Bitcoin leads with 50% increase in sales

The Non-Fungible Token (NFT) market saw a positive turn this week. Sales rose more than 17% after a period of decline.

Total sales reached $145.3 million, with nearly 230,000 active buyers and sellers participating.

Blockchain by NFT sales volume

The Bitcoin (BTC) network led the way in NFT sales among blockchains, reaching $47.74 million, a notable increase of 50.33% from last week.

The network also registered over $39,000 in wash trading, which is 15.39% higher than last week’s figure.

Despite the increase in sales, the Bitcoin NFT space has seen a nearly 96% decline in the number of active buyers. Only 2,056 addresses were actively participating in this week’s transactions.

The Ethereum (ETH) blockchain followed closely behind in weekly NFT sales. According to data from CryptoSlam, it generated over $35 million in sales from June 2 to June 8.

According to a report by crypto.news, the previous week, Ethereum recorded the highest NFT sales volume with a total of $37.43 million in NFT sales. This week’s figure saw a slight decline of 0.31%, relegating the Ethereum blockchain to second place in terms of number of NFTs sold.

The network’s wash trading volume also decreased by approximately 6.87% to $24.7 million. On the buyer side, Ethereum has been much more active than Bitcoin, with over 15,000 buyers participating in NFT transactions over the past seven days. However, that number is still down 59.67% compared to last week, according to data from CryptoSlam.

Polygon (MATIC) NFT sales also increased significantly, reaching $19.63 million, up more than 22%. Solana (SOL) ranked fourth with sales of $18.225 million, down 4.53%. ImmutableX (IMX) followed suit, with sales surging 13.15%.

This recent increase in activity is noteworthy because it shows that interest in NFTs is coming from a wide range of collectors and investors, not just a few major players. This suggests the potential for continued growth through the resurgence of the community as a whole.

Top NFT Co-Sales

The highest NFT sale this week was on the Cardano (ADA) blockchain, where just three days ago an NFT was sold for $219,102. Next was the Ethereum-based Cryptopunk #1002, which sold for $193,372 two days ago. Polygon was also among the top sellers of NFT collectibles, with the Matr1x Fire Weapon NFT trading for $97,685.

The fourth most expensive NFT sold last week was DeezNode #033 on the Solana blockchain, which sold for $76,029. That price was only $2,690 higher than Bitcoin Ordinal ($73,339), the fifth most expensive NFT this week.

As for the best-performing NFT collection, Bitcoin’s PIZZA NFT took first place, earning $17.932 million over the past seven days. Immutable Polygon’s Moongirl NFTs ranked third with sales of $5.799 million, up a whopping 643.51% from the previous week.

Are NFTs making a comeback?

This week’s data shows varying growth rates between major platforms such as Bitcoin, Solana, and Polygon, indicating that the market is becoming more diverse. The upward trend, highlighted by impressive sales of collections such as PIZZA NFTs, suggests renewed interest from collectors.

What’s sparking renewed interest in NFTs? Several factors may come into play. First, the recent market decline likely presented a buying opportunity for smart investors looking to take advantage of low prices. Second, the increasing usefulness of NFTs in a variety of sectors, from gaming to digital art, could attract a diverse group of investors.

Moreover, the overall growth of the cryptocurrency market tends to have a positive impact on NFTs. As major cryptocurrencies like Bitcoin and Ethereum rise in value, the associated NFT market often benefits as well.