🌎 NFT Sales Surge 7.68% Despite Drop in Market Participants

The non-fungible token (NFT) market experienced a 7.68% increase in sales volume this week, reaching $109 million. This surge occurred despite a significant drop in the number of NFT buyers and sellers, which decreased by 68.00% and 67.78%, respectively.

Interestingly, while the number of market participants declined, NFT transactions saw a notable rise, increasing by nearly 21% to 2,435,539 trades. Let’s delve into the key events and trends that defined the NFT landscape over the past week.

Ethereum and Polygon Lead the Market

Ethereum maintained its position as the top blockchain for NFT sales, generating $32,711,790. However, the second spot saw fierce competition. Polygon overtook both Bitcoin and Solana, witnessing a 90% rally in its NFT trading volume. Polygon’s weekly NFT sales surpassed the $24 million mark, with $3.1 million stemming from wash trading. Despite this, the number of NFT buyers on Polygon dropped by a significant 78.98%.

Solana and Bitcoin Face Declines

Solana secured the third spot with $22.7 million in NFT sales, a 2% decrease from the previous week. Despite a 32% increase in wash trading, Solana’s total NFT sales showed a slight 0.37% improvement. Solana had the highest number of unique buyers among the top five blockchains, with 88,090 participants.

Bitcoin, traditionally known for its store-of-value proposition, continued to strive for relevance in the NFT space. The network earned about $15.1 million in NFT sales, a nearly 5% drop from the previous week, placing it in the fourth position. However, Bitcoin outperformed the fifth-placed blockchain, Mythos, which recorded $4.16 million in sales.

Top NFT Collections: DMarket and DogeZuki Shine

The DMarket collection on Mythos led the NFT collections this week, generating $3,915,145 in sales across 166,053 transactions. Although this was a 3.83% drop from the previous week, it highlighted the growing appeal of the Mythos Chain for NFT trading.

The DogeZuki Collection on Solana also made significant strides, achieving $3,038,960 from 71,566 transactions. This indicates Solana’s potential to attract high-profile projects and maintain strong buyer engagement. Other notable collections included Base Ape Polygon, with $2,809,791 in sales, and Froganas on Solana, with $2,759,532. The “Send it” collection on Solana saw the most significant increase, with sales soaring by 1752.43% to $2,723,251.