The NFT market continues to see positive momentum with sales volume increasing by a remarkable 10.6% to reach $115 million, marking the second consecutive week of growth. This surge is driven by factors like expanding Decentralized Finance (DeFi) applications and increased interest from institutional investors. While Bitcoin price has recovered to around $103,000, Ethereum (ETH) has shown a 35% recovery in just seven days, currently hovering around the $2,400 mark. 76.8% fewer NFT buyers were active last week compared to this week, while 74.42% fewer sellers participated. NFT transactions have also declined by 11.57%, with 1,524,846 recorded, indicating a potential cooling of the market.
Ethereum’s NFT sales surged by 54% to $37.5 million, fueled by increased wash trading activity. Meanwhile, Polygon (POL) remains in second place despite an 8.08% drop in sales, while Mythos Chain holds third place with a slight increase in sales.
Bitcoin is now in fourth place with a modest 4.65% gain from last week, and Solana rounds out the top five with a decrease of 5.71%. Buyer participation across all major blockchains has declined notably, especially on Solana and Mythos Chain, dropping by 86.99% and 86.51% respectively.
For NFT collections, Courtyard on Polygon continues to dominate the market, leading with $17.4 million in sales, while Doodles makes a significant leap into the top five after an impressive 490.68% surge in sales over the past seven days.
Other notable highlights include:
– CryptoPunks has climbed up to fifth place with $3.5 million in sales.
– High-value sales included a known Origin #30101 sale for 410,532.5625 USDC ($410,532).
Overall, the NFT market shows signs of continued growth and innovation as the space evolves.