NFT Sales Decline to $146.5m: Ethereum, Bitcoin Network Rebound
Bitcoin is facing challenges as it struggles to reach the $100,000 mark. Meanwhile, the NFT market has experienced a slight decline of 1.6%, with total sales volume reaching $146.5 million.
While Bitcoin is trading at $96,800, Ethereum has shown strength by surging 3.5% in the last 24 hours to reach $3,700. The global cryptocurrency market capitalization has also increased to $3.42 trillion from last week’s $3.35 trillion, marking a 2.5% growth in just one day.
Despite the overall decline in NFT sales, individual blockchain networks are showing signs of recovery. According to CryptoSlam, here are some key data points:
– NFT sales volume has dropped from $160.9 million last week.
– The number of NFT buyers has surged to 574,853, a 27.57% increase.
– NFT sellers have grown to 342,382, showing a 23.21% surge.
– NFT transactions have decreased by 11.22% to 1,424,770.
Ethereum’s NFT blockchain has shown resilience with $51.3 million in sales, marking a 2.87% increase. The network has seen 49,462 buyers, a 17.33% growth. Wash trading on Ethereum has also increased by 16.02% to $9.1 million, indicating increased market activity.
Bitcoin’s NFT ecosystem has maintained momentum, recording $48.2 million in sales volume, a 6.58% increase. The network has seen growth in buyer participation, with 54,903 active buyers, a 28.89% increase.
Although Solana experienced a major decline of 37.86% with sales dropping to $15.7 million, the network continues to show strong user engagement with 230,954 buyers. Mythos Chain secured the fourth position with $10.6 million in sales, showing a marginal decline of 1.66%. ImmutableX rounded out the top five with $7.1 million in sales, showing a surge of 14.22%.
BRC-20 NFTs continue to dominate with $15 million in sales, despite a 10.69% decrease. Uncategorized Ordinals secured second place with $10.3 million in sales, with an 81.86% increase in the last seven days. The Bored Ape Yacht Club reemerged in the rankings, taking third place with $7.7 million in sales, showing a strong 60.30% increase.
NFTs are evolving beyond simple digital collectibles and gaining utility through integration with gaming and DeFi. Corporations are adopting NFTs for various purposes, while sustainability efforts are addressing environmental concerns. AI-enhanced NFTs are also emerging, enabling personalized and interactive experiences.
The current uptick in NFT sales appears to be driven by hype. It remains to be seen whether this trend will result in long-term growth or short-lived momentum.