NFT buying activity surges over 173% as sales plummet

Last week, the overall non-fungible token market was mixed.

nft sales volume fell by 11.92% to $81.8 million, while the number of nft buyers increased by 173.25% to 327,594.

Let’s take a look at some of the key metrics that characterized the nft market over the past seven days according to data from CryptoSlam.

Key blockchain performances

ethereum (eth) continued to dominate in terms of nft sales volume. Despite a drop of more than 10% compared to the previous week, the network managed to raise more than $28 million, a figure accompanied by a notable increase in buyer activity, which rose by 42.5%.

Solana (SOL) came in second after generating over $16 million in nft sales. However, the figure represented a 15% decline, despite the network witnessing a staggering 245.93% increase in buyers. It also saw a nearly 6% drop in wash trading activities.

bitcoin (btc) held onto third place for the third week in a row, though the $13.8 million it raised reflected a 6.1% drop from the previous week's figures.

Wash trading on the network increased by over 4%, though the $410,863 earned from that activity pales in comparison to other blockchains. For example, fourth-placed Polygon (MATIC) had the most funds coming from wash trading, at $9.1 million. The amount was notably higher than the $6.6 million that entered Polygon from owner-to-owner nft sales.

Rounding out the top five is Mythos Chain, which saw the steepest drop in nft sales volume, falling nearly 30% to just over $5 million.

Featured Collections and Sales

As for nft collections, Mythos Chain surprisingly produced the best-selling nft collection of the week, with its DMarket collection grossing $4.99 million in sales in seven days.

However, the amount represented a drop of almost 30% from last week's levels, and the number of transactions recorded for the collection also fell by 33%.

Meanwhile, second-placed Sorare, which is hosted on ethereum, showed resilience, with sales up 8.3% to $3.65 million. The number of transactions for the collection also increased by almost 8%, while buyer activity increased by more than 10%.

The upturn in activity coincides with the start of the European popular campaign. soccer leagues including the Premier League and La Liga, which may have sparked renewed interest in the fantasy sports platform.

However, the best-performing cryptocurrency of the week was bitcoin’s Uncategorized Ordinals, which saw a staggering 864.66% increase in sales to $3.1 million.

Top nft sales of the week

In terms of individual nft sales, one of the most notable transactions was an Uncategorized Ordinal in bitcoin that sold for a whopping $2.4 million.

In contrast, ethereum’s Bored Ape Yacht Club #2579 sold for $342,542, a fairly large amount but dwarfed by Ordinal’s sale. Other notable transactions in the week included Solana’s Froganas #4559, which fetched $82,689, and a BNB Paraluni Perpetual Bond, which sold for $134,751.