The nft market saw a surge of activity this week. The two biggest blockchains were Solana and ethereum, whose notable sales attracted interest from both buyers and sellers.
According to data from CryptoSlam, the total sales volume reached $107,965,224. This indicates that interest in nfts is increasing, as seen by the 7.05% increase from the previous week. The market saw an increase in both buyers and sellers. The 721,000+ buyers indicated a 48.05% increase. There were about 263,000 more sellers, up 32.74%. This increase suggests a strong market. nft exchanges also increased. With 2,870,607 total transactions during the week, there was a 10.69% increase. The increase in transactions is proof of the thriving market activity.
ethereum and Solana lead the charge
The leading blockchain in terms of nft sales volume remains ethereum. Sales amounted to $32.6 million, up 7.54% from the previous year. Even with this increase, wash trading only accounted for 18% of overall revenue. 46,043 buyers used the network, an increase of 30.63%.
Source: CryptoSlam
Solana came in second, with sales of $26,710,307, up 14.76%. The number of buyers on the blockchain increased by 53.33% to 289,036. 5.4% of total sales were made up of wash trading.
Third place was taken by bitcoin, which with a 17% drop in sales volume reached $17,417,258. On the other hand, the number of nft buyers increased by 46.47% to 35,091, indicating a mixed result.
Polygon sales reached $11.3 million, up 31.49%. There were 147,368 nft buyers, up 48.75%. Wash trading was low at 2.39%, suggesting that exchanges are healthy.
Immutable, which remained in fifth place, saw its revenue increase by 21.26% to $6.7 million. The number of buyers increased by 39.33% to $14,419. With just $397 recorded, it had the lowest amount of laundering transactions among the top five networks.
The best nft collections
With $4,630,626 in sales, Solana Monkey Business on Solana led the way in nft collections. DMarket came in second on Mythos with $4,174,797. Sales on DogeZuki Collection on Solana totaled $3,246,797. Immutable-Zk witnessed a 264.18% increase in Guild of Guardians Heroes revenue, totaling $3,012,724. With $3,006,298 in sales, Gods Unchained Cards on Immutable rounded out the top five.
According to analysts, the rise is a result of growing investor confidence and increasing interest in digital collectibles. The increase in unique buyers suggests an expanding participant base, pointing to robust market expansion. However, there is a lot of wash trading on other blockchains, raising questions about possible market manipulation. Better regulatory oversight is required to ensure an honest and open market.
Final Thoughts
The nft market showed a strong performance this week. ethereum and Solana led the sales volume. The increase in buyers and transactions indicated a healthy market. However, concerns about wash trading highlight the need for regulatory measures to maintain market integrity. As interest in digital collectibles grows, the nft market continues to evolve, attracting more participants and driving momentum.
