NFT sales climb 7% to over $109 million: Ethereum, Solana lead

Some networks saw a spike in NFT sales volume.
The top networks dominated the volume, with support from other chains.

As a seasoned researcher with extensive experience in the cryptocurrency market, I have closely monitored the recent trends in the NFT sector over the past week. The data I’ve analyzed indicates a surge in sales volume within the NFT market, with overall sales reaching over $109 million – a 7.68% increase from the previous period.

I’ve observed a notable surge in NFT sales over the past week, signaling renewed enthusiasm for this burgeoning sector. Furthermore, my analysis of multiple networks has uncovered substantial fluctuations in sales volumes. These shifts suggest that buyer behavior and market trends are undergoing dynamic changes.

NFT sales increase by 7%

Based on the latest figures from Crypto Slam, the NFT market has witnessed a substantial growth in sales value during the last week, reaching approximately $109 million – a noteworthy 7.68% hike.

The increase in sales volume is striking, considering the significant decrease in the count of NFT transaction participants. Specifically, there was a drop of 68.00% in the number of buyers and a decline of 67.78% in the number of sellers.

In spite of a decrease in the number of active market participants, there was a significant surge in NFT transactions, with over 21% growth leading to approximately 2.44 million recorded trades.

The rise in trading activities indicates that although there are fewer participants in the market, the active ones are increasingly more enthusiastic and potentially taking advantage of favorable market situations or unique opportunities within the NFT sector.

Contributions to the NFT sales

According to the latest findings from Crypto Slam, there has been a significant surge in NFT sales volumes. Major networks have played a considerable role in this growth.

Ethereum

Ethereum [ETH], with a significant market share, drove NFT sales to the tune of approximately $36.5 million. Nevertheless, there was a noticeable dip of around 16% in Ethereum’s sales volume as compared to the preceding timeframe.

Solana

Solana’s weekly sales volume on the cryptocurrency market came in second to Ethereum, amounting to approximately $27 million – representing a notable jump of around 38% compared to the previous week.

This growth indicated a rising interest and activity level on Solana’s NFT platform.

Polygon

As a crypto investor, I’m pleased to report that Polygon (MATIC) came in third place with a significant increase in sales volume. This amounted to over $23.2 million in total transactions during the recent period.

Last week saw a significant surge in trading activity on the network, with over 70% more transactions taking place compared to the previous week.

Bitcoin

Approximately $15.9 million worth of Bitcoin [BTC] transactions occurred, ranking it as the fourth most traded cryptocurrency. However, there was a nearly 3% decrease in Bitcoin’s trading volume.

Mythos and Immutable X

To make up the $109 million in total, the remaining amount came from Mythos [MYTH] and Immutable X [IMX] in smaller amounts. Mythos contributed over $5 million, while Immutable X contributed approximately $4 million.

Although certain networks faced decreases, the broader market trend displayed strong expansion, notably on up-and-coming platforms such as Solana and Polygon.

2024-07-16 01:12