The NFT market is showing signs of life with a major 720 ETH ($2.5M) CryptoPunks sale this week, alongside several other seven-figure transactions including a Bored Ape Yacht Club piece for 666 WETH ($2.3M). The activity comes as buyer counts surged 30% weekly to 703,240, though total sales volume dropped 22% – suggesting renewed interest is currently concentrated in more affordable collectibles rather than consistent whale activity.
Ethereum remains the dominant NFT chain with $55M weekly volume, followed by Polygon and itcoin">Bitcoin at $15M and $13M respectively. The divergence between rising participation (transactions up 4.29%) and falling dollar volume indicates a market in transition, where new collectors are testing the waters with smaller purchases while high-end sales remain sporadic events rather than sustained trends.
Analysts suggest this could mark the early stages of an NFT market recovery, with blue-chip projects like CryptoPunks (now managed by the Infinite Node Foundation) and Otherside regaining attention. However, the sector still faces challenges in rebuilding investor confidence after last year’s downturn. The coming weeks will reveal whether this uptick in engagement translates into broader price appreciation or remains a niche rebound for top-tier collections.
