surge in activity and notable sales drive market momentum

The
NFT
market
saw
a
significant
boost
in
activity
this
week,
with
a
48%
rise
in
buyers
and
several
high-profile
sales.

In
an
eventful
week
for
the
NFT
market,
the
Ethereum
(ETH)
and
Solana
(SOL)
blockchains
maintained
their
dominance,
with
digital
collectibles
on
these
chains
seeing
significant
sales
and
capturing
the
attention
of
buyers
and
sellers
alike.

According
to
data
from
CryptoSlam!,
the
NFT
landscape
saw
notable
growth,
with
overall
sales
volumes
reaching
$107,965,224,
marking
a
7.05%
increase
from
the
previous
week.

The
rising
number
of
buyers
and
sellers
also
reflected
the
overall
health
of
the
market.
This
week,
more
than
721,000
buyers
entered
the
market,
a
48.05%
increase,
while
nearly
263,000
sellers
represented
a
32.74%
rise.

The
total
number
of
NFT
transactions
also
saw
a
boost,
reaching
2,870,607,
a
10.69%
increase
on
the
week.

Blockchain
highlights

As
shown
in
the
snapshot
below
from
CryptoSlam,
Ethereum
remained
the
top
blockchain
by
NFT
sales
volume,
generating
$32.6
million
in
sales,
a
7.54%
increase
over
the
week.

Despite
the
growth,
wash
trading
on
the
network
accounted
for
18%
of
the
total
sales
volume.
Additionally,
the
blockchain
recorded
46,043
buyers,
a
30.63%
increase
from
the
previous
week.

Solana
followed
closely
with
$26,710,307
in
sales,
experiencing
a
14.76%
rise.
The
blockchain
saw
a
remarkable
53.33%
increase
in
buyers,
totaling
289,036.
Its
wash
trading
volume
constituted
5.4%
of
its
total
sales.

Bitcoin
(BTC)
maintained
third
position,
even
as
it
registered
a
nearly
17%
drop
in
sales
volume
to
rake
in
$17,417,258.
Interestingly,
the
number
of
NFT
buyers
on
the
network
increased
by
46.47%
to
35,091.

In
fourth
spot,
Polygon
(MATIC)
generated
$11.3
million
in
sales,
with
a
notable
31.49%
increase.
NFT
buyers
on
the
blockchain
rose
by
48.75%
to
147,368,
while
wash
trading
was
relatively
low
at
2.39%.

Immutable
(IMX)
stayed
in
fifth
place
for
the
second
week
running.
It
witnessed
about
$6.7
million
in
sales,
up
21.26%,
with
buyers
increasing
by
39.33%
to
14,419. 

Furthermore,
the
blockchain
had
the
least
amount
of
reported
wash
trading
among
the
top
5
NFT
networks
by
sales
volume,
at
only
$397.

Top
NFT
collections

Regarding
best-performing
NFT
collections,
the
Solana
Monkey
Business
collection
on
Solana
led
the
rankings
with
$4,630,626
in
sales,
followed
by
DMarket
on
Mythos
with
$4,174,797. 

The
DogeZuki
Collection
on
Solana
also
made
notable
gains,
securing
$3,246,797
in
sales.
The
Guild
of
Guardians
Heroes
on
Immutable-Zk
saw
an
astonishing
264.18%
increase,
generating
$3,012,724.

Gods
Unchained
Cards
on
Immutable
rounded
out
the
top
five
with
$3,006,298
in
sales,
a
17%
dip
from
the
previous
week.

Notable
NFT
sales

Several
high-profile
NFT
sales
made
headlines
this
week:

• ORDI
  BRC-20
  NFT
  sold
  for
  a
  staggering
  $877,068.09
  (13.0294
  BTC).
• Uncategorized
  Ordinals
  NFT
  fetched
  $297,102.89
  (4.454
  BTC).
• CryptoPunks
  #335
  sold
  for
  $164,170.73
  (49.99
  ETH).
• CryptoPunks
  #9825
  changed
  hands
  for
  $130,938.00
  (38
  ETH).
• CryptoPunks
  #3613
  sold
  for
  $128,868.50
  (37
  ETH).

Market
insights

Some
market
analysts
have
attributed
the
surge
in
activity
to
growing
investor
confidence
and
increased
interest
in
digital
collectibles.
The
rise
in
unique
buyers
suggests
a
broadening
base
of
participants,
indicating
healthy
market
growth.

However,
the
high
levels
of
wash
trading
on
certain
blockchains
raise
concerns
about
market
manipulation
and
the
need
for
better
regulatory
oversight.