This week saw a positive turn for the non-fungible token (nft) market, with sales rising more than 17% after a period of decline.
Total sales reached $145.3 million, involving nearly 230,000 active buyers and sellers.
Blockchains by nft sales volume
The bitcoin (btc) network led nft sales among blockchains. It reached $47.74 million, a notable increase of 50.33% compared to last week.
The network also recorded more than $39,000 in laundering operations, 15.39% more than last week's figures.
Despite improving sales volume, the bitcoin nft space recorded a nearly 96% drop in the number of active buyers. Only 2,056 addresses actively participated in the week's trading.
Closely followed in weekly nft sales volume was the ethereum (eth) blockchain, which, according to data of CryptoSlam, recorded more than $35 million in sales between June 2 and 8.
In the previous week, as reported by crypto.news, ethereum had the highest nft sales volume, with total sales of $37.43 million. This week's figures fell slightly by 0.31% and relegated the ethereum blockchain to second place in terms of number of nft sales.
Network washing operations figures also decreased by approximately 6.87% to stand at $24.7 million. In terms of buyers, ethereum was much more active than bitcoin over the last seven days, with more than 15,000 buyers participating in nft transactions. However, the figure was still a 59.67% drop from last week, according to data from CryptoSlam.
Polygon (MATIC) nft sales also saw a significant increase, rising more than 22% to $19.63 million. Solana (SOL) ranked fourth with $18.225 billion in sales, down 4.53%. Immutable x (IMX) followed, with a sales increase of 13.15%.
This recent uptick in activity is noteworthy because it shows that interest in nfts is not just coming from a few major players, but from a broad base of collectors and investors. It's a community-wide resurgence, suggesting potential for sustained growth.
Top nft Crowd Sales
The highest nft sale of the week came from the Cardano (ADA) blockchain, with one nft selling for $219,102 just three days ago. It was closely followed by an ethereum-based Cryptopunk #1002, which sold for $193,372 two days ago. Polygon was also represented among the top nft collectible sales, with a Matr1x Fire Weapon nft exchanging hands for $97,685.
The fourth most expensive nft sold last week was DeezNode #033 from the Solana blockchain, which sold for $76,029. That price was just $2,690 more than the fifth most expensive nft of the week, a bitcoin Ordinal priced at $73,339.
In terms of top-performing nft collections, bitcoin PIZZA nfts took first place, generating $17.932 million in the last seven days. Immutable Polygon's Moongirl nfts secured third place with $5.799 million in sales, which was a whopping 643.51% increase from the previous week.
Are nfts coming back?
This week's data shows various growth rates among leading platforms such as bitcoin, Solana and Polygon, pointing to a diversifying market. The upward trend, highlighted by impressive sales of collections like PIZZA nft, suggests renewed interest from collectors.
What is driving this renewed interest in nfts? Several factors may be at play. First, the recent market decline likely offered a buying opportunity for savvy investors looking to capitalize on lower prices. Second, the growing utility of nfts in various sectors, from gaming to digital art, could be attracting a diverse group of investors.
Additionally, the overall growth of the cryptocurrency market tends to have a positive impact on nfts. As major cryptocurrencies like bitcoin and ethereum rise in value, their associated nft marketplaces often benefit as well.
