After a difficult few months, the global NFT market is showing early signs of recovery. Many floor prices have dropped by 23% from their previous highs. Data comes from cryptoslam.io Revealing that global NFT sales have grown significantly in the past week. Total trading volume reached $108 million, reflecting the aforementioned 7.69% surge and renewed investor confidence in the industry.
The number of investors buying NFTs increased by 20%. Source: NFTGo
Last week, the number of investors buying NFTs increased by 20%. Nearly one million collectors have joined the market, pushing NFT transaction volume to exceed 1.5 million. This surge in activity highlights the growing interest in NFTs.
Ethereum dominates NFT trading
Ethereum has a large number of high-value collections and remains the top blockchain network for NFT transactions. Ethereum-based NFT sales reached $36 million last week, a 15% month-on-month increase, consolidating its industry-leading position.
Ethereum dominates NFT transactions. Source: CryptoSlam.io
Recognized for its strong support for smart contracts and NFT functionality, Solana last week solidified its position as the second-largest blockchain network by NFT transaction volume. Solana’s trading volume reached $22 million, with sales up a significant 35% from the previous week, demonstrating its growing appeal to NFT investors looking for an efficient trading environment.
Designed as a scaling solution for Ethereum, Polygon has maintained a strong presence in last week’s NFT market activity. Although transaction volume dropped slightly by 5.14% from the previous week, Polygon ranked third with a transaction value of $19 million. Its continued facilitation of large numbers of NFT transactions highlights its importance in supporting market recovery efforts and providing scalable solutions for NFT transactions.
Bitcoin, which is mainly related to traditional digital assets, occupied the fourth place among the blockchain networks with the largest NFT transaction volume last week. Despite a 15.40% decline in sales, the Bitcoin-based NFT series still generated considerable interest, reflecting the different market dynamics affecting its performance.
NFT market forecast for the coming week
The global NFT market appears poised to continue growing. Recent positive trends suggest that the market may see further developments in the coming weeks. There is optimism that bullish market sentiment may prevail and the previous highs may be retested before the end of the year.
