Non-fungible token volume on the bitcoin network rebounded last week as the industry stabilized.
bitcoin nft sales surged
According CryptoSlambitcoin (btc) nft sales increased 56% in the last seven days to over $20 million. The number of buyers on the network increased by 48% to 29,403.
NodeMonkes, a relatively new collection, was the best-performing nft in the ecosystem with over $3.4 million in sales and 302 transactions. Only Immutable x's Guild of Guardian Heroes collection had more sales during the week.
bitcoin Puppets had a sales volume of $3.03 million. That's a 239% increase from the previous week.
It was followed by Ordinal Maxi Biz, whose sales amounted to more than $1.89 million. Meanwhile, Taproot Witches sold $1.3 million.
ethereum, Solana
ethereum (eth) remained the most active network for nfts, handling sales worth $28 million. Solana (SOL) had $13 million in sales, while BNB Chain had $3.7 million.
September has been another bad month for nfts, as total sales fell 48% to $318 million. Sales of ethereum, bitcoin, and Solana were $108 million, $63 million, and $61 million, respectively.
bitcoin recovers
Weekly nft sales surged as prices of most cryptocurrencies recovered. bitcoin rose to $66,000 for the first time since July, while the total market capitalization of all coins jumped to $2.3 trillion.
Most importantly, the closely watched crypto Greed and Fear Index rose to the 60 greed zone for the first time in two months. Historically, traders opt for riskier assets like stocks and cryptocurrencies when there is greed in the market (recently due to the Federal Reserve cutting interest rates, stimulus from China, and the continued decline in stablecoin holdings). among smart money investors).
As shown below, the volume of stablecoin holdings among these investors has fallen to the lowest point in two years.
<img loading="lazy" decoding="async" width="1395" height="839" src="https://crypto.news/app/uploads/2024/09/Stablecoin-Holdings-1.jpeg” alt=”Stablecoin Holdings”/>
The Nansen chart also shows that these holdings, after rising in 2022 when the FTX and Terra ecosystem collapsed, have been trending downwards since then. Smart money investors likely reduced their stablecoin holdings and moved into cryptocurrencies and nfts.
The key risk investors face with nfts is that the industry has become very saturated, with thousands of new collections. A recent nfts-dead-2024/” target=”_blank”>report reveals that 96% of the 5,000+ existing nft collections are “dead.”
In other words, they have no trading volume, no sales for more than seven days, and no social media activity.
