The ongoing recovery of the crypto market has revived related segments. The non-fungible token (NFT) industry has seen tremendous growth over the past week.
The top NFT collections have seen remarkable growth in sales, rock-bottom prices, and market cap.
NFT sales up 25%
Data from Cryptoslam shows that the non-fungible token market attracted buyers in the last week of February. The global NFT sector saw its sales volume increase by around 25% over the past week to $356 million.
NFT buyers are surging as the crypto market recovers
Furthermore, the number of investors purchasing non-fungible tokens has increased by 43% in the past week to almost 1 million.
Meanwhile, more than 617,000 players sold their NFT assets, up 25%. The increased trading activity resulted in the number of transactions exceeding 2 million – an increase of 2.55%.
Meanwhile, Ethereum, a crypto platform that allows developers to create and deploy dApps, emerged this week as the most traded blockchain in the NFT space. Ether’s sales volume increased 5.25% to $145 million over the past seven days.
The Bitcoin (BTC) blockchain came in second with a weekly trading volume of $115 million, reflecting a 106% increase. Meanwhile, Bitcoin NFTs have seen remarkable growth this week.
#Bitcoin NFTs are on the rise, with a notable 28.7% volume increase in the past 24 hours.
Do you deal in ordinal numbers?
See the full list
https://t.co/WfU3R0ITEA pic.twitter.com/340yzDbPgN
— CoinGecko (@coingecko) February 26, 2024
Bitcoin ordinal numbers dominate trends
Bitcoin Ordinals emerged as the best-selling NFT collection this past week. It is a Bitcoin blockchain-based, non-fungible token marketplace, designed using the ordinal concept of Satoshi Nakamoto (the anonymous BTC creator).
Bitcoin Ordinals’ $24 million sales volume represented a 196% increase in seven days. The collection is likely to benefit from the ongoing BTC-induced market recovery. The leading cryptocurrency reflects stable momentum after crossing the sought-after $60,000 mark.
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