Investors buying NFTs increased 114% last week. Will NFT accumulation continue this week?

adminMarch 18, 2024

The cryptocurrency market frenzy appears to have calmed down and investors are starting to turn their attention to other digital assets such as meme coins and non-fungible token collections. The cryptocurrency market craze began early this month, causing the flagship cryptocurrency, Bitcoin, to soar above $73,000 for the first time in cryptocurrency history. In this article, we will look at the status of the NFT market over the past 7 days.

Investors buying NFTs have surged +100% in the past week.

Data collected by Cryptoslam.io, an on-chain cryptocurrency market tracker, shows that the global non-fungible token market gained some traction last week. Over the past seven days, NFTs have seen over 400,000 investors purchase NFTs, a 114% jump from the previous week.

NFT Investors

Bitcoin, the same blockchain network that supports the flagship cryptocurrency ‘Bitcoin’, was the most traded blockchain network last week. Over the past seven days, the collection of Bitcoin-based non-fungible tokens has recorded $132 million in transaction sales. Bitcoin NFT sales surged 2.65% compared to the previous week.

Ethereum, the most adopted NFT blockchain network, was the second most traded blockchain network. Over the past seven days, Ethereum-based NFT collections have recorded $117 million in transaction sales. However, Ethereum NFT sales decreased by 16% from the previous day.

NFT sales by chain

Solana, an open-source blockchain that supports smart contracts including non-fungible tokens and a variety of decentralized applications, was the third most traded blockchain network in the NFT ecosystem. Over the past seven days, Solana-powered NFT collections have recorded trading volume of $64 million, a 3.42% jump from the previous week.

Cryptocurrency exchange Binance’s blockchain network, BNB Chain, and Ethereum scaling solution Polygon were the fourth and fifth most traded blockchain networks in the NFT ecosystem. In the past seven days, the BNB Chain-based NFT collection recorded $8.7 million in transaction sales, while the Polygon-based NFT collection recorded $8 million in transaction sales.

Top selling NFTs last week

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1. Bitcoin Ordinal NFT Collection

Bitcoin Ordinals, a collection of non-fungible tokens created on the Bitcoin network using Satoshi Nakamoto’s ordinal theory, was the best-selling NFT collection last week. In the past seven days, Bitcoin Ordinal Collection recorded $63 million in transaction volume. Bitcoin NFT sales surged 90% compared to the previous week.

2. NodeMonkes NFT Collection

NodeMonkes, an NFT collection featuring a limited edition of 10,000 NFTs hosted on the Bitcoin blockchain network, was the second best-selling NFT collection last week. In the past seven days, the NodeMonkes NFT collection has sold $16 million.

3. Boring Monkey Yacht Club NFT Collection

The Bored Ape Yacht Club, the highest-selling NFT collection of all time from digital asset incubation studio Yuga Labs featuring a fixed supply of 10,000 NFTs hosted on the Ethereum network, was the third highest-selling NFT collection last week. Over the past seven days, the Bored Ape Yacht Club NFT collection has recorded $14 million in transaction sales. Bored Ape NFT sales surged 22% last week.

4. Mad Lads NFT Collection

Mad Lads, an NFT collection from Solana-developed project Coral featuring a limited set of 10,000 NFTs hosted on the Solana blockchain network, was the fourth most-selling NFT series last week. In the past seven days, the Mad Lads NFT collection has sold $11 million, a 55% jump from the previous week.

5. Pandora NFT Collection

Pandora, a collection of 10,000 replicant NFTs bound to the first token built on the ERC-404 token standard, was the fifth best-selling NFT collection last week. Over the past seven days, transactional sales of the Pandora NFT collection reached $7.4 million.

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6. Chunky Penguin NFT Collection

Pudgy Penguins, an NFT collection with a limited supply of 8,888 penguin NFTs on the Ethereum blockchain, was the sixth most sold NFT collection last week. Over the past seven days, the Pudgy Penguins NFT collection has recorded a trading volume of $7.08 million.

7. DMarket NFT Collection

DMarket’s collection of NFTs, a marketplace for virtual in-game items, ranked as the 7th best-selling NFT collection last week. Over the past seven days, the DMarket NFT collection has recorded $7 million in transaction sales. DMarket NFT sales decreased by 6.26% compared to the previous week.

8. Proganas NFT Collection

Froganas, an NFT collection featuring a limited supply of 5,555 humanoid frogs hosted on the Solana blockchain network, was the eighth most sold NFT collection last week. Over the past seven days, the Froganas NFT collection has recorded $6.5 million in transaction sales.

9. CryptoPunks NFT Collection

CryptoPunks, a previous NFT collection from digital asset incubation studio Larva Labs that featured a limited supply of 10,000 NFTs hosted on the Ethereum blockchain network, ranked 9th best-selling NFT collection last week. Over the past seven days, the CryptoPunks NFT collection has recorded $6.4 million in transaction sales.

10. Captainz NFT Collection

The Captainz, the web3-focused venture studio’s NFT collection featuring a limited edition of 9,999 NFTs hosted on the Ethereum blockchain network, was the 10th best-selling NFT collection last week. Over the past seven days, the Captainz NFT collection has recorded $5.6 million in transaction sales, a 112% jump from the previous week.

Transactional sales of the top 10 best-selling NFT collections, along with other NFT collections, have pushed global NFT sales past the $350 million level. Now that the cryptocurrency market rally has cooled, NFT adoption and accumulation is likely to continue this week.