Last week, NFT sales surged by more than $300 million. Is NFT summer finally here?

The non-fungible token market continues to explode in sales, with transaction sales exceeding $300 million in the past seven days. The recent massive surge in the NFT market has sparked strong belief among industry experts and cryptocurrency enthusiasts that digital collectibles will return to their early highs.

NFT sales increased 41% last week

Data compiled by on-chain market data aggregator CryptoSlam.io shows the fast-growing NFT market is making a comeback after seeing an explosion in trading volume last week. Over the past seven days, the global NFT market recorded a trading volume of $326 million. The NFT market surged 41% last week.

Non-fungible tokens hosted on Bitcoin, the blockchain network that hosts the flagship cryptocurrency BTC, were the most traded, with transaction sales of $112 million. Bitcoin NFT sales surged 68% last week compared to the previous week.

The Ethereum-based NFT collection was the second most traded NFT collection last week. Over a seven-day period, Ethereum-based NFTs recorded $96 million in transaction sales, a 0.13% jump from the previous week. Ethereum lost its initial NFT market dominance to Bitcoin following the resurgence of BRC-20 NFTs and Bitcoin Ordinals.

Source: CryptoSlam.io, NFT sales by blockchain network

Solana and Arbitrum-powered NFT collections were the third and fourth most traded NFT collections last week. Over the past seven days, Solana and Arbitrum NFT collections have recorded transaction sales of $66 million and $16 million, respectively. Last week, Solana NFT sales surged 54%, while Arbitrum NFT sales surged 873%.

The collection of non-fungible tokens, hosted on Polygon, an Ethereum scaling blockchain network, was the fifth most traded collection of NFTs last week over the past seven days. Polygon-based NFTs recorded $16 million in transaction sales. Last week, Polygon NFT sales exploded by 196%.

Ethereum led wash trading last week, recording $102 million in transaction volume. According to the description, wash trading is a form of cryptocurrency market manipulation in which NFT collectors sell and buy the same non-fungible tokens simultaneously, creating a false impression of market activity without incurring market risk or changing a company’s market position. no see. Wash sales are considered illegal in most jurisdictions.

Most traded NFTs in the last 7 days

Source: CryptoSlam.io, Top selling NFTs in the last 7 days

1.$SAT BRC-20 NFT

$SAT, a crypto token created on the Bitcoin blockchain network using the BRC-20 protocol, was the best-selling NFT collection last week. The $SAT BRC-20 NFT collection has recorded $19 million in transaction sales over the past seven days. $SAT BRC-20 NFT sales surged 48% in the past week.

2. Sentry Node License NFT

A Sentry license key is a unique, non-fungible token required to operate a Sentry node on the Xai network. The Sentry Node License NFT proves that the node is eligible to submit claims and receive rewards. In the past seven days, the Sentry Node License NFT collection has recorded $13 million in transaction sales.

3. Tensorian NFT Collection

Tensorians is a collection of NFTs made up of various pixel characters, each with their own unique personality and backstory. Tensorians, a collection of NFTs featuring a limited edition of 10,000 NFTs hosted on the Solana blockchain network, was the third NFT series sold last week. Over the past seven days, NFT collections recorded a transaction volume of 12 million, a 210% increase compared to the previous week.

4. Mad Lads NFT Collection

Mad Lads is a collection of NFTs from Coral, the Solana framework development company led by Armani Ferrante and Tristan Yver. Mad Lads was the fourth NFT collection sold last week, reaching $9.5 million in transaction sales. Mad Lads NFT sales surged 16.26% last week.

5. Gas Hero Badge NFT Collection

Gas Hero Badge is a collection of NFTs from the popular monetization mobile application STEPN, hosted on the Polygon blockchain network. The Gas Hero Badge was the fifth best-selling NFT collection last week. Over the past seven days, the NFT collection has recorded $8.7 million in transaction sales.

Source: CryptoSlam.io, Top selling NFTs in the last 7 days

6. Bitcoin Ordinal ‘Unclassified NFT’

Bitcoin ordinal numbers are equivalent to non-fungible tokens on the Bitcoin blockchain with satoshi, the smallest denomination on the chain. Bitcoin Ordinals was the sixth most traded collection of NFTs last week. Over the past seven days, Bitcoin Ordinals recorded $7.8 million in transaction volume. Bitcoin ordinal sales surged 78.59% compared to the previous week.

7. Chunky Penguin NFT Collection

Pudgy penguins are 8,888 unique collectible penguins whose proof of ownership is stored on the Ethereum blockchain. Pudgy Penguins was the seventh best-selling NFT collection last week. Over the past seven days, sales of the Fuzzy Penguin NFT collection amounted to 7.1 million units, a 13.74% surge compared to the previous week.

8. DMarket NFT Collection

DMarket is a collection of NFTs on the DMarket NFT marketplace hosted on the Mythos Chain blockchain network. DMarket was the 8th most traded NFT collection last week. Over the past seven days, the DMarket NFT collection has recorded $5.1 million in sales. However, Dmarket’s sales decreased by 4.8% last week.

9. $ORD BRC-20 NFT

$ORD, a crypto token created on the Bitcoin blockchain network using the BRC-20 protocol, was the ninth NFT collection sold last week. In the past seven days, the $ORD BRC-20 NFT has recorded $5 million in transaction sales. $ORD BRC-20 NFT sales surged 299% in the past week.

10. $RAT BRC-20 NFT

$RAT, an animal-inspired crypto token created on the Bitcoin blockchain network using the BRC-20 protocol, was the 10th NFT collection sold last week. Over the past seven days, the $RAT BRC-20 NFT collection has recorded a trading volume of $4.9 million.

Most expensive NFT sold last week

Van Gogh’s painting #132 was the most expensive NFT collection last week, selling for more than $1 million just seven days ago. Fidenza was the second most expensive NFT collection last week, selling for $463,763 five days ago. Boogle was the third most expensive NFT collection last week, selling for $149,224 three days ago.

Source: CryptoSlam.io, Most Expensive NFTs Sold Last Week

NFT Market Forecast: NFTs to Continue Growing

The global non-fungible token market is expected to grow in the coming weeks. In early September, analytics research firm Statista predicted that the NFT market would reach $3.2 billion by 2027, at a compound annual growth rate (CAGR) of 34.2%. The analytics firm predicted that the NFT market will reach $211.72 billion by 2030.

Nonetheless, the growth of the NFT market will largely depend on several factors, including increasing demand for digital art, increasing investment in digital assets, and unique ownership verification of digital assets. One of the most important contributors to the success of the NFT market may be the burgeoning digital art sector.

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