Thomas Daniels
Despite ongoing weakness in the larger cryptocurrency industry, the NFT market is recovering. Ethereum (ETH) has dropped below $2,100, and Bitcoin (BTC) has dropped to $86,000. From $2.84 trillion last week, the global cryptocurrency market capitalization has slightly decreased to $2.83 trillion.
Overview of the NFT Market
NFT sales volume increased by 15.27% week over week to $121.5 million, according to CryptoSlam data. Nonetheless, there has been a notable decrease in market involvement, indicating that fewer individuals are carrying out larger trades.
Divergent trends are highlighted by key weekly metrics:
- Sales volume for NFT overall: $121.5 million (+15.27%)
- There were 25,641 (-94.39%) NFT buyers.
- There are 25,717 (-91.84%) NFT sellers.
- 1,615,020 NFT transactions in total (+5.21%)
Bitcoin Drops, Ethereum NFT Sales Increase
NFTs based on Ethereum experienced the biggest increase, while those based on Bitcoin witnessed a decrease:
NFT sales for Ethereum: $37.6 million (+50.76%)
There were 15,471 buyers, a 69.09% decrease.
Trading in wash rose 39.46% to $3.9 million.
NFT sales for Bitcoin: $21.0 million (-17.21%)
NFT sales in Solana: $18.0 million (+51.24 percent)
NFT sales for Mythos Chain: $15.2 million (+2.84%)
Sales for Polygon NFT: $13.5 million (-7.98%)
The Best NFT Collections
Even though the number of participants in the market decreased overall, a number of collections experienced notable growth:
Courtyard: 141,076 transactions, $11.7 million (-6.18%).
DMarket: 351,203 transactions and $10.1 million (+4.83%).
Solana’s Paradise: $9.8 million (+292.14%)
$7.1 million (+519.26%) for CryptoPunks
$7.1 million (+173.4%) for BRC-20 NFTs
With $2.4 million, Pudgy Penguins also rose to seventh place, representing a 54.82% gain in all parameters.
The Week’s Highest-Value NFT Sales
The market’s resiliency was highlighted by a number of well-known NFT sales:
- #4464 in CryptoPunks: $2,196,232 (1,011 ETH)
- Ordinals #7d0 to $1,321,676 (14 BTC) in the category of Uncategorized
- #8868 to $646,201 (288.88 ETH) in CryptoPunks
- #364 to $342,136 (160 ETH) in CryptoPunks
- $38335 SuperRare $219,441 (100 ETH)
In conclusion
Despite a steep decline in market participation, the NFT market is displaying signs of reviving, as seen by rising trade volumes. While CryptoPunks had an astonishing 500%+ gain, indicating fresh interest in blue-chip NFTs, Ethereum-based NFTs are driving the rush. The longevity of this recovery is still unclear, though, as cryptocurrency values are still under pressure.
