Non-fungible tokens, or nfts, saw sales volumes rise for the second week in a row, reaching $107 million, up 8.5%.
This growth was accompanied by a substantial increase in the number of nft buyers, which reached 488,141, a staggering increase of 89.56%.
On the other hand, the number of nft sellers also increased by 69.8%, totaling 198,450, indicating an improved trading environment and increased market participation.
Below is a breakdown of what happened in the nft market over the past week.
ethereum maintains the lead while Solana and bitcoin follow
Over the past few weeks, ethereum (eth) continued to dominate the nft market with $36.6 million in total sales, driven by 35,236 buyers, an increase of 46.31% from the previous week.
Solana (SOL) emerged as a strong contender, recording $26.15 million in total sales, thanks to a substantial 114.07% increase in buyers.
The bitcoin (btc) nft market also saw a notable surge, with total sales reaching $21.4 million, driven by a staggering 222.29% increase in buyers.
Polygon (MATIC), which posted the second-best performance last week, saw its total sales volume drop by more than 15%, dropping it to fourth place, just ahead of Immutable (IMX).
Other notable results were those of Zora and Blast, which recorded the two largest percentage increases in sales volume, with 463% and 227%, respectively.
Featured Collections: Solana Monkey Business Shines
Among the top nft collections, Solana Monkey Business led the pack with $4.86 million in sales, representing a 168.38% increase. The collection also saw a significant increase in transactions (137.34%) and the number of buyers (130.84%).
Close behind was the DMarket collection on the Mythos blockchain, which recorded $4.01 million in sales. Interestingly, it was the only collection in the top 5 by sales volume to record declines in the number of transactions and buyers.
Immutable’s Gods Unchained cards also made headlines with $3.8 million in sales, reflecting a 61.35% increase. This collection saw notable growth in transactions (76.31%) and buyers (41.21%), demonstrating the growing popularity of blockchain-based collectible cards.
The best-selling nfts and fan tokens
In terms of individual sales, ethereum’s Autoglyphs #167 led with a sale of $274,561, followed by bitcoin’s Protoshrooms at $148,574. Other significant sales included BNB’s kNFT:Locked kUSDT and Arbitrum’s Umoja Synths, highlighting the diversity and breadth of the nft market across different blockchains.
As you can see in the table above, CryptoSlamFan tokens also continued to experience explosive growth: Galatasaray’s token on the Chiliz blockchain recorded sales of $280.5 million, reflecting an increase of 70,149.47%.
FC Barcelona and Paris Saint-Germain followed with significant sales volumes, indicating the growing popularity of sports-related nfts.
Market implications
The latest performance of the nft market marks a significant turnaround, showing resilience and renewed investor interest after a period of declining sales volumes.
This is the second consecutive week of improved sales, suggesting a possible bullish trend. Notably, this resurgence comes amid a broader rally in the cryptocurrency market, which is currently valued at $2.55 trillion.
Major cryptocurrencies such as bitcoin, ethereum, BNB, and Solana have all seen double-digit price increases over the past week, further fueling optimism in the digital asset space.
The correlation between rising cryptocurrency prices and the recovery of the nft market could be an indication of strengthening confidence among investors, setting a positive tone for the coming weeks.
