The number of investors buying NFTs increased by 90% this week as Bitcoin halving overheated.

adminApril 19, 2024

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Cryptocurrency markets, including memecoins and non-fungible token markets, have attracted tremendous interest following the Bitcoin halving event scheduled for later this weekend. The cryptocurrency market hype has led many individual investors, businesses, and institutions to invest in digital assets that are speculated to yield significant gains after the halving.

The number of investors buying and selling collections of non-fungible tokens has increased significantly this week, according to data compiled by on-chain marketplace aggregator CryptoSlam.io. Over the past seven days, more than 500,000 collectors have purchased NFTs in the global NFT market, a 91% increase over the previous week.

NFT sales in the last 7 days

During this period, the number of collectors selling non-fungible token collections grew to more than 200,000, a surge of 88% over the previous week. NFT sales and NFT purchases combined brought the number of NFT transactions to nearly 2 million, a 7% jump from last week.

Bitcoin dominated the NFT market this week.

Bitcoin, the same blockchain network that supports the flagship cryptocurrency Bitcoin, is the most traded blockchain network in the NFT ecosystem. Over the past seven days, Bitcoin-based NFTs have recorded a trading volume of $150 million. Bitcoin NFT sales surged 1.14% last week.

NFT sales by chain

Ethereum, the recently decommissioned NFT blockchain network that powers the majority of blue-chip NFTs, is the second most traded blockchain network in the NFT ecosystem this week. Over the past seven days, Ethereum-based NFTs have recorded $54 million in transaction sales.

Solana, an open source blockchain that supports smart contracts, including non-fungible tokens and a variety of decentralized applications, and Polygon, an Ethereum scaling solution, are the third and fourth most traded NFT ecosystems, respectively. It is a blockchain network. In the past seven days, Solana NFTs have sold $32 million, while polygon-based NFTs have sold $16 million.

Top 10 best-selling NFT collections in the past 7 days

best selling nfts 1

Source: Cryptoslam.io, Top selling NFT collections in the last 7 days

1. Bitcoin Ordinal NFT Collection

Bitcoin Ordinals, a collection of non-fungible tokens created on the Bitcoin blockchain network that uses Bitcoin creator Satoshi Nakamoto’s ordinal theory and is comprised of some of the most hyped NFT collections like Runestones Ordinals, is this week’s top seller This is a collection of NFTs. Over the past seven days, Bitcoin Ordinal Collection’s trading volume was $42 million, down 22% from the previous week.

2. $PUP BRC-20 NFT Collection

$PUP, a collection of NFTs created on the Bitcoin blockchain network using the BRC-20 protocol, is the second best-selling NFT collection this week. Over the past seven days, sales of the $PUP BRC-20 NFT collection have reached $34 million, a 16% jump from last week.

3. $WZRD BRC-20 NFT Collection

$WZRD, another collection of non-fungible tokens created on the Bitcoin blockchain network using the BRC-20 protocol, is the third best-selling NFT collection this week. In the past seven days, the $WZRD BRC-20 NFT collection has sold $17 million. $WZRD BRC-20 NFT sales surged 427% compared to last week.

4. NodeMonkes NFT Collection

NodeMonkes, an NFT collection featuring a limited set of 10,000 NFTs hosted on the Bitcoin blockchain network, is the fourth best-selling NFT collection of the week. In the past seven days, the NodeMonkes NFT collection has sold $8.3 million. NodeMonkes NFT sales decreased 33% from the previous day.

5. Origin Pass NFT Collection

Origin Pass, a collection of non-fungible tokens hosted on the Polygon blockchain network, allows holders to interact with works of art in a variety of ways, from virtual reality viewing to creating custom virtual galleries, and was this week’s fifth best-selling This is an NFT collection. Over the past seven days, the Origin Pass NFT collection has recorded $6.8 million in transaction sales.

best selling nfts 2

Source: Cryptoslam.io, Top selling NFT collections in the last 7 days

6. DMarket NFT Collection

DMarket, a collection of non-fungible tokens from virtual asset marketplace platform DMarket hosted on the Mythos Chain blockchain network, is the sixth best-selling NFT collection this week. Over the past seven days, the DMarket NFT collection has recorded $6 million in transaction sales, a 74% decrease from the previous week.

7. Boring Monkey Yacht Club NFT Collection

Bored Ape Yacht Club, an NFT collection from renowned digital asset incubation studio Yuga Labs featuring 10,000 NFT pinnings hosted on the Ethereum blockchain network, is the seventh most sold NFT collection of the week. Bored Ape Yacht Club has recorded $5 million in transaction sales in the last seven days. Bored Ape NFT trading volume plummeted 18% compared to last week.

8. Tokyo NFT Collection

Dokyo, a collection of non-fungible tokens featuring a limited edition of 5,555 NFTs hosted on the Avalanche blockchain network, is the eighth best-selling NFT collection this week. Over the past seven days, the Dokyo NFT collection has recorded $4.8 million in transaction sales.

9. Mad Lads NFT Collection

Digital asset company Coral’s NFT collection, Mad Lads, which features a limited set of 10,000 executable NFTs and is said to be the next generation of NFTs hosted on the Solana network, is the 9th best-selling NFT collection this week. In the past seven days, Mad Lads has recorded $3.8 million in transaction sales.

10. Bitcoin Wizard NFT Collection

Bitcoin Wizard, a collection of Ordinal NFTs inscribed directly on the Bitcoin blockchain, combines art, history, and nostalgia in one package and is the 10th best-selling NFT collection of the week. Over the past seven days, the Bitcoin Wizard NFT collection has recorded $3.8 million in transaction sales, rounding out the top 10 best-selling NFT collections of the week.

NFT market forecast after Bitcoin halving

As the highly anticipated Bitcoin halving event approaches, industry experts in the non-fungible token industry expect the cryptocurrency milestone to have a positive impact not only on the cryptocurrency market but also on the NFT ecosystem. Expressing his insights in his past interview, Oscar Franklin Tan, CFO of Atlas Development and Chief Contributor of NFT platform Enjin, said:

“As the price of Bitcoin rises, we expect interest in and demand for NFTs to increase, especially those integrated into the altcoin ecosystem. Unlike profile picture (PFP) projects, these NFTs often receive token airdrops or serve as digital collectibles within the TokenGate network.”

On-chain analytics firm Statista projects NFT market revenue to reach $2.3 billion in 2024. Additionally, the company predicts that the NFT market will grow at an annual rate of 9.10%, reaching $3.3 billion by 2028. The NFT market is expected to reach $162.1 in 2024.