NFT market up 23% in weekly sales; Ethereum leads the rise

The non-fungible token market saw a 23.4% increase in sales between August 19 and August 24. ethereum currently dominates the landscape, followed by Solana and Polygon.

Last week, CryptoSlam data shows that sales volumes in the overall nft market increased by 23.4% to just under $100 million. The spike in activity was accompanied by a nearly 43% increase in nft buyers, totaling 468,822, and a 41% increase in sellers, reaching 223,433.

Additionally, the marketplace recorded over 1.8 million transactions, with nft traders showing growing interest in top-tier collections and emerging projects.

ethereum maintains its strength

In terms of individual blockchain performance, ethereum (eth) once again cemented its position as the dominant blockchain for nfts, with sales reaching $36.4 million. This represented a 34% increase from the previous week.

Much like the previous week, Solana (SOL) and Polygon (MATIC) also performed impressively and contributed greatly to the overall growth of the nft market over the past week. Solana recorded $18.45 million in sales, reflecting a 14.70% increase, with a staggering 61.18% increase in buyers to 202,167.

On the other hand, the weekly sales volume on Polygon increased by more than 90% to $12.49 million. The number of nft buyers on the blockchain also increased by 37.77% to 84,505.

Featured nft Sales and Collections

The week’s nft activity was also marked by some significant sales of individual nfts. For example, on Arbitrum (ARB), the 158th gETH locked deposit reached an impressive $256,513, making it one of the highest sales of the week.

ethereum's Zoth_Nibiru_Pool1 #4 also made headlines with a $250,000 sale, while Solana's BOOGLE #61 had the third-highest price of the week at $201,200.

CryptoPunks and DMarket shine

In terms of revenue, ethereum-based CryptoPunks took the top spot after attracting over $7.4 million in weekly sales. The amount came from just 102 transactions, a 292% increase from last week's figures.

Meanwhile, on the Mythos chain, DMarket generated $4.99 million in sales across 195,143 transactions, cementing its place as a major player in the nft ecosystem.

Bored Ape Yacht Club remained relevant with a 21.46% increase in sales, raising the total amount raised to $3.58 million.

Although nft sales of The Guild of Guardians collection on Immutable (IMX) fell by 12.25%, it still managed to stay in the top five, earning just over $3 million.

Finally, in the top five collections by sales volume is Sorare, which continued its hot streak with close to $2.6 million in sales. However, the figure was a 27% drop from last week. The drop was also seen in the number of transactions, which dropped by more than 12%, according to CryptoSlam.