The non-fungible token (NFT) market experienced a notable 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 fell by 68.00% and 67.78%, respectively.
Interestingly, the reduced number of participants did not hinder NFT transactions, which soared by nearly 21% to 2,435,539 trades, according to data from CryptoSlam.
Ethereum and Polygon Lead the NFT Market
Ethereum continued to dominate the NFT landscape, generating $32,711,790 in sales, despite ongoing issues with wash trading. Meanwhile, Polygon emerged as a strong contender, overtaking both Bitcoin (BTC) and Solana (SOL) with a 90% increase in its NFT trading volume, totaling over $24 million, including $3.1 million from wash trading. Notably, Polygon’s performance improved even as its number of NFT buyers plummeted by 78.98%.
Decline in Solana and Bitcoin NFT Sales
Solana recorded $22.7 million in NFT sales, marking a 2% decrease from the previous week. Despite a 32% rise in wash trading, Solana saw only a slight 0.37% increase in total NFT sales and had the highest number of unique buyers among the top five blockchains at 88,090.
Bitcoin, traditionally known for its store-of-value proposition, earned about $15.1 million in NFT sales, a nearly 5% drop from the previous week. This decline caused Bitcoin to fall to the fourth spot in weekly sales volume, though it still outperformed Mythos (MYTH), which registered $4.16 million in sales.
Top NFT Collections: DMarket and DogeZuki Shine
The DMarket collection on Mythos led the NFT collections, generating $3,915,145 in sales across 166,053 transactions, despite a 3.83% drop from the previous week. The DogeZuki Collection on Solana also performed well, earning $3,038,960 from 71,566 transactions. Other notable collections included Base Ape Polygon with $2,809,791 in sales and Froganas on Solana with $2,759,532. The Solana collection “Send it” saw the most significant jump, with sales skyrocketing by 1752.43% to $2,723,251.
High-Profile NFT Sales
Several high-value NFT sales captured attention this week:
- TokenVestingPlans #582 on Ethereum sold for $360,611.
- Bitcoin Punks’ Punk #3100 sold for $115,430.
- gUSDC Locked Deposit #205 on Arbitrum (ARB) sold for $88,908.
- DeezNode #045 on Solana sold for $75,548.
Impact of Fan Tokens
Fan tokens, a growing segment in the NFT space, made a significant impact, particularly on the Chiliz (CHZ) blockchain:
- Galatasaray’s fan token sales skyrocketed by 70,149% to $280,537,908.
- FC Barcelona registered a sales volume of $50,162,146.
- Paris Saint-Germain achieved a sales volume of $46,709,324.
Overall, while the NFT market faces challenges with declining participants, the increasing transaction volumes and notable blockchain performances highlight the dynamic and evolving nature of the NFT ecosystem.
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