The overall NFT sales volume increased in the past week, but networks saw varying trends in sales.
- Some networks saw a spike in NFT sales volume. The top networks dominated the volume, with support from other chains.
Over the past week, NFT sales increased significantly, indicating a revitalized interest in this sector. Also, analysis of various networks revealed significant shifts in their sales volumes, suggesting dynamic changes in buyer activity and market trends.
NFT sales increase by 7%
According to recent data from Crypto Slam, the NFT market experienced a significant increase in sales volume over the past week, rising to over $109 million, a 7.68% increase.
This growth in sales volume is particularly notable given the contrasting backdrop of a sharp decline in the number of NFT buyers and sellers, which dropped by 68.00% and 67.78%, respectively.
Despite the reduced number of market participants, NFT transactions saw a substantial rise, skyrocketing by nearly 21% to reach 2,435,539 trades.
This increase in transactions suggests that while fewer individuals engage in the market, those who remain are significantly more active, possibly capitalizing on market conditions or specific opportunities within the NFT space.
Contributions to the NFT sales
The recent data analysis from Crypto Slam highlighted the notable increase in NFT sales volume and how major networks contributed.
Ethereum
Ethereum [ETH] remained the largest contributor to NFT sales volume, accounting for over $36.5 million. Despite its leading position, Ethereum’s volume has decreased by over 16% compared to the previous period.
Solana
Following Ethereum, Solana [SOL] registered the second-highest sales volume with over $27 million, showing a significant increase of almost 38% from the previous week.
This growth indicated a rising interest and activity level on Solana’s NFT platform.
Polygon
Coming in third, Polygon [MATIC] showed an impressive surge in its sales volume, which totaled over $23.2 million.
This represented an increase of over 70% in the past week, marking a substantial boost in trading activity on the network.
Bitcoin
Bitcoin [BTC] contributed the fourth-largest volume with approximately $15.9 million, though it experienced a slight decline of over 3% in sales volume.
Mythos and Immutable X
The remaining volume, to reach the total of $109 million, comprised smaller contributions from Mythos [MYTH] and Immutable X [IMX], with over $5 million and $4 million, respectively.
Despite some networks experiencing declines, the overall market trend showed robust growth, particularly on emerging platforms like Solana and Polygon
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