NFT sales are skyrocketing again! An uptrend is in the offing as total on-chain NFT sales are up 18.43% this week. Although, the total number of NFT buyers dropped by 60% to about 195,716. Sales of the Ethereum (ETH) network lead the market, with close to $230 million in NFT transactions. The best-selling NFT, of course, was a CryptoPunk. This is what is happening in NFT this week.
NFT Sales: Up, Up and Away!
Total NFT sales increased by 18.43% this week. With over $270 million registered on blockchains, sales in most projects are moving in an upward trend. The Ethereum network leads the way, accounting for ~85% of the total number. Additionally, ETH-based NFTs led the way, increasing total sales by 25.42%. The best-selling NFT collection on Ethereum was Otherdeed, generating $18,260,273 in sales. Yuga Labs’ brand BAYC (Bored Ape Yacht Club) is next with $16,520,662 in sales.
Following Ethereum is of course Solana, with $20,415,068 in sales recorded in the last week. Other blockchains that followed closely are Immutable X ($6,222,375), Polygon ($3,469,913), and Cardano ($3,132,714) in total NFT sales, respectively.
Also, the best-selling NFT last week is CryptoPunk #5066. A zombie CryptoPunk with a gold earring and a knitted hat. NFT #5066 sold for over $1.4 million. Other NFTs that sold high are a BAYC #7090 ($1.3 million), CryptoPunk #2886, and a couple of Otherdeeds. For the week that was, Autoglyphs sees the highest price floor around 247.00 ETH ($380,029) as of this writing.
Can NFTs lead the charge towards a full-blown bull run? It’s still too early to tell, but with the departure of bad actors and the recent entry of brands into the space, we see the redemption of trust around digital artifacts. This year has already seen its fair share of scams, hacks, and fraud, all within its first month and a half. The web3 ecosystem is moving forward in full force as cryptocurrency prices seem to modulate in a stable zone.
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This article is educational material.
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