold for 150 ETH ($389,846)
  • CryptoPunks #9778 sold for 150 ETH ($377,958)
  • CryptoPunks #4868 sold for 76.5 ETH ($201,933)
  • CryptoPunks #5586 sold for 70.07 ETH ($185,292)
  • CryptoPunks #7516 sold for 60 ETH ($158,378)

The NFT and cryptocurrency markets continue to evolve, offering both challenges and opportunities for investors. Stay informed about the latest trends and developments to make well-informed decisions in this dynamic industry.

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