The non-fungible token (NFT) market is experiencing a notable resurgence, with weekly sales volume soaring to $93 million, marking a 22.5% increase from the previous week’s $77.6 million. This uptick comes as the broader cryptocurrency market shows early signs of recovery, breathing new life into the digital collectibles space. Significantly, the Ethereum network has overtaken itcoin">Bitcoin in terms of NFT sales volume, signaling a shift in the market dynamics.
Ethereum’s NFT sales volume witnessed a substantial 30% increase, reaching $33.4 million, while itcoin">Bitcoin’s volume, despite a 36% surge to $21.6 million, fell short of the top spot. However, it’s worth noting that Ethereum’s figures include $5.3 million in wash trading, considerably higher than itcoin">Bitcoin’s $902,000. Solana maintained its strong third position with $16.6 million in sales, followed by Mythos Chain and Polygon, rounding out the top five networks for NFT activity.
The market’s revival is further evidenced by a dramatic increase in participant engagement. The number of NFT buyers nearly doubled to 494,666, up from 263,804 the previous week, while sellers saw a 108% increase, totaling 252,401. Solana led in buyer activity with 192,543 participants, a staggering 220% increase from the prior week. Among individual collections, DMarket retained its top position with $5.2 million in sales, despite a 30% decrease, while Uncategorized Ordinals saw an impressive 1,800% surge in sales to $4.86 million.
High-value individual NFT sales continued to make headlines, with Ordinal Maxi Biz (OMB) tokens claiming the top three spots, selling for $109,079, $91,085, and $87,895 respectively. CryptoPunks also maintained their desirability, with two punks selling for over $78,000 each. These top sales underscore the enduring appeal of certain NFT collections and the willingness of collectors to invest significant sums in digital assets, even as the market navigates through broader economic uncertainties.
