NFT Market Shows Modest Recovery: Buyer Activity Uplifts Trading Volume

Recent data reveals a modest resurgence in the NFT market over the past week, as trading volume surged by 1.95% to reach $106.2 million according to CryptoSlam. Notably, the number of buyers jumped by 55.08%, reaching 826,992, while sellers increased by 18.12%, totaling 257,017. However, the overall number of transactions fell by 24.94% to 1,651,758. Despite a dip in volume from the previous week, the Ethereum network continued its dominance with $30.3 million in trading activity. Meanwhile, Immutable saw significant growth to second place with $16.4 million in trading volume, a remarkable 123.21% increase. The Bitcoin network followed in third, seeing an upsurge of 17.81%, with $15.1 million in trading volume. Lastly, Mythos Chain and Polygon saw trading volume rise and fall respectively with $14 million and $13.9 million. The Solana network experienced a downturn with $6.1 million in volume, down by 13.31%. Notably, several high-value sales this week included CryptoPunks #1831 for 150 ETH ($389,846), and other notable transactions involving CryptoPunks and NFTs.