NFT market activity has surged this week. The top two blockchains are Solana and Ethereum, with notable sales attracting interest from both buyers and sellers.
According to CryptoSlam, total sales reached $107,965,224. This shows that interest in NFTs is growing, with a 7.05% increase from the previous week. There are more buyers and sellers in the market. More than 721,000 buyers reported a 48.05% increase. The number of sellers increased by approximately 263,000, a growth of 32.74%. This growth indicates a strong market. NFT trading has also increased. The overall transaction volume this week was 2,870,607, an increase of 10.69%. The increase in trading volume is evidence of booming market activity.
Ethereum and Solana lead the way
The number one blockchain by NFT sales remains Ethereum. Sales were US$32.6 million, an increase of 7.54% over the previous year. Even with this growth, wash trading only accounts for 18% of total revenue. 46,043 buyers used the network, an increase of 30.63%.
Source: CryptoSlam
Solana ranked second with sales of $26,710,307, an increase of 14.76%. The number of buyers on the blockchain increased by 53.33% to 289,036. Wash trades accounted for 5.4% of total sales.
The third place is Bitcoin. Volume fell 17% to $17,417,258. On the other hand, the number of NFT buyers increased by 46.47% to 35,091, with mixed results.
Polygon’s sales reached US$11.3 million, an increase of 31.49%. The number of NFT buyers was 147,368, an increase of 48.75%. The wash trade rate is 2.39%, which is low, indicating that the trading status is good.
Immutable continued to rank fifth, with revenue growing 21.26% to $6.7 million. The number of buyers increased by 39.33% to 14,419. Its wash trading volume was reported to be only $397, the lowest among the top five networks.
Top NFT series
The Solana Monkey Business on Solana led the NFT series with sales of $4,630,626. DMarket ranks second on Mythos with $4,174,797. DogeZuki Collection sales on Solana totaled $3,246,797. Immutable-Zk’s “Guild of Guardians Heroes” revenue increased by 264.18%, totaling $3,012,724. Gods Unchained Cards on Immutable rounds out the top five with $3,006,298 in sales.
Analysts said the surge was the result of growing investor confidence and growing interest in digital collectibles. The increase in unique buyers indicates a growing base of participants, which points to strong market expansion. However, on other blockchains, there have been numerous wash trades, raising questions about possible market manipulation. Greater regulatory oversight is needed to ensure honest and open markets.
final thoughts
The NFT market has been strong this week. Ethereum and Solana lead sales. An increase in buyers and transactions indicates a healthy market. However, concerns about wash trading highlight the need for regulatory measures to safeguard market integrity. As interest in digital collectibles grows, the NFT market continues to grow, attracting more participants and driving momentum.
