Ethereum
Ethereum and Polygon lead the charge despite declining buyers
The non-fungible token, or NFT, market saw a 7.68% increase in sales volume this week, reaching $109 million, with notable activity on Ethereum (ETH) and Polygon (MATICS) blockchains.
However, this surge came amid a massive drop in the number of NFT buyers and sellers, which fell by 68.00% and 67.78% respectively.
Interestingly, even though the number of market participants has declined, NFT transactions have seen a substantial increase, skyrocketing by nearly 21% to 2,435,539 transactions, according to data from CryptoSlam.
Here’s a comprehensive look at the major events and trends that shaped the NFT landscape over the past seven days.
Ethereum and Polygon lead the charge
Blockchains by weekly NFT sales volume | Source: CryptoSlam
Among blockchains, Ethereum maintained its position as the leading blockchain for NFT sales, generating $32,711,790 despite the prevalence of wash trading.
However, the battle for second place intensified during the week. exceeds Bitcoin (Bitcoin) and Solana (GROUND) after seeing a 90% increase in its NFT trading volume.
Data shows that Polygon’s weekly NFT sales have surpassed the $24 million mark, with an additional $3.1 million coming from wash trading.
What’s worth noting is that Polygon’s improved results came even as the number of NFT buyers on the blockchain dropped by 78.98%.
Solana, Bitcoin fall
Solana came in third, with $22.7 million in digital collectibles sales. That figure represents a 2% drop from what the network raked in the previous week.
However, Solana’s trading numbers increased by over 32%, translating to a slight improvement of 0.37% in the chain’s total NFT sales.
Additionally, despite a 70% drop, Solana had the highest number of unique buyers among the top 5 blockchains at 88,090.
Traditionally known for its store of value proposition, Bitcoin has continued to struggle for relevance in the NFT space.
The network generated around $15.1 million in NFT sales during the week, down nearly 5% from the previous week’s figures. Bitcoin dropped to fourth place in terms of weekly sales volume.
However, it was still much better than the fifth ranked blockchain, Mythos (MYTH), which recorded sales worth $4.16 million.
Best NFT collections: DMarket and DogeZuki shine
The DMarket collection on Mythos topped the charts this week among NFT collections, generating $3,915,145 in sales from 166,053 transactions.
While this performance marks a 3.83% decrease from the previous week’s figures, it nonetheless highlights the growing appeal of Mythos Chain as an NFT trading platform.
The DogeZuki collection on Solana also made waves, raking in $3,038,960 across 71,566 transactions. Market observers suggest that the collection’s popularity could highlight Solana’s ability to attract large-scale projects and maintain high buyer engagement.
Other notable collections include Base Ape Polygon, which recorded $2,809,791 in sales, and Froganas, also on Solana, with $2,759,532.
However, the biggest gain of the week came from another Solana collection dubbed “Send it,” which saw sales skyrocket 1,752.43% to $2,723,251.
High-profile NFT sales
This week also saw several high-value NFT sales that made headlines:
- TokenVestingPlans #582 on Ethereum sold for $360,611.
- Bitcoin Punks’ Punk #3100 sold for $115,430.
- Locked deposit gUSDC #205 on Arbitrum (ARB) sold for $88,908.
- DeezNode #045 on Solana sold for $75,548.
Additionally, fan tokens, which are a growing frontier in NFTs, also had a significant impact this week, particularly on Chiliz (CHZ) blockchain:
- Galatasaray fan token sales surged 70,149% to $280,537,908.
- FC Barcelona achieved a sales volume of $50,162,146.
- Paris Saint-Germain recorded a sales volume of $46,709,324.