The nft market saw a significant boost in activity this week, with a 48% increase in buyers and several high-profile sales.
In an eventful week for the nft market, the ethereum (eth) and Solana (SOL) blockchains maintained their dominance, with digital collectibles on these chains seeing significant sales and capturing the attention of buyers and sellers alike.
According According to data from CryptoSlam!, the nft landscape saw notable growth, with overall sales volumes reaching $107,965,224, marking a 7.05% increase from the previous week.
The rise in the number of buyers and sellers also reflected the overall health of the market. This week, more than 721,000 buyers entered the market, an increase of 48.05%, while nearly 263,000 sellers represented an increase of 32.74%.
The total number of nft transactions also saw a boost, reaching 2,870,607, up 10.69% on the week.
Blockchain technology Highlights
As shown in the CryptoSlam snapshot below, ethereum remained the top blockchain by nft sales volume, generating $32.6 million in sales, up 7.54% over the week.
Despite the growth, laundering operations on the network accounted for 18% of the total sales volume. In addition, the blockchain registered 46,043 buyers, an increase of 30.63% compared to the previous week.
Solana followed closely behind with $26,710,307 in sales, up 14.76%. The blockchain saw a notable 53.33% increase in the number of buyers, totaling 289,036. Its wash trading volume made up 5.4% of its total sales.
bitcoin (btc) remained in third place, despite seeing a nearly 17% drop in sales volume, to $17,417,258. Interestingly, the number of nft buyers on the network increased by 46.47% to 35,091.
In fourth place, Polygon (MATIC) generated $11.3 million in sales, up a notable 31.49%. nft buyers on the blockchain increased by 48.75% to 147,368, while wash trading was relatively low at 2.39%.
Immutable (IMX) held on to the fifth spot for the second week in a row. It posted sales of $6.7 million, up 21.26%, and the number of buyers increased by 39.33% to 14,419.
Additionally, the blockchain had the lowest amount of reported wash trading among the top 5 nft networks by sales volume, at just $397.
The best nft collections
As for the best-performing nft collections, the Solana Monkey Business collection on Solana led the way with $4,630,626 in sales, followed by DMarket on Mythos with $4,174,797.
The DogeZuki collection on Solana also saw notable gains, securing $3,246,797 in sales. The Guardian Hero Guild on Immutable-Zk saw a staggering 264.18% increase, generating $3,012,724.
Gods Unchained cards on Immutable rounded out the top five with $3,006,298 in sales, a 17% drop from the previous week.
Featured nft Sales
Several high-profile nft sales made headlines this week:
- ORDI BRC-20 nft sold for a staggering $877,068.09 (13.0294 btc).
- Uncategorized Ordinals nfts reached $297,102.89 (4,454 btc).
- CryptoPunks #335 sold for $164,170.73 (49.99 eth).
- CryptoPunks #9825 changed hands for $130,938.00 (38 eth).
- CryptoPunks #3613 sold for $128,868.50 (37 eth).
Market Outlook
Some market x.com/i/broadcasts/1YpKklXmWjYGj” target=”_blank” rel=””>analysts Analysts have attributed the surge in activity to growing investor confidence and increased interest in digital collectibles. The rise in unique buyers suggests an increasingly broad base of participants, indicating healthy market growth.
However, high levels of wash trading on certain blockchains raise concerns about market manipulation and the need for better regulatory oversight.
