NFT market sales increased by 20% this week
The NFT market has seen a significant recovery over the past week, with transactions totaling $91 million. cryptoslam.ioThe popular crypto market statistics website reported that after a period of slow development, global sales increased by 20.58% due to a surge in activity on multiple blockchain networks.
Source: CryptoSlam
In the NFT space, Ethereum remains the market leader, with a transaction volume of $32 million in the past seven days, an increase of 25.43% from the previous week. For large, frequently needed NFT collections, Ethereum is the platform of choice.
Bitcoin is currently the second most active NFT blockchain. With the popularity of NFTs, Bitcoin has become increasingly attractive to investors and collectors.
Thanks to its fast and cheap transactions, Solana’s NFT trading volume increased by 34% to $16 million. This growth ensures that Solana remains one of the top 3 blockchains in the NFT market by transaction volume. Its adaptable environment continues to attract a large number of new NFT projects.
Mythos Chain, known primarily for supporting in-game assets, rose to fourth place this week, with sales increasing 21.22% to $5.5 million. This performance allowed Mythos to surpass Polygon in overall transaction volume, especially in the gaming field.
Popular Ethereum scaling solution Polygon completes the top five blockchains. Polygon-based NFT sales grew slightly but steadily by 1.02% to $4 million. Although growing slower than other blockchains, it is still an important player in the NFT ecosystem.
This week, a few NFT series also stood out. The DMarket segment of Mythos Chain topped the list with sales of $5.2 million, a growth of 22.2%. Meanwhile, sales of the Bitcoin Uncategorized series grew an astonishing 1,652%, generating $4.8 million in revenue.
The ever-popular Bored Ape Yacht Club (BAYC) demonstrated its continued strength with a 45% increase in sales to $2.87 million. Other notable series include Guild of Guardians (sales of $3 million) and Ordinal Maxi Biz (sales jumped 76% to $2.6 million).
Emerging series are also coming to the fore. Sales of Froganas, a line of humanoid frogs on Solana, grew 444% to $2.5 million. Despite a 27% sales drop this week, another series of Bitcoin Puppets drawn by a 12-year-old artist continues to gain traction.
Yuga Labs is planning ApeFest 2024 in Lisbon, Portugal. The festival is expected to increase awareness of NFTs, which could lead to another spike in sales. These activities are critical to building community bonds and restoring trust in the marketplace.
The NFT industry appears to be recovering, with sales rising and interest in new collections growing. As major events such as ApeFest2024 approach, the market is likely to grow further, helping to solidify its presence and attract long-term interest.
