Minor Dip in Weekly NFT Sales Amidst Market Upsurge
NFT Sales Dip Slightly Amidst Increased Market Activity
In the last week, non-fungible token (NFT) sales have slightly dipped by 1.31%, summing up to a total of $308.23 million. This minor decline, however, contrasts with a significant 20% surge in both buyer and seller activity, accounting for 873,268 and 619,949 participants respectively.
Bitcoin Dominates While Others Fluctuate
The most expensive NFT sold in this period was an Ethereum-based ‘RBX Vesting Voucher 42’ for $741,910, followed closely by a Bitcoin-based ‘ORDI BRC-20 NFT’ at $428,277. Bitcoin emerged dominant in the NFT space, witnessing a 4.10% sales increase that amounted to $138.58 million. Ethereum, on the other hand, experienced a slight 0.88% drop, with sales totaling $69.51 million. Solana, a prominent player in the NFT market, saw a significant decline of 32.60%, with sales reduced to $49 million.
Polygon and Avalanche Buck the Trend
Conversely, Polygon’s NFT sales experienced an impressive upswing, skyrocketing by 147.24% to reach $21.36 million. Similarly, Avalanche’s sales increased by 102.04%, hitting a total of $8.6 million. Despite the weekly fluctuations, the NFT market remains largely buoyant, showing a 48% month-over-month increase in revenue, totaling a remarkable $1.71 billion.
Top-Grossing Digital Collectibles
The top-grossing digital collectible collection of the week was the Uncategorized Ordinals, raking in $52.15 million in sales. Other notable collections were the Gas-hero-coupon NFTs from Polygon and Froganas from Solana, with respective sales of $8.35 million and $8.25 million.
In conclusion, despite minor weekly oscillations, the NFT market continues to thrive, underpinned by increased buyer and seller activity and the relentless innovation in the digital collectibles space.
