NFT sales are up 16% today. Is the NFT bull market starting now?

Cryptocurrency markets have experienced an explosive market rally over three weeks, which has pushed the flagship cryptocurrency Bitcoin to record highs and rival Ethereum soared inches from its initial all-time high. During this period, the non-fungible token market cooled, leaving many investors wondering why it was not seeing positive growth.

Fortunately, the non-fungible token market started the new day with at least some positive gains. According to cryptoslam.io, an on-chain market data collection company, trading volume in the global NFT market was $54 million, up 16% from the previous day.

The global NFT market turns green

Today, the global non-fungible token market has been showing a unique bullish trend. According to recorded data, 9 out of 10 top blockchain networks are all showing positive growth. The green pattern in the market has served investors well and traders are hopeful that the NFT market will soon join the cryptocurrency market with a rally.

Ethereum, the widely adopted blockchain network across the entire NFT market, is the most traded blockchain in the NFT ecosystem today. Over the past 24 hours, Ethereum-based NFTs recorded a trading volume of $20 million, up 4.33% from the previous day.

Bitcoin, a blockchain network that supports the flagship cryptocurrency Bitcoin and is widely known in the NFT market as BRC-20 and Bitcoin Ordinal, is the second most traded blockchain network in the NFT ecosystem. In the last 24 hours, trading volume for Bitcoin-based NFT collections surged 22% from the previous day to $15 million.

Solana, a decentralized blockchain network; Polygon, an Ethereum scaling solution; The BNB Chain is the third, fourth, and fifth most traded blockchain network in the NFT ecosystem. In the past 24 hours, Solana NFTs sold $10 million, while Polygon and BNB Chain NFTs each sold $1.7 million.

Mythos Chain, Flow, and Avalanche are the 6th, 7th, and 8th most traded blockchain networks in the NFT market, while Cordano and Stargaze round out the top 10 most traded blockchain networks currently at 9th and 10th. All of these blockchain networks have recorded positive growth.

The 5 best-selling NFT collections today

1. Bored Ape NFT Collection – 180% off pumps

Bored Ape Yacht Club, a non-fungible token collection from digital asset company Yuga Labs with a fixed supply of 10,000 Ape PFPs hosted on the Ethereum blockchain network, is the best-selling NFT collection today. In the last 24 hours, the NFT collection recorded $5.3 million in transaction sales. Today, Bored Ape NFT sales surged 180% compared to the previous day.

2. NodeMonkes NFT Collection – 62% increase in sales

NodeMonkes, an NFT collection featuring a limited edition of 10,000 PFP NFTs hosted on the Bitcoin blockchain network, is the second best-selling NFT collection today. In the last 24 hours, sales of the NodeMonkes NFT collection reached $3.6 million. NFT collection sales surged 62% compared to the previous day.

3. Bitcoin Ordinal NFT Collection

Bitcoin Ordinals, a collection of NFTs created on the Bitcoin blockchain network using Satoshi Nakamoto’s ordinal theory, is the third best-selling NFT collection today. In the last 24 hours, Bitcoin Ordinal Collection recorded a trading volume of $2.9 million.

4. Mad Lads NFT Collection – Sales soar 101%

Mad Lads, an NFT collection from Solana-developed project Coral featuring a limited set of 10,000 NFTs, is currently the fourth best-selling NFT collection. In the last 24 hours, the Mad Lads NFT collection recorded $1.7 million in transaction sales. Mad Lads NFT sales surged 101% today compared to the day before.

5. Mutant Ape NFT Collection – 86% increase in sales

Mutant Ape Yacht Club, another NFT collection from digital asset company Yuga Labs featuring a limited supply of 20,000 NFTs hosted on the Ethereum blockchain network, is currently the fifth best-selling NFT collection. In the last 24 hours, the Mutant Ape Yacht Club NFT collection recorded $1.6 million in transaction sales. Mutant Ape NFT sales surged 86% today. The resurgence of the NFT market signals a positive sign of a potential NFT bull market.

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