NFT Market Hits $145.3M with 17% Growth: Bitcoin Sales Surge 50%

This week marked a positive turn for the non-fungible token (NFT) market, with sales climbing over 17% after a period of decline.

Sales totaling $145.3 million engaged nearly 230,000 active buyers and sellers across various blockchains.

Blockchains by NFT Sales Volume

The Bitcoin (BTC) network led NFT sales among blockchains, hitting $47.74 million, a 50.33% increase from last week. Despite this, Bitcoin's NFT space saw a 96% drop in active buyers, with only 2,056 addresses involved. Ethereum (ETH) followed with over $35 million in sales, down 0.31% from the previous week. Ethereum’s wash trading dropped by 6.87% to $24.7 million, with over 15,000 buyers, a 59.67% drop from last week.

Polygon (MATIC) NFT sales jumped 22% to $19.63 million. Solana (SOL) was fourth with $18.225 million in sales, down 4.53%. Immutable X (IMX) saw a 13.15% increase in sales.

Top NFT Sales

The highest NFT sale of the week was from the Cardano (ADA) blockchain, with an NFT selling for $219,102 three days ago. An Ethereum-based Cryptopunk #1002 fetched $193,372 two days ago. Polygon was also represented among the top NFT sales with a Matr1x Fire Weapon NFT selling for $97,685. The fourth most expensive NFT sold was DeezNode #033 from the Solana blockchain, at $76,029. A Bitcoin Ordinal NFT was the fifth most expensive, priced at $73,339.

Best-performing NFT Collections

Bitcoin's PIZZA NFTs led the collections, generating $17.932 million in the past week. Immutable X’s Guild of Guardians followed, generating $7.014 million, a 23.90% increase. Polygon's Moongirl NFTs claimed the third position with $5.799 million in sales, marking a remarkable 643.51% surge from the previous week.

Are NFTs Making a Comeback?

This week’s data shows growth among leading platforms like Bitcoin, Solana, and Polygon, pointing to a diversifying market. The rising trend, accentuated by notable sales in collections such as PIZZA NFTs, indicates a renewed enthusiasm among collectors.

Several factors may be driving this renewed interest in NFTs. The recent market downturn probably presented a purchasing opportunity for savvy investors. Moreover, as major cryptocurrencies like Bitcoin and Ethereum increase in value, their associated NFT markets often benefit as well.