This week saw a positive turn for the non-fungible token (NFT) market, with sales rising more than 17% after a period of decline.
Total sales were $145.3 million, involving nearly 230,000 active buyers and sellers.
Blockchains by NFT sales volume
The Bitcoin (BTC) network led NFT sales among blockchains. It reached $47.74 million – a remarkable 50.33% increase from last week.
The network also recorded more than $39,000 in wash trading – up 15.39% from last week’s figures.
Despite the improved sales volume, the Bitcoin NFT space recorded a nearly 96% drop in the number of active buyers. Only 2,056 addresses actively participated in the week’s trading.
Closely following in weekly NFT sales volume was the Ethereum (ETH) blockchain, which recorded more than $35 million in sales between June 2 and June 8, according to data from CryptoSlam.
In the previous week, as reported by crypto.news, Ethereum had the highest NFT sales volume, with total sales of $37.43 million. This week’s numbers fell slightly by 0.31% and relegated the Ethereum blockchain to second best in terms of number of NFT sales.
The network’s wash trading figures also fell by about 6.87%, reaching $24.7 million. In terms of buyers, Ethereum has been much more active than Bitcoin over the past seven days, with more than 15,000 buyers participating in NFT transactions. However, according to data from CryptoSlam, the number was still down 59.67% from last week.
Polygon (MATIC) NFT sales also saw a significant increase, up more than 22% to $19.63 million. Solana (SOL) ranked fourth with revenue of $18.225 million, down 4.53%. Immutable X (IMX) followed, with sales rising 13.15%.
Top 5 Blockchains by NFT Sales Volume | Source: CryptoSlam
This recent surge in activity is notable because it shows that interest in NFTs is not just coming from a few major players, but from a broad base of collectors and investors. It’s a resurgence across the community, indicating potential for sustainable growth.
Top collective NFT sales
The highest NFT sale of the week came from the Cardano (ADA) blockchain, with an NFT selling for $219,102 just three days ago. Following closely behind was an Ethereum-based Cryptopunk #1002, which raised $193,372 two days ago. Polygon was also represented in the top sales of NFT collectibles, with a Matr1x Fire Weapon NFT exchanging hands for $97,685.
The fourth most expensive NFT sold last week was DeezNode #033 from the Solana blockchain, which cost $76,029. That price was just $2,690 more than the fifth most expensive NFT of the week, a Bitcoin Ordinal that cost $73,339.
In terms of the best-performing NFT collections, Bitcoin’s PIZZA NFTs ranked first, with $17.932 million in revenue over the past seven days. Immutable X’s Guild of Guardians, which generated $7.014 million, up 23.90%, came in second. Polygon’s Moongirl NFTs took third place with $5.799 million in sales, representing a whopping 643.51% increase from the previous week.
Top 5 NFT Collection Rankings by Sales Volume | Source: CryptoSlam
Are NFTs making a comeback?
This week’s data shows different growth rates among leading platforms such as Bitcoin, Solana and Polygon, indicating a diversifying market. The upward trend, highlighted by impressive sales in collections like PIZZA NFTs, signals renewed interest from collectors.
What’s driving this renewed interest in NFTs? Various factors may play a role. First, the recent market dip likely presented a buying opportunity for savvy investors looking to take advantage of lower prices. Second, the increasing utility of NFTs across industries, from gaming to digital art, could attract a diverse group of investors.
Furthermore, the overall growth of the crypto market tends to positively impact NFTs. As major cryptocurrencies like Bitcoin and Ethereum rise in value, their associated NFT markets often benefit as well.