Sales of non-fungible tokens (NFTs) skyrocketed last week, climbing 138.15% higher than the previous week. Sales recorded between last Friday and February 24, 2023 indicate that $801 million in NFT sales were liquidated in the last seven days.
Ethereum Digital Collectibles and Mutant Ape Yacht Club Lead NFT Sales Rise
While crypto asset prices pulled back on Friday, the last seven days have shown a significant increase in NFT sales compared to the previous week. Bitcoin.com News reported last week that NFT sales were up 43%, but in the last seven days, sales were up 138.15% from last Friday. During the last week, $801 million in NFT sales were settled and the number of NFT buyers increased by 34.7% compared to the previous week. Ethereum dominated NFT sales in the last seven days, accounting for $762 million of the total sold.
Solana trailed Ethereum in NFT sales with $17,717,911, but while Ethereum sales increased 162.67% over the past week, Solana’s NFT sales fell 1.86%. Ethereum and Solana are followed by Polygon, Immutable X and bnb in terms of weekly sales. All the blockchains in the top 10 rankings in terms of sales saw a decline this week, except for Ethereum and Panini. Panini’s NFT sales increased 56.52% to $452,827 in settled sales last week.
The top NFT collection in terms of sales as of last Friday is Mutant Ape Yacht Club (MAYC), with sales up 444.58% over the previous week, capturing over $92 million in settled sales. MAYC is followed by Otherdeed, Bored Ape Yacht Club (BAYC), Azuki, and Moonbirds, respectively. All five NFT collections are up 65% or more over the past seven days. One notable winner was Openen Edition, the sixth largest collection in terms of weekly sales, which saw an increase of 5,235.80% from last week, racking up $37,593,913 in liquidated sales.
Once again, in terms of ETH-based NFT markets, the new NFT Blur market has overcome Opensea’s weekly volume, capturing 81% of the NFT market share in settled sales this week. Opensea volume accounted for approximately 13.6% of the total seven-day NFT sales volume. Following Blur and Opensea are X2Y2, Immutable X Marketplace, and Looksrare. New Cardano-based marketplace JPG Store ranks sixth in sales this week, as NFT sales increased 35.94% compared to last week’s sales.
What do you think is driving the rise in NFT sales this week and where do you think the NFT market is heading in the near future? Share your thoughts in the comments section below.
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