The market for non-fungible tokens (NFTs) is seeing a significant increase in sales; according to latest data, weekly turnover has increased by 22.5% to $93 million. Investors and enthusiasts alike are taking notice of the NFT sector’s increasing trend as the larger cryptocurrency market starts to show signs of revival.
The amount of NFT sales increased from $77.6 million to $93 million in the last week. In terms of NFT-related activity, Ethereum’s blockchain has surpassed Bitcoin’s network to become the leader in transaction volume. While the number of sellers increased significantly, leaping by 108% to reach 252,401 members, the number of NFT purchasers than doubled, rising from 263,804 to 494,666.
Ethereum’s Weekly Sales Volume Exceeds Bitcoin’s
In terms of sales volume, Ethereum has significantly surpassed Bitcoin to take the lead in the NFT industry. This week, Ethereum NFT sales increased by a noteworthy 30%, from $26.6 million to $33.4 million. Bitcoin performed well even though it lagged behind Ethereum, with weekly NFT sales of $21.6 million, a 36% increase in volume.
However, wash trading, a type of market manipulation, was blamed for almost $5.3 million of Ethereum’s volume. At $902,000, Bitcoin’s wash trade volume was significantly lower.
With $16.6 million in sales this week, Solana continues to hold its third-place ranking among blockchain networks for NFT transactions.
Leading NFT Market Performers
In addition to Ethereum, other well-known blockchain networks that are causing a stir in the NFT space include Mythos Chain (MYTH) and Polygon. The sales figures for Mythos and Polygon were $5.5 million and $3.9 million, respectively. With 192,543 purchasers, a staggering 220% increase from the previous week, Solana is still in a strong position.
With $5.2 million in sales, DMarket has maintained its position as the market leader for more than three weeks. However, compared to its $8.02 million in sales the week before, this amount reflects a roughly 30% drop. With $4.86 million in sales, the Ordinals collection ranks second and has grown by an incredible 1,800% in just the last week.
The Week’s Top NFT Sales
The Ordinal Maxi Biz (OMB) collection led the week’s top NFT sales, according to Cryptoslam. OMB #882b65…a96ei0 had the highest transaction price, selling for $109,079, or 1.5942 BTC. OMB #591165…c718i0 sold for $87,895.17 (1.2857 BTC), and OMB #32b13f…6c26i0 sold for $91,085.87 (1.3371 BTC), two more noteworthy deals. Furthermore, Punk #8135 and Punk #6409 each sold for nearly $78,000, demonstrating CryptoPunks’ sustained success.
Ethereum is now ahead of Bitcoin in the NFT market, and purchasers are becoming more interested in other collections.
