NFT Sales Spike to $155M Amid Crypto Weakness; Pudgy Penguins Surge 82%

Even though the price of cryptocurrencies has declined generally, the NFT sector has proven resilient. Ethereum declined 9% to $3,200 while Bitcoin slid 3% to $94,000, which helped the global cryptocurrency market capitalization drop from $3.5 trillion to $3.3 trillion. However, the NFT industry has recovered, indicating a resurgence of investment interest.

Overview of the Weekly NFT Market
Despite an 81.79% drop in active purchasers to 122,806, NFT sales increased by 10.70% this week to $155.4 million, according to CryptoSlam. While transactions increased by 0.16% to 1,483,044, sellers also experienced a decline, falling 73.24% to 104,090.

Blockchain Network Performance

1. Ethereum (ETH): Despite a 65.62% decline in buyers to 24,836 units, sales increased 13.09% to $61.9 million. At $25.1 million, wash trade activity increased 76.73%.
2. Bitcoin (BTC): While buyer participation fell 87.15% to 8,665, NFT sales rose 1.97% to $30.8 million.
3. Sales for Solana (SOL) increased 9.96% to $20.1 million, solidifying its place as a major participant.
4. Mythos Chain: Continued to grow, increasing sales by 4.39% to $12.4 million.
5. Base: With $8.4 million in sales, a startling 211.18% increase, it broke into the top five blockchains.

Pudgy Penguins’ Stunning Return
Pudgy Penguins was the best-performing individual project, with revenues rising 82.32% to $9.2 million. Strong market demand was indicated by a 50.70% increase in transactions and a 67.39% increase in purchasers.

Other noteworthy performers were:

1. Sales of BRC-20 NFTs increased 40.78% to $8.2 million
2. DMarket: A strong transaction count of 282,071 helped the company record $7.2 million in sales, up 8.06%
3. Guild of Guardians Heroes: $5.1 million in sales, an 11.17% decline
4. Azuki: Ended the week with $4.0 million in sales, falling 56.58% to fifth position

Leading NFT Sales
Among the notable transactions were:

1. The price of SuperRare #37380 was $474,710 (474,710 USDC)
2. CryptoPunks #4757: $453,894 (125 ETH) was sold for
3. SuperRare #37380: $396,000 (108.7469 WETH) was sold for
4. CryptoPunks #3698: $277,876 (82 ETH) was sold for
5. Being Absent: $222,680 (2.3681 BTC) was the sale price

Market Perspectives
Despite declining participation, the NFT market’s surge in sales volume indicates that high-value investors are trading more frequently. As blockchain networks like Solana and Base continue to grow, projects like Pudgy Penguins demonstrate growing market confidence.

Follow our analysis to get a thorough recap of last week’s NFT trends.