As bitcoin continues to face resistance near the $100,000 mark, the nft market has seen a 1.6% drop, with total sales volume settling at $146.5 million.
While bitcoin (btc) is trading at $96,800, ethereum (eth) has shown strength by rising 3.5% in the last 24 hours to reclaim the $3,700 level. The global cryptocurrency market capitalization has expanded to $3.42 trillion from $3.35 trillion last week. This marks a 2.5% increase from the last day.
According to the latest data from CryptoSlamWhile overall sales have declined, individual blockchain networks are showing signs of recovery:
- nft (non-fungible token) sales volume fell from $160.9 million last week.
- nft buyers have increased to 574,853, an increase of 27.57%.
- nft sellers have increased to 342,382, which is an increase of 23.21%.
- nft transactions have decreased by 11.22% to 1,424,770.
ethereum and bitcoin show signs of recovery
The ethereum nft blockchain has shown resilience with $51.3 million in sales, up 2.87%.
The network has seen 49,462 buyers, representing a healthy growth of 17.33%. Notably, wash trading on ethereum increased by 16.02% to $9.1 million, suggesting increased market activity.
<img decoding="async" width="1024" height="365" src="https://crypto.news/app/uploads/2024/11/image-46-1024×365.png” alt=”nft sales fall to $146.5 million, ethereum and bitcoin network sales recover – 1″/>
The bitcoin nft ecosystem has maintained strong momentum. The network has recorded $48.2 million in sales volume, an increase of 6.58%. The network has seen decent growth in buyer engagement, with 54,903 active buyers, an increase of 28.89%.
Solana (SOL), although maintaining its third position, experienced a significant drop of 37.86%, with sales falling to $15.7 million. However, the network continues to show strong user participation with 230,954 buyers.
Mythos Chain achieved fourth position with $10.6 million in sales, showing a marginal drop of 1.66%. However, ImmutableX (IMX) rounded out the top five with $7.1 million in sales, an increase of 14.22%.
BRC-20 and new collections lead the rankings
BRC-20 nfts continue to dominate with $15 million in sales despite a 10.69% decline. Uncategorized Ordinals has secured second place with $10.3 million in sales. Its sales have also experienced an increase of 81.86% in the last seven days.
The Bored Ape Yacht Club has re-emerged in the ranking, occupying third place with 7.7 million dollars in sales, which represents a strong increase of 60.30%.
CryptoPunks followed closely with $7.7 million, despite a 14.56% decline.
<img loading="lazy" decoding="async" width="1024" height="452" src="https://crypto.news/app/uploads/2024/11/image-45-1024×452.png” alt=”nft sales fall to $146.5 million, ethereum and bitcoin network sales recover – 2″/>
The latest data shows several large individual nft sales:
- Uncategorized #cb0 ordinals sold for $6,069,273 (63.4315 btc)
- Ordinals #486 without category sold for $3,583,816 (38.8087 btc)
- Bored Ape Chemistry Club #0 sold for $199,156 (59.84 eth)
- CryptoPunks #9663 sold for $197,113 (55 eth)
- Axie Infinity #115792089237 sold for $178,651 (52 eth)
nfts continue to evolve
In 2024, nfts will expand their usefulness by integrating with gaming and DeFi, enabling assets in games and serving as collateral on decentralized financial platforms.
Corporations are adopting nfts for promotional campaigns, loyalty programs and revenue generation, while hybrid and real-world asset tokenization is bridging the gap between the physical and digital realms.
Cross-platform interoperability is growing, allowing nfts to work seamlessly across various ecosystems. Sustainability efforts are addressing environmental concerns, and greener blockchain solutions are gaining traction.
Additionally, ai-enhanced nfts are emerging, enabling personalized and interactive experiences and showing the evolution of nfts beyond simple digital collectibles.
It's worth noting that the current surge in nft sales appears largely driven by hype. It remains to be seen whether this trend will translate into long-term growth or whether it will be a short-lived boost.
