The global nft market is showing early signs of recovery after a tough few months. Many price floors had fallen 23% from their previous highs. Data from CryptoSlam.io reveals a substantial increase in global nft sales over the past week. The total transaction volume reached $108 million, reflecting the aforementioned 7.69% increase and the return of investor confidence in the sector.
The number of investors buying nfts increased by 20%. Source: NFTGo
In the past week, the number of investors buying nfts increased by 20%. Nearly a million collectors joined the marketplace, bringing nft transactions to over 1.5 million. This surge in activity highlights the growing interest in nfts.
ethereum dominates nft trading
Hosting numerous high-value collections, ethereum remains the leading blockchain network for nft transactions. ethereum-based nft sales reached $36 million last week, up 15% from the previous week and consolidating its leading position in the industry.
Solana, known for its strong support for smart contracts and nft functionalities, solidified its position as the second most traded blockchain network for nfts last week. With a trading volume of $22 million, Solana saw a remarkable 35% increase in sales compared to the previous week, demonstrating its growing appeal among nft investors looking for efficient transaction environments.
Polygon, designed as a scaling solution for ethereum, maintained a significant presence in the nft market activities last week. Despite a slight 5.14% decrease in trading volume from the previous week, Polygon secured the third spot with $19 million in transactions. Its continued facilitation of significant nft transactions underscores its importance in supporting market recovery efforts and providing scalable solutions for nft trading.
bitcoin, which is mostly associated with traditional digital assets, took the fourth position among the most traded blockchain networks for nfts last week. Despite a 15.40% decrease in sales volume, bitcoin-based nft collections still generated considerable interest, reflecting the diverse market dynamics that affect their performance.
nft Market Prediction for Next Week
The global nft market looks set for further growth. Recent positive trends suggest that the market could see further development in the coming weeks. There is optimism that bullish market sentiment could prevail, possibly retesting previous highs by the end of the year.
