The Bitcoin (BTC) network recorded the most non-fungible token (NFT) sales last week, as total transactions totaled a whopping $423,004,860.
The sales mark an increase of more than 32% compared to the previous week and mark the third straight week of robust growth in the NFT market.
According to data collected by Cryptoslam.io, Bitcoin emerged as the dominant force in NFT transactions, leading the charge with $160.37 million in sales, representing a remarkable 80.45% increase.
Ethereum (ETH) trailed closely behind, with $159.64 million in transactions, marking a respectable 14.41% increase in ETH-based NFT sales.
Other notable blockchains, including Solana (SOL), BNB Chain (BNB), and Mythos Chain (MYTH), also saw substantial growth in NFT sales during this period.
Cryptoslam data shows that Solana raked in approximately $65.129 million in weekly sales, with BNB Chain and Mythos closing the seven days with $9.019 million and $7.7 million in sales respectively.
Among the chains, Bitcoin also recorded the highest increase in wash trading, with the $465k made through the practice representing a nearly 2,600% increase from the previous week.
Blockchains by NFT Sales Volume | Source: Cryptoslam
The top-grossing NFT collections of the week were led by Bitcoin’s Uncategorized Ordinals, which raked in an impressive $41,210,717 in sales, marking a substantial 157.74% increase from the previous week.
Closely following was the NodeMonkes collection, which generated $35,128,917 in transactions. These leading collections were followed by Pandora, Creepz and $NATCATS, rounding out the top five NFT collections by sales volume.
Ranking NFT Collections by Sales Volume | Source: Cryptoslam
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The rise in NFT sales also saw some notable individual transactions across various blockchains. On the Bitcoin blockchain, the NFT “Burgie” raised an astonishing $1.44 million, while a Solana-based NFT titled “Composable Restaking Position” changed hands for $1.1 million.
Ethereum’s “Lif3 v3 Position” NFT was valued at $597,800, and a BNB Chain “Lockdeal” NFT was purchased for $416,504. Additionally, a Polygon “Dfyn” NFT sold for $100,000, reflecting the diversity and value of NFTs across platforms.
The past week has also seen an increase in the number of NFT buyers, with Cryptoslam data showing a 40.5% increase, combined with a 2.47% decline in total NFT transactions over the period.
However, amid this surge in NFT sales, popular marketplace Opensea suffered a significant decline in February.
OpenSea monthly NFTs sold | Source: Dune Analytics
Data from analytics platform Dune shows that sales on OpenSea have fallen significantly, with just 33% of total NFT sales in February, the lowest figure since May last year. The number of active users on the platform also fell: in February, only 103,000 users had made at least one purchase.
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