NFT
Sales of non-fungible token (NFT) saw a small increase last week, registering a modest increase of around 1.46% compared to the previous week. The cumulative value of NFT sales was $149.31 million from April 29 to May 6, 2023. Nevertheless, the most recent week beat expectations as sales skyrocketed 31.22%. During the seven-day interval, NFT revenue reached $208.17 million. This week’s substantial increase in NFT sales can be attributed to the appearance of NFTs originating from the Bitcoin blockchain.
Bitcoin-based NFT sales are gaining significant momentum
Bitcoin NFT sales have emerged as a major contributor in the digital collectible sales landscape, among 21 different blockchains according to cryptoslam.io data documented as of May 14, 2023. Ethereum NFT sales continued to reign supreme at $111.26 million in NFT sales; however, second place was taken by Bitcoin-based NFTs, also known as Ordinal inscriptions.
NFT sales in the past seven days according to cryptoslam.io stats on May 14, 2023.
Data shows that Bitcoin NFT sales secured $53,433,451 and ranked second in terms of blockchain sales out of 21 chains. Bitcoin NFT sales rose 187.54% compared to the previous week.
The top five blockchains in terms of NFT sales as of May 14, 2023.
The Mythos blockchain NFTs also saw a significant boost as NFT sales jumped 69.66% this week, claiming $11.73 million. The ascent propelled Mythos to the third-largest rank considering the top blockchains by NFT sales volume.
Solana, which previously occupied the second largest spot, now ranks fourth in terms of NFT sales by blockchain. In the past seven days, Solana posted $8,789,106 – a decrease of 21.16% compared to the previous week. The fifth blockchain with the largest sales volume over the past week was Polygon’s $7.79 million, down 7.07%.
The top five NFT collections by sales as of May 14, 2023.
With regard to NFT collections, cryptoslam.io’s data reveals that “Uncategorized Ordinals”, essentially random Ordinals that are not part of a collection, reached the highest collection status in sales this week. Uncategorized Ordinals managed to record $15.62 million in NFT sales.
Ethereum’s Bored Ape Yacht Club (BAYC) claimed the second spot this week with total revenue of $13.80 million in the past seven days. The Mythos chain’s Dmarket collection took third place, and the majority of Mythos’ NFT sales stemmed from the transactions of the Dmarket collection.
In fourth place, ORDI BRC-20 NFTs documented $11,044,110 in weekly sales, while Ethereum’s Milady Maker NFT collection amassed $10,376,102 in sales in the same time frame and ranked fifth this week. A notable gainer this week in regards to NFT sales was the Bitcoin-based Space Pepes with $4,607,834 accrued over the past seven days – a spike of 2,142.35% compared to the previous week.
In addition, a single NFT from the series sold for $4.5 million, making it the most expensive sale of the week. Interestingly, the remaining top five most valuable NFT sales in the past week were all in the Uncategorized Ordinals category.