nft Market Sees 20% Sales Growth This Week
The nft market saw a notable recovery last week, with $91 million in total transactions. CryptoSlam.ioA popular statistics website for the cryptocurrency market, reports that after a period of slow development, global sales increased by 20.58% due to an increase in activity on multiple blockchain networks.
Source: CryptoSlam
In the nft space, ethereum remains the market leader with $32 million in transactions in the last seven days, a staggering 25.43% increase from the previous week. For huge and frequently requested nft collections, ethereum is the platform of choice.
bitcoin now ranks second among the most active blockchains for nfts. bitcoin-based nfts, including Runes and bitcoin Ordinals, saw a 32% increase in sales this week, reaching $21 million. bitcoin has become increasingly attractive to investors and collectors as popular nfts have gained popularity.
With its fast and cheap transactions, Solana saw a 34% increase in nft traded volume to $16 million. This increase ensures that Solana remains among the top 3 most traded blockchains in the nft market. Its adaptable environment continues to attract many new nft projects.
Mythos Chain, known primarily for backing gaming assets, rose to fourth position this week with a 21.22% increase in sales, reaching $5.5 million. This performance allowed Mythos to surpass Polygon in overall business volume, particularly in the gaming space.
The popular scaling solution for ethereum, Polygon, rounds out the top five blockchains. Sales of polygon-based nfts increased a slight but steady 1.02% to $4 million. Despite growing more slowly than other blockchains, it remains a major player in the nft ecosystem.
Several nft collections were also highlighted this week. DMarket, part of Mythos Chain, topped the charts with $5.2 million in sales, an increase of 22.2%. Meanwhile, sales of bitcoin's Uncategorized collection grew by an astonishing 1,652%, generating $4.8 million.
Sales of the ever-popular Bored Ape Yacht Club (BAYC) increased 45% to $2.87 million, demonstrating its continued strength. Other notable collections include Guild of Guardians, which posted $3 million in sales, and Ordinal Maxi Biz, which rose 76% to $2.6 million.
Emerging collections are also making their mark. Froganas, a collection of humanoid frogs in Solana, enjoyed a 444% increase in sales, reaching $2.5 million. Another collection, bitcoin Puppets, illustrated by a 12-year-old artist, continued to gain attention despite a 27% drop in sales this week.
Yuga Labs is in Lisbon, Portugal, planning ApeFest 2024. Focusing on Bored Ape and Mutant Ape nft investors, this event will feature notable people from the nft and crypto sectors. The festival is expected to increase awareness of nfts, which may result in another increase in sales. These events are key to building community ties and restoring confidence in the market.
The nft sector appears to be recovering, with increased sales and increased interest in new collections. As major events like ApeFest2024 approach, the market is likely to see further growth, which will help solidify its presence and attract long-term interest.
