NFT Mania is Back: Skyrocketing to $300 Million in a Week Amid Market Turbulence!

NFT Market Reaches $300 Million in a Week Despite Volatility
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Amid market volatility, sales of non-fungible tokens (NFTs) have reached a new milestone, surpassing $300 million in one week. data for the last seven days reveals sales totaling $311.31 million, marking a marginal increase of 0.05% from the previous week.

Despite this achievement, market share experienced a significant decline, with a 69.40% drop in the number of buyers and a 68.09% decline in sellers over the same period.

In terms of comparison between different blockchain networks, Bitcoin NFT sales have consistently outperformed other networks since November 2023.

However, a notable 19.12% decrease is seen in sales on the Bitcoin blockchain compared to the previous week.

Meanwhile, sales of NFTs on the Ethereum blockchain showed growth, reaching approximately $84,622,852, reflecting an increase of 18.29%.

Polygon saw a more significant increase, rising 81.33% to $44.67 million, securing third place in sales among blockchain networks.

In contrast, NFT sales on Solana decreased by 19.47% for a total of $41.48 million.

NFTs on Avalanche saw a notable increase of 46.83%, while those based on Flow increased by 25.65%.

NFT Mania is Back: Skyrocketing to $300 Million in a Week Amid Market Turbulence!

Among the most notable collections in the last seven days, Uncategorized Ordinals” leads in total sales with $22.68 million, despite a 53.70% decrease from the previous week.

The second most successful collection was Polygon’s “Gas Hero Common Hero”, achieving $18.82 million in sales, marking a significant increase of 261%.

Bored Ape Yacht Club (BAYC) enjoyed a substantial 170% increase in sales compared to the previous week.

Transactions of the highest value NFT highlighted the diversity of the market

The most expensive NFT of the week comes from the BNB chain, with the “Lock Deal” collectible reaching $452,000.

Other standouts include Polygon’s “Token Vesting Plans,” acquired for $299,000, and Ethereum chain’s “Cryptopunks #8,639,” changing hands for $240,000.

Despite the decrease in the number of buyers and sellers, the Ethereum and Polygon market shows positive growth, indicating continued interest in their ecosystems.

The diversity of high-value sales on various platforms suggests that market preferences are not limited to specific blockchain networks.

In this ever-evolving landscape, observing how different networks adapt to changes will provide valuable insights into the future direction of the NFT market.


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