This week marked a positive turn for the non-fungible token (NFT) market as sales surged by more than 17% following a period of decline. The total sales reached $145.3 million, with nearly 230,000 active buyers and sellers participating.
In terms of NFT sales volume, the Bitcoin (BTC) network led the way, reaching $47.74 million, a significant increase of 50.33% from the previous week. The network also saw more than $39,000 in wash trading, which was 15.39% higher than the previous week. However, despite the improved sales volume, the number of active buyers in the Bitcoin NFT space experienced a nearly 96% drop, with only 2,056 addresses actively participating in the week’s trading.
Following closely in weekly NFT sales volume was the Ethereum (ETH) blockchain, which recorded more than $35 million in sales between June 2 and June 8. This marked a slight decrease of 0.31% from the previous week, relegating the Ethereum blockchain to second place in terms of NFT sales volume. The network’s wash trading numbers also decreased by about 6.87% to settle at $24.7 million. Despite this, Ethereum had more than 15,000 buyers participating in NFT transactions, although this was still a 59.67% drop from the previous week.
Polygon (MATIC) NFT sales also saw a significant jump, increasing by more than 22% to $19.63 million. Solana (SOL) held fourth place with $18.225 million in sales, down by 4.53%. Immutable X (IMX) followed in fifth place, with sales surging by 13.15%.
This recent uptick in activity is significant as it indicates widespread interest in NFTs from a diverse base of collectors and investors, suggesting the potential for sustained growth.
The highest NFT sale of the week came from the Cardano (ADA) blockchain, with an NFT selling for $219,102. This was followed by an Ethereum-based Cryptopunk #1002, which fetched $193,372. Polygon was also represented among the top NFT collectible sales, with a Matr1x Fire Weapon NFT exchanging hands for $97,685.
In terms of the top-performing NFT collections, Bitcoin’s PIZZA NFTs were the top-selling, generating $17.932 million in the last seven days. Immutable X’s Guild of Guardians came in second, generating $7.014 million, a 23.90% increase. Polygon’s Moongirl NFTs secured third place with $5.799 million in sales, representing a 643.51% uptick from the previous week.
The data from this week shows various growth rates among leading platforms like Bitcoin, Solana, and Polygon, indicating a diversifying market. The upward trend, highlighted by impressive sales in collections like PIZZA NFTs, suggests renewed interest from collectors. There are several factors that may be driving this renewed interest in NFTs, including a recent market dip, increased utility of NFTs across various sectors, and the overall growth of the crypto market, which tends to positively impact NFTs.